根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《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》等要求， 青鸟消防股份有限公司（以下简称"公司"）董事会，就公司在任独立董事石佳 友先生、袁皓先生、JESSE ZHIXI FANG 先生的独立性情况进行评估并出具如下 专项意见： 青鸟消防股份有限公司 青鸟消防股份有限公司董事会 关于独立董事独立性自查情况的专项报告 经核查独立董事石佳友先生、袁皓先生、JESSE ZHIXI FANG 先生的任职经 历以及签署的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关 系或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情 况，符合《上市公司独立董事管理办法》《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》中对独立董事独立性的相关要求。 青鸟消防股份有限公司董事会 2024 年 3 月 25 日 ...

（二）以前年度已使用金额 截至 2022 年 12 月 31 日，公司已经累计投入使用募集资金 319,996,532.68 元，2022 年投入使用募集资金 319,996,532.68 元，其中项目支出 13,794,087.37 元，补充流动资金 306,202,445.31 元。截至 2022 年 12 月 31 日，公司暂未投入 使用的募集资金 1,416,847,512.63 元、收到现金管理收益 4,949,059.90 元、募集 资金专用账户累计利息收入（扣除手续费）520,428.74 元，合计募集资金余额 1,422,317,001.27 元。 世纪证券有限责任公司 关于青鸟消防股份有限公司 2023 年度募集资金存放与使用情况的专项核查报告 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"）2022 年度向特定对象发行 A 股股票的 保荐机构，根据中国证监会发布的《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（2022 年修订）》（证监会公告〔2022〕15 号）和 深圳证券交易所发布的《深圳证券交易所上市公司 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of approximately 21.2 CNY based on a 20x PE for 2024 [1][16]. Core Views - The company has shown steady performance in the fire safety product sector, achieving a revenue of 3.65 billion CNY and a net profit of 510 million CNY in the first three quarters of 2023, representing year-on-year growth of 7.1% and 21.5% respectively [1]. - The company is expanding internationally through the acquisition of overseas manufacturers, which will allow it to enter the independent detector market with a potential market size of nearly 10 billion USD [1]. - The company is advancing its AI chip development, which is expected to enhance its capabilities in IoT applications, benefiting from the ongoing equipment replacement cycle in the fire safety industry [1]. Financial Summary - The company is projected to achieve net profits of 670 million CNY, 810 million CNY, and 960 million CNY for the years 2023, 2024, and 2025, with corresponding growth rates of 18.2%, 19.6%, and 19.2% [1][5]. - The earnings per share (EPS) are expected to be 0.89 CNY, 1.06 CNY, and 1.27 CNY for the same years [5]. - The total revenue is forecasted to grow from 5.095 billion CNY in 2023 to 6.967 billion CNY in 2025, with growth rates of 10.7%, 16.6%, and 17.3% respectively [5].

%% %% 防 [Table_Author] 张弛 范超 赵智勇 [Table_Title "3·15"晚会聚焦消防安全，继续推荐青鸟消 2] 防 事件评论 ⚫ 消防产品标准升级、监管趋严是大势所趋，消防产品龙头有望受益。消防产品属公共安全 类产品，能否有效发挥作用将会直接影响火灾防护、逃生避难和灭火救援效果，其质量对 预防和减少火灾危害具有十分重要意义。在消防安全重视度持续提升的背景下，产品标准 升级、监管趋严是大势所趋。其中在应急管理部《关于政协第十四届全国委员会第一次会 议第 02526 号（工交邮电类 348 号）提案答复的函（应急提函〔2023〕118 号）》中明确 提及：积极研究相关措施，全面提升消防产品质量监督管理质效，举措包括优化消防产品 市场准入管理、强化消防产品质量监督检查、推动消防产品性能监测预警技术的应用等， 并提出拟将可燃气体探测器等涉及公共安全特殊领域的消防产品依法依规纳入强制性产 品认证管理。在产品标准与监管趋严背景下，产品规范、品类齐全的消防龙头有望受益。 丨证券研究报告丨 [Table_Rank]投资评级 买入丨维持 更多研报请访问 长江研究小程序 1、新业务拓展低于预期：除 ...

Investment Rating - The report assigns an "Outperform" rating for the company [5] Core Views - The company is expected to maintain growth due to its multi-brand, multi-industry, and multi-regional operations, especially in the context of increasing emphasis on fire safety [5] - The rapid execution of share buybacks demonstrates the company's confidence, with approximately 1.93% of total shares repurchased by the end of February [3] - Profit growth is anticipated to outpace revenue growth, with a projected net profit increase of 21.48% year-on-year for the first three quarters of 2023 [4] Financial Summary - The company’s total revenue is projected to grow from 4,602 million yuan in 2022 to 5,636 million yuan in 2025, reflecting a compound annual growth rate (CAGR) of approximately 7.5% [6][21] - Net profit is expected to increase from 570 million yuan in 2022 to 751 million yuan in 2025, with a year-on-year growth rate of 9.2% in 2025 [6][21] - The company’s gross margin is projected to improve slightly from 37.1% in 2022 to 37.8% in 2025 [21] Market Performance - The company’s stock closed at 14.20 yuan, with a 52-week price range of 10.30 to 29.00 yuan [1] - The stock has shown a relative performance decline compared to the CSI 300 index over the past three months [2] Business Outlook - The company is diversifying its product structure beyond traditional fire alarm systems, with significant growth in industrial, energy storage, and gas detection products [15][16] - The company has established subsidiaries to expand into high-end domestic markets and Southeast Asia, indicating a strategic focus on geographical expansion [16]

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：2024-015 青鸟消防股份有限公司 关于公司控股股东部分股份质押续期及 青鸟消防股份有限公司（以下简称"公司"）近日收到公司控股股东北京北大青 鸟环宇科技股份有限公司（以下简称"北大青鸟环宇"）及持股 5%以上股东蔡为民 先生的通知，获悉北大青鸟环宇将其持有的部分公司股份办理了质押续期业务，蔡 为民先生将其持有的部分公司股份办理了解除质押业务。具体事项公告如下： 一、股东股份质押续期及解除质押基本情况 1、控股股东股份质押续期基本情况 | 股东名称 | 是否为控股 股东或第一 | 本次质押续 | 占其所 | 占公司 | 是否 | 是否 为补 | | | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 | 期数量 | 持股份 | 总股本 | 为限 | 充质 | 质押起始日 | 质押到期日 | 质权人 | 用途 | | | | （股） | 比例 | 比例 | 售股 | | | | | | | | 一致行动人 | | ...

