公司研究 证 券 研 究 报 告 青鸟消防（002960）2024 年报和 2025 年一季报点评 强推（维持） 当前价：11.39 元 华创证券研究所 证券分析师：吴鸣远 工业/行业拓展顺利，积极布局消防机器人 目标价：14.00 元 事项： ❖ 公司发布 2024 年报，2024 年实现营业收入 49.23 亿元，同比0.98%；归母净 利润 3.53 亿元，同比46.42%；扣非净利润 3.34 亿元，同比46.28%。2025 年 Q1 实现营业收入 8.83 亿元，同比3.64%；实现归母净利润 0.69 亿元，同比 12.37%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入百万 | 4,923 | 5,182 | 5,599 | 6,339 | | 同比增速(%) | 1.0% | 5.3% | 8.0% | 13.2% | | 归母净利润百万 | 353 | 512 | 567 | 680 | | 同比增速(%) | 46 ...

公司研究 证 券 研 究 报 告 青鸟消防（002960）2024 年报和 2025 年一季报点评 强推（维持） 工业/行业拓展顺利，积极布局消防机器人 目标价：14.00 元 事项： ❖ 公司发布 2024 年报，2024 年实现营业收入 49.23 亿元，同比-0.98%；归母净 利润 3.53 亿元，同比-46.42%；扣非净利润 3.34 亿元，同比-46.28%。2025 年 Q1 实现营业收入 8.83 亿元，同比-3.64%；实现归母净利润 0.69 亿元，同比- 12.37%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,923 | 5,182 | 5,599 | 6,339 | | 同比增速(%) | -1.0% | 5.3% | 8.0% | 13.2% | | 归母净利润(百万) | 353 | 512 | 567 | 680 | | 同比增速(%) | -46.4% | 45.0% | 10.8% ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The implementation of new national standards for fire safety products starting May 1, 2025, is expected to enhance product performance and quality, providing competitive advantages for leading companies like Qingniao Fire [1] - The industrial fire safety business is experiencing rapid growth, driven by domestic substitution and emerging demand, with a projected revenue of approximately 510 million in 2024, representing a 46% year-on-year increase [2] - The company is advancing towards intelligent solutions in fire safety, leveraging its self-developed Zhu Huan series chips to enhance capabilities in fire safety robots and integrated communication solutions [3] - Due to lower-than-expected downstream demand, the company's profit forecasts have been adjusted, with expected revenues of 52.82 billion, 58.38 billion, and 65.54 billion for 2025, 2026, and 2027 respectively [3] Financial Summary - The company's revenue for 2023 was 4,972 million, with a projected revenue of 5,282 million for 2025, reflecting a growth rate of 7.3% [4] - The net profit attributable to the parent company for 2023 was 659 million, with an expected increase to 525 million in 2025, showing a year-on-year growth of 48.6% [4] - The latest diluted EPS is projected to be 0.71 in 2025, with a P/E ratio of 15.8 [4]

证券研究报告 | 公司点评 gszqdatemark 2025 05 08 年 月 日 青鸟消防（002960.SZ） 消防产品新国标开始实施，龙头份额有望提升 事件：2025 年 5 月 1 日，三项消防产品新国标开始实施，包括《火灾报 警控制器》（GB 4717—2024）、《《点感烟火火灾测器器》（GB 4715—2024）、 《消防应急照明和疏散指示系统》（GB 17945—2024）。 新国标将进一步提升产品性能和质量，为具备技术储备的龙头企业创造竞 争优势。此次新国标在技术上较之前的标准有了显著进步，并且更加突出 了智能化与整合，以及环保与安全标准。与国际标准相比，根据消防百事 通引用的应急管理部沈阳消防研究所丁宏军研究员介绍，GB4715 和 GB4717 提升了可变数值要求、污染报警要求、网络通讯要求，这部分已 经超越了国际标准，为未来物联网建设以及智慧消防建设奠定了基础。我 们认为，新国标的发布造成的短期清库存压力已在过去一年内得到较充分 的消化，自新国标开始实施后，青鸟消防等行业龙头有望通过行业集中度 提升、存量改造需求释放及技术壁垒强化，进一步提升市场份额。 工业消防业务高速增长，国产替 ...

青鸟消防（002960.SZ） 短期业绩承压，工业与海外业务增长亮眼 2025 年 05 月 07 日 投资评级：买入（维持） 伐谋-中小盘信息更新 | 日期 | 2025/5/7 | | --- | --- | | 当前股价(元) | 11.29 | | 一年最高最低(元) | 15.38/8.76 | | 总市值(亿元) | 83.13 | | 流通市值(亿元) | 69.83 | | 总股本(亿股) | 7.36 | | 流通股本(亿股) | 6.19 | | 近 3 个月换手率(%) | 154.07 | 中小盘研究团队 ——中小盘信息更新 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 2025Q1 业绩短期承压，维持买入评级 公司发布 2025 年一季报，实现营收 8.83 亿元， ...

丨证券研究报告丨 SAC：S0490520080022 SAC：S0490513080001 SAC：S0490517110001 SAC：S0490522060005 SFC：BUT917 SFC：BQK473 SFC：BRP550 张弛 范超 赵智勇 张智杰 袁志芃 联合研究丨公司点评丨青鸟消防（002960.SZ） [Table_Title] 工业与海外持续增长，费用改善明显 报告要点 [Table_Summary] 公司 2025 年一季度实现营业收入 8.83 亿元，同比减少 3.64%；归属净利润 0.69 亿元，同比 减少 12.37%；扣非后归属净利润 0.64 亿元，同比减少 4.52%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 青鸟消防（002960.SZ） cjzqdt11111 [Table_Title2] 工业与海外持续增长，费用改善明显 [Table_Summary2] 事件描述 公司 2025 年一季度实现营业收入 8.83 亿元，同比减少 3.64%；归属净利润 0.69 亿元 ...

