Investment Rating - The report maintains a "Recommended" rating for the company [3][7]. Core Insights - The company has shown steady revenue growth, with a projected increase in operating income from 328.64 million yuan in 2023 to 439.65 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 10.98% [2][9]. - The net profit attributable to the parent company is expected to grow from 72.66 million yuan in 2023 to 98.25 million yuan in 2026, with a notable profit growth rate of 20.01% in 2023, followed by a more moderate growth in subsequent years [2][9]. - The company is benefiting from a historical high in water conservancy investment in China, which reached 1.3529 trillion yuan in 2024, a 12.8% increase year-on-year, providing a strong foundation for future revenue growth [7]. Financial Forecast Summary - Revenue Forecast: - 2023: 328.64 million yuan - 2024: 356.81 million yuan (growth rate: 8.57%) - 2025: 396.14 million yuan (growth rate: 11.02%) - 2026: 439.65 million yuan (growth rate: 10.98%) [2][9] - Net Profit Forecast: - 2023: 72.66 million yuan - 2024: 77.08 million yuan (growth rate: 6.08%) - 2025: 86.37 million yuan (growth rate: 12.05%) - 2026: 98.25 million yuan (growth rate: 13.76%) [2][9] - Earnings Per Share (EPS): - 2023: 0.52 yuan - 2024: 0.55 yuan - 2025: 0.62 yuan - 2026: 0.70 yuan [2][9] - Price-to-Earnings (P/E) Ratio: - 2023: 24.09 - 2024: 23.82 - 2025: 21.25 - 2026: 18.68 [2][9]
基康仪器：年度业绩快报点评：水利下游投资创新高，公司业绩稳步提升-20250218