青鸟消防股份有限公司 青鸟消防股份有限公司（以下简称"公司"）于 2024 年 2 月 6 日召开第四届董 事会第三十九次会议，审议通过了《关于公司回购股份方案的议案》，同意公司使用 自有资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股）股票，用于 实施员工持股计划或股权激励。本次回购价格不超过人民币 15 元/股，回购资金总 额不低于人民币 1 亿元（含）且不超过人民币 2 亿元（含）。具体回购股份数量以回 购期限届满时实际回购的股份数量为准。回购期限自董事会审议通过本次回购方案 之日起 12 个月内。具体内容详见公司刊登于巨潮资讯网的《关于回购公司股份方案 的公告》（公告编号：2024-007）、《回购股份报告书》（公告编号：2024-008）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》（以下简称"《回购指引》"）等有关规定，公司应当在回购期内每个 月的前三个交易日内披露截至上月末的回购进展情况。现将公司截至上月末的回购 股份进展情况公告如下： 一、回购股份进展情况 证券代码：002960 证券简称：青鸟消防 公告编号：2024-014 青鸟消防 ...

Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Views - The recent acquisition of Fireblitz companies is expected to enhance the performance of the company, with projected annual revenue of RMB 1.0-1.5 billion and net profit contribution of approximately RMB 10-15 million in the initial year post-acquisition [9][10]. - The company is positioned as a leader in fire alarm systems, benefiting from increased attention to fire safety, which is likely to drive the upgrade of fire safety equipment [10]. - The company has diversified its business model, contributing significantly to revenue from new sectors such as emergency evacuation and industrial fire safety, with overseas revenue exceeding 13% in the first half of 2023 [10]. Summary by Sections Acquisition and Market Expansion - The company plans to acquire 75% stakes in Fireblitz Extinguisher, Fireblitz Europe, CO Experts, and 75.10% in Fireblitz Sensotec for up to £13 million, aiming to expand its presence in the household fire safety market globally [9][25]. Financial Performance - The target companies reported a combined revenue of approximately RMB 103 million and a profit of RMB 14.16 million for the fiscal year 2022, with expectations of significant revenue growth post-acquisition [9]. - The company forecasts achieving revenues of RMB 6.6 billion and RMB 7.4 billion for 2023 and 2024, respectively, with corresponding PE ratios of 16 and 14 [10]. Industry Context - The report highlights a growing emphasis on fire safety, with recent government initiatives aimed at enhancing safety measures in high-risk areas, which may lead to increased demand for fire safety products [25][26]. - The company is leveraging its technological advantages in wireless and gas detection fields to enhance product offerings and expand into the consumer market, which has a substantial growth potential [25].

- 2 - 请务必阅读正文之后的重要声明部分 来源：wind，中泰证券研究所 公司点评 [Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 3,863 4,602 5,091 5,860 7,124 增长率 yoy 53% 19% 11% 15% 22% 归母净利润（百万元） 530 570 681 784 940 增长率 yoy 23% 8% 20% 15% 20% 每股收益（元） 0.70 0.75 0.90 1.03 1.24 净资产收益率 14% 10% 10% 11% 11% P/E 19.9 18.5 15.5 13.4 11.2 P/B 3.0 1.8 1.7 1.5 1.3 备注：股价取自 2024 年 2 月 23 日收盘价 市场价格：13.90 [Table_Profit] 基本状况 总股本(百万股) 758 流通股本(百万股) 633 市价(元) 13.90 市值(百万元) 10,542 流通市值(百万元) 8,802 青鸟消防(002960)/建筑材 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 CNY, based on a 2024 PE of 18 times [5][7]. Core Insights - The company plans to acquire 75% stakes in Fireblitz Extinguisher and Fireblitz Sensotec, aiming to expand its presence in the European and American consumer markets [1]. - The acquisition targets have established brands and stable customer resources, enhancing the company's competitive edge in overseas markets [1][2]. - The overseas home fire safety market is expanding due to regulatory changes and increasing demand for smart detectors, which the company aims to leverage through its technological advantages [4]. Financial Projections - Revenue forecasts for 2023, 2024, and 2025 are 51.03 billion CNY, 59.62 billion CNY, and 70.26 billion CNY, with year-on-year growth rates of 10.87%, 16.84%, and 17.85% respectively [5][6]. - Net profit projections for the same years are 6.57 billion CNY, 7.90 billion CNY, and 9.84 billion CNY, with growth rates of 15.28%, 20.30%, and 24.51% respectively [5][6]. - The company’s EPS is expected to be 0.87 CNY, 1.04 CNY, and 1.30 CNY for 2023, 2024, and 2025, indicating a 3-year CAGR of 19.97% [5][6]. Valuation Metrics - The report indicates that the acquisition's EV/EBITDA is 6 times, which is considered reasonable compared to the company's historical averages of 15.9x and 11.2x [2]. - The company’s market share in the domestic fire safety sector is continuously increasing, and it is accelerating its overseas market expansion [5].