[Table_Main] 证券研究报告 | 公司点评 青鸟消防(002960.SZ) 2024 年 03 月 26 日 事件：2023 年公司实现收入 49.72 亿元（+8.02%），归母净利润 6.59 亿元 （+15.67%），扣非归母净利润 6.21 亿元（+11.82%）；其中 Q4 实现收入 13.27 亿 元（+10.79%），归母净利润约为 1.53 亿元（-0.08%），扣非归母净利润约 1.46 亿 元（+0.86%）；同时，拟向全体股东每 10 股派发现金股利人民币 3.5 元（含税）， 分红比例约 39.51% 1.《青鸟消防（002960.SZ）：Q3 业绩 稳健增长，经营质量持续提升》， 2023.10.31 2.《青鸟消防（002960.SZ）：Q2 业绩 表现亮眼，经营质量稳步提升》， 2023.8.17 3.《青鸟消防（002960.SZ）：Q1 业绩 符 合 预 期 ， 多 业 务 稳 步 向 上 》， 2023.4.28 4.《青鸟消防（002960.SZ）：疫情扰动 因素消除，23 年有望重回高增长》， 2023.3.29 请务必阅读正文之后的信息披露和法律声明 风险提 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's core business segments are showing steady growth, with traditional fire alarm systems and emergency lighting systems contributing significantly to revenue [2] - The company has successfully expanded into emerging fields, with innovative products continuously being developed [6] - The overseas market has seen rapid growth, with revenue from international operations increasing by 30.15% year-on-year [19] - The company is expected to benefit from ongoing growth in its core fire safety business and emerging sectors, with projected revenues for 2024-2026 showing a positive trend [20] Financial Performance - In 2023, the company achieved total revenue of 4.972 billion yuan, a year-on-year increase of 8.02%, and a net profit of 659 million yuan, up 15.67% from the previous year [5] - The company's revenue growth rates for the first three quarters of 2023 were 11.38%, 9.23%, and 2.57%, respectively, indicating stable performance [2] - The company’s earnings per share (EPS) for 2023 was 0.87 yuan, with projections of 1.00 yuan for 2024 [9] Business Segments - The traditional fire alarm segment generated revenue of 2.313 billion yuan in 2023, with a gross margin of 42.77% [2] - The emergency lighting and intelligent evacuation systems segment achieved revenue of 1.112 billion yuan, reflecting a growth of 7.27% year-on-year [2] - The company has made significant strides in the energy storage fire safety projects, with a shipment value exceeding 85 million yuan, marking a growth of over 110% [6]

[Table_StockNameRptType] 青鸟消防（002960） 公司研究/公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------------|---------------------------------------------------|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------------------|---------------------------------------------------------| | [Table_ ...

