Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company, Beikang Instruments, achieved revenue of 233 million yuan in the first three quarters of 2024, representing a year-on-year increase of 13.25%. The net profit attributable to the parent company was 46.77 million yuan, a decrease of 3.01%. The gross margin and net margin were 56.02% and 20.10%, respectively. The report maintains profit forecasts for 2024-2026, expecting net profits of 84 million, 97 million, and 112 million yuan, with corresponding EPS of 0.60, 0.69, and 0.80 yuan, leading to P/E ratios of 22.1, 19.3, and 16.7 times [1][3][4]. Revenue Sources and Project Updates - The main revenue sources for the company are in the water conservancy and energy sectors. The company has secured orders for the Sichuan-Tibet Railway project and has begun supplying equipment. Key water conservancy projects are progressing, including the Yellow River Guxian Water Conservancy Hub and the South-to-North Water Diversion project. The company has a nearly 50% success rate in bidding for pumped storage projects, providing products and installation services for over 30 projects [4][5]. Financial Performance and Projections - The company’s financial performance shows a steady increase in revenue, with projections indicating a growth rate of 16.7% in 2024, 15.4% in 2025, and 14.4% in 2026. The net profit is expected to grow at rates of 15.9%, 14.9%, and 15.4% for the same years. The gross margin is projected to remain above 50% over the next few years, indicating strong profitability [5][6]. Technological Advancements - The company has successfully applied its machine vision deformation monitoring system in multiple projects since its launch in the second half of 2023. This system utilizes digital imaging and AI technology for high-precision monitoring, and the company is conducting further research to expand its applications [5][6]. Market Position and Competitive Edge - Beikang Instruments is recognized as a leader in the safety monitoring segment, benefiting from stable downstream demand. The company’s strategic positioning in the water conservancy and energy sectors, along with its technological advancements, enhances its competitive edge in the market [3][4].
基康仪器：北交所信息更新：水利及能源工程安全监测项目稳步推进，2024前三季度营收+13.3%