Financial Performance - In Q1 2025, the company achieved total revenue of 883 million yuan, a decrease of 3.64% year-on-year; net profit attributable to shareholders was 68.94 million yuan, down 12.37% year-on-year; and net profit after deducting non-recurring items was 63.78 million yuan, a decline of 4.52% year-on-year [1][7]. Profitability - The company's gross margin was 37.63%, a decrease of 8.74 percentage points year-on-year; net profit margin was 8.33%, down 7.99 percentage points year-on-year, indicating challenges in cost control and profit conversion [2][7]. Expense Control - Total expenditure on selling, administrative, and financial expenses was 197 million yuan, accounting for 22.32% of revenue, a decrease of 7.26 percentage points year-on-year; despite the reduction in expense ratio, the overall expense level remains high [3][7]. Asset Quality - The company's accounts receivable reached 2.629 billion yuan, representing 744.77% of the latest annual net profit attributable to shareholders, significantly higher than normal levels, which may adversely affect future cash flow [4][7]. Cash Flow Situation - The operating cash flow per share was -0.37 yuan, a decrease of 20.21% year-on-year, indicating significant cash outflow pressure in operating activities [5][7]. Financing and Dividends - Since its listing, the company has raised a total of 2.827 billion yuan and distributed a total of 758 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.27, indicating a certain level of financing capability in the capital market, but a relatively low dividend ratio [6][7]. Business Model - The company's performance primarily relies on research and marketing-driven strategies; investors should pay attention to the effectiveness of these drivers and their impact on the company's long-term development [7].

青鸟消防股份有限公司 关于使用部分闲置募集资金进行现金管理及 自有资金进行委托理财的进展公告 青鸟消防股份有限公司 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。 证券代码：002960 证券简称：青鸟消防 公告编号：2025-031 公司及子公司四川久远智能消防设备有限责任公司（以下简称"久远智能消 防"）近期使用部分闲置募集资金购买了现金管理产品，具体情况如下： | 序 | 认购 | 银行名称 | 产品名称 | | 产品 | 金额 | 起息日 | 到期日 | 预期年 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 主体 | | | | 类型 | （万元） | | | 化收益 | 来源 | | 1 | 青鸟 消防 | 厦门国际银 行北京海淀 | 公司结构性存款 产品（挂钩汇率 三层区间 | A 款） | 结构 性存 | 5,600 | 2025/2/1 | 2025/2/28 | 0.8%- 2.5% | 募集 资金 | | | | 桥支行 | ...

青鸟消防股份有限公司 证券代码：002960 证券简称：青鸟消防 编号：2025-004 青鸟消防股份有限公司 投资者关系活动记录表 （2025 年 4 月 29 日） | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 | 交银施罗德基金、天弘基金、华宝基金、中庚基金、泓德基金、中海基 | | 人员姓名 | 投资、本见投资、景林资管、长江证券、 金、长城财富保险资管、IGWT | | | 财通证券、东吴证券、方正证券、国金证券、国海证券、海通证券、华 | | | 安证券、华泰证券、华西证券、兴业证券、浙商证券、中信建投证券、 | | | 招商证券等投资者共计 63 位参会人员。 | | 时间 | 2025 年 4 月 29 日（周二） | | 地点及方式 | 电话交流 | | 上市公司接待人 | 董事会秘书、副总经理：颜芳 | | 员姓名 | IR 经理：王证涵 | | | 一、 公司 2025 年一季报概述 | | | 报告期内 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to achieve revenue of 5.14 billion, 5.64 billion, and 6.22 billion RMB for the years 2025 to 2027, representing year-on-year growth of 4.4%, 9.7%, and 10.3% respectively. The net profit attributable to the parent company is projected to be 549 million, 653 million, and 735 million RMB for the same years, with year-on-year growth rates of 55.4%, 19.0%, and 12.6% respectively [3][8] Summary by Sections Performance Review - In Q1, the company reported revenue of 883 million RMB, a year-on-year decrease of 3.64%. This decline is attributed to ongoing pressure from real estate completions, inventory clearance ahead of national standard replacements, and a high base from the previous year [9] Revenue and Profit Forecast - The company’s revenue for 2023 is projected at 4.97 billion RMB, with a growth rate of 8.02%. The net profit for the same year is expected to be 659 million RMB, reflecting a growth rate of 15.67% [8][10] Financial Metrics - The diluted earnings per share (EPS) for 2025 is estimated at 0.745 RMB, with a projected price-to-earnings (P/E) ratio of 14.59 [8] - The return on equity (ROE) is expected to improve from 8.30% in 2025 to 9.88% in 2027 [8] Market Analysis - The report indicates that the domestic civil and commercial alarm and evacuation business generated 5.4 billion RMB in revenue, down 9.54% year-on-year. However, it is anticipated that this segment will stabilize and recover in Q2 [9] - The overseas business revenue increased by 20.46% year-on-year, indicating a strong recovery [9] Investment Opportunities - The report highlights potential growth opportunities in residential renovations, smart fire equipment upgrades, and the integration of remote monitoring and safety systems [9]