Dividend Distribution - The company plans to distribute a cash dividend of 3.5 RMB per 10 shares to all shareholders, based on a total of 743,769,664 shares[6]. Company Overview - The company is the largest and most comprehensive supplier in the fire safety industry in China, with a strong one-stop supply capability[13]. - The company is positioned as one of the largest and most comprehensive fire safety product suppliers in China, with a diverse product matrix covering multiple scenarios and certifications[47]. - The company has established a strong reputation and customer base, evidenced by its role as a supplier for major projects like the Beijing Daxing International Airport and the Shanghai World Expo[48]. Technology and Innovation - The company has developed a smart fire safety layout based on a public cloud platform and two private cloud system solutions for urban smart fire management[13]. - The company emphasizes the importance of technology in its products, which include advanced fire alarm systems and emergency lighting solutions[13]. - The company aims to leverage IoT technology to enhance its product offerings and improve operational efficiency[13]. - The company is integrating artificial intelligence, big data, cloud computing, and IoT technologies into its fire safety platform, enhancing its existing fire alarm and electrical fire monitoring systems[15]. - The company is focusing on embracing future industry trends and advanced technology developments to enhance its new productive forces characterized by high technology, efficiency, and quality[15]. - The company is focused on integrating cutting-edge technologies such as AI, AR, and VR into its product offerings, aiming to drive innovation in the fire safety industry[105]. Product Development - The company is actively engaged in research and development of new fire safety products, including intelligent smoke detectors and gas detection systems[13]. - The company has developed a new distributed intelligent fire alarm detector with independent intellectual property rights, featuring high-definition visible light image sensors and non-refrigerated infrared thermal imaging sensors[15]. - The new product supports dual-spectrum video real-time output and achieves real-time dual-light fusion within the device, enabling rapid fire identification and response in complex scenarios[15]. - The intelligent fire alarm detector is designed for large scene applications, including shopping malls, warehouses, and power facilities, with characteristics such as intelligence, real-time monitoring, and high sensitivity[15]. - The company has launched a new generation of intelligent overall solutions addressing security and fire protection pain points, utilizing technologies such as IoT perception and big data analysis for real-time event recognition and automatic alerts[17]. - The company has made significant advancements in gas detection and safety products, with new models of gas detectors and controllers already developed and released[74]. - The company is actively developing new products, including gas fire extinguishing systems that meet UL, CE, and FM certification standards, with plans for production and sales in 2024[194]. Market Expansion and Strategy - The company has outlined future growth strategies that include market expansion and potential mergers and acquisitions to enhance its competitive position[13]. - The company is expanding its market presence in Southeast Asia, with plans to enter three new countries by the end of 2024, aiming for a 10% market share in these regions[20]. - The company is actively participating in the construction of "dual-use" public infrastructure, which can serve both regular and emergency needs, aligning with national development strategies[15]. - The company is focused on enhancing its market share and competitive position by leveraging its strengths in R&D, production, channels, branding, and product lines[198]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the fiscal year, representing a 15% year-over-year growth[20]. - The company’s operating revenue for 2023 was ¥4,971,561,150.34, representing an increase of 8.02% compared to ¥4,602,374,605.54 in 2022[28]. - The net profit attributable to shareholders for 2023 was ¥658,902,409.75, a 15.67% increase from ¥569,631,092.48 in 2022[28]. - The company reported a significant increase in quarterly revenue, with Q4 2023 revenue at ¥1,326,974,742.90[34]. - The company has set a future outlook with a revenue target of 1.5 billion RMB for the next fiscal year, indicating a projected growth rate of 25%[20]. Regulatory Environment - The implementation of the "General Fire Prevention Code" starting June 1, 2023, expands the mandatory application of fire alarm systems in construction projects, indicating a growing market for fire safety solutions[15]. - The introduction of the "Electrochemical Energy Storage Power Station Safety Regulations" reflects the government's commitment to safety in energy storage, providing a framework for future developments in the sector[15]. - The implementation of the new national standard for building fire prevention (GB 55037-2022) on June 1, 2023, mandates the use of fire alarm systems in building designs, enhancing the regulatory framework for fire safety products[52]. Risk Factors - The company faces various risk factors that could impact its operations, which are detailed in the management discussion section of the report[6]. - Product quality risks include potential liability lawsuits if fire safety systems fail or cause false alarms, which could adversely affect the company's financial performance[199]. - Increasing regulatory standards for fire safety products necessitate that the company adapts its production standards to meet new industry requirements[200]. Research and Development - The company is investing in research and development, allocating 100 million RMB to innovate in AI and IoT technologies for fire safety solutions[20]. - The R&D team consists of over 430 members, with more than 80% holding a bachelor's degree or higher, ensuring a high level of technical expertise[105]. - The company has established advanced laboratories, including a UL fire alarm testing center and an EMC laboratory, to support its R&D efforts and product testing[106]. - R&D investment increased by 19.83% to ¥304,567,417.61 in 2023 from ¥254,164,998.00 in 2022[155]. International Expansion - The company is actively expanding its international market presence, with successful product certifications in Canada and ongoing developments in Europe[73]. - The company is in the process of acquiring the UK "Firehawk" brand and Canada’s CO Experts brand to strengthen its overseas home fire safety market presence[193]. - The company has established subsidiaries in Canada, the USA, and Spain, enhancing its international market presence and sales capabilities[118]. Customer Engagement and Service - The company has established a nationwide service network that provides full-service support, including installation guidance, equipment debugging, acceptance cooperation, customer training, and maintenance[132]. - The company is implementing a performance assessment system for distributors to improve market expansion and project execution capabilities[189]. Awards and Recognition - The company has been recognized with multiple industry awards, including "Top Ten Alarm Enterprises" and "National Quality Leading Brand" in the fire safety sector[47]. - The company received three awards at the CFIC2023, including "Top Ten Alarm Brands" for fifteen consecutive years and "Leading Brand in Industrial Fire Protection"[101].

按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 青鸟消防股份有限公司 青鸟消防股份有限公司 2023 年年度内部控制评价报告 青鸟消防股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合青鸟消防股份有限公司（以下简称 公司）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上，我 们对公司 2023 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性进 行了评价。 一、重要声明 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化 ...

世纪证券有限责任公司 关于青鸟消防股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 世纪证券有限责任公司（以下简称"保荐机构"）作为青鸟消防股份有限公司（以 下简称"青鸟消防"或"公司"）的保荐机构，根据《深圳证券交易所股票上市规则》 《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》《深圳证券 交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等有关法律、行政 法规、部门规章及业务规则的要求，对青鸟消防本次使用部分闲置募集资金进行现 金管理的事项进行了认真、审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准青鸟消防股 份有限公司非公开发行股票的批复》（证监许可[2022]2068 号）核准，公司非公开发 行 74,422,182 股人民币普通股，发行价格 24.01 元/股，募集资金总额为人民币 1,786,876,589.82 元，扣除相关发行费用（不含增值税）后，募集资金净额为人民币 1,734,874,869.54 元。以上募集资金的到位情况已由中兴华会计师事务所（特殊普通 合伙）于 2022 年 11 月 ...

