Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue growth of 13.25% year-on-year in Q1-Q3 2024, reaching 233 million yuan, while the net profit attributable to shareholders decreased by 3.01% to 47 million yuan due to equity incentive expenses [2][3] - The gross margin for Q1-Q3 2024 was 56.02%, a decrease of 0.77 percentage points year-on-year, and the net profit margin was 20.10%, down 3.23 percentage points year-on-year [3] - The company has strong research and development capabilities, holding core technologies in safety monitoring precision sensors and intelligent data acquisition equipment, positioning it as a leader in its niche market [3] - The company has a broad service area, with products applied in various fields such as energy, water conservancy, transportation, smart cities, and geological disasters, indicating significant growth potential [3] - The customer base is primarily composed of state-owned enterprises and government departments, ensuring stable cooperation and large orders [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 75 million, 94 million, and 115 million yuan respectively, with corresponding dynamic P/E ratios of 23, 19, and 15 times [3] - The total revenue is projected to grow from 370 million yuan in 2024 to 520 million yuan in 2026, with a compound annual growth rate of 18.52% [1][3]
基康仪器：2024年三季报点评：营收增长稳健，股权激励费用支出拖累利润水平