青鸟消防股份有限公司 证券代码：002960 证券简称：青鸟消防 公告编号：2024-016 青鸟消防股份有限公司 第四届董事会第四十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 青鸟消防股份有限公司(以下简称"公司")第四届董事会第四十一次会议 通知已于2024年3月15日向公司全体董事发出，会议于2024年3月25日以现场及 通讯相结合的方式召开。本次会议由董事长蔡为民先生主持，应出席董事8人， 实际出席董事8人。本次会议符合《中华人民共和国公司法》等法律法规以及 《公司章程》的有关规定。 二、董事会会议审议情况 会议审议通过了如下议案： 1、审议通过《关于公司 2023 年度董事会工作报告的议案》 表决结果：8 票同意、0 票反对、0 票弃权。 《2023 年度董事会工作报告》详见公司《2023 年年度报告》中"第三节 管 理层讨论与分析"及"第四节 公司治理"部分的相关内容。 本议案尚需提交公司 2023 年年度股东大会审议。 2、审议通过《关于公司 2023 年度独立董事述职报告的议案》 青鸟消防股份有限公 ...

青鸟消防股份有限公司 证券代码：002960 证券简称：青鸟消防 公告编号：2024-025 青鸟消防股份有限公司 关于召开 2023 年年度股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚假 记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2023 年年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：公司第四届董事会第四十一次会议于 2024 年 3 月 25 日召开，会议审议通过了《关于召开 2023 年年度股东大会的议案》。本 次股东大会召集程序符合有关法律、行政法规、部门规章、规范性文件、深圳证 券交易所业务规则和《公司章程》等的规定。 4、会议召开时间： （1）现场会议召开时间：2023 年 4 月 19 日（星期五）14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2024 年 4 月 19 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00；通 过深圳证券交易所互联网投票系统投票的开始时间为：2024 年 4 月 19 日上午 9:15，结束时间为： ...

青鸟消防股份有限公司 青鸟消防股份有限公司 第四届监事会第二十四次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整、没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002960 证券简称：青鸟消防 公告编号：2024-017 一、监事会会议召开情况： 青鸟消防股份有限公司（以下简称"公司"）第四届监事会第二十四次会议通知 已于 2024 年 3 月 15 日向公司全体监事发出，会议于 2024 年 3 月 25 日以现场及 通讯相结合的方式召开。会议由监事会主席王国强先生主持，应出席监事 3 人， 实际出席监事 3 人。本次会议符合《中华人民共和国公司法》等法律法规以及《公 司章程》的有关规定。 二、监事会会议审议情况： 会议审议通过了如下议案： 1、审议通过《关于公司 2023 年度监事会工作报告的议案》 青鸟消防股份有限公司 表决结果：3 票同意，0 票反对，0 票弃权。 本议案尚需提交公司 2023 年年度股东大会审议 具体内容详见同日刊登于巨潮资讯网 www.cninfo.com.cn 的《2023 年度监事会 工作报告》。 2、审议通过《关于公司 2023 年度财务决算报告的 ...

青鸟消防股份有限公司 单位：元 青鸟消防股份有限公司 2023 年度证券投资专项说明 青鸟消防股份有限公司（以下简称"公司"）董事会根据《深圳证券交易所 上市公司自律监管指引第 1 号—主板上市公司规范运作》《深圳证券交易所上市 公司自律监管指南第 1 号—业务办理》等相关规定的要求，对公司 2023 年度证 券投资情况进行了核查，现将相关情况说明如下： 一、证券投资审议批准情况 2020 年 3 月 23 日，公司第三届董事会第二十一次会议审议通过了《关于制 定公司<证券投资管理制度>的议案》，为规范公司、分支机构和控股子公司的证 券投资及相关信息披露行为，防范投资风险，强化风险控制，保护投资者的权益 和公司利益，董事会同意制定《青鸟消防股份有限公司证券投资管理制度》。具 体内容详见 2020 年 3 月 24 日在巨潮资讯网（www.cninfo.com.cn）上披露的相关 文件。 2022 年 9 月 20 日，公司董事长审批通过《关于同意参与认购上海腾盛智能 安全科技股份有限公司定向发行股票的决定》，为进一步拓展市场渠道，积极整 合内外部资源，持续优化完善公司战略布局，提高公司综合竞争力，同意公司参 ...