Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 357 million yuan in 2024, representing a year-on-year growth of 8.57%, driven by the water conservancy and energy sectors [4] - The net profit attributable to shareholders for 2024 was 77.07 million yuan, reflecting a year-on-year increase of 6.07% [4] - The company has slightly adjusted its profit forecasts for 2024-2026, expecting net profits of 77 million, 89 million, and 103 million yuan respectively [4] - The current stock price corresponds to P/E ratios of 23.8, 20.6, and 17.9 for the years 2024, 2025, and 2026 [4] Financial Summary - Revenue (million yuan): 2022A: 299, 2023A: 329, 2024E: 357, 2025E: 400, 2026E: 458 [9] - Year-on-Year Growth (YOY %): 2022A: 15.3, 2023A: 10.0, 2024E: 8.6, 2025E: 12.2, 2026E: 14.4 [9] - Net Profit (million yuan): 2022A: 61, 2023A: 73, 2024E: 77, 2025E: 89, 2026E: 103 [9] - Gross Margin (%): 2022A: 50.8, 2023A: 54.6, 2024E: 52.5, 2025E: 52.2, 2026E: 51.6 [9] - Net Margin (%): 2022A: 20.3, 2023A: 22.1, 2024E: 21.6, 2025E: 22.3, 2026E: 22.4 [9] - Return on Equity (ROE %): 2022A: 10.5, 2023A: 13.0, 2024E: 12.9, 2025E: 13.5, 2026E: 14.2 [9] Market Demand and Innovation - The company is experiencing strong market demand in downstream industries, capitalizing on opportunities in water network construction, small reservoir rainwater monitoring, and dam safety monitoring [5] - The company has increased its R&D investment and expanded its R&D center, enhancing its technological capabilities and product innovation [5] - The company has obtained 50 patents and continues to focus on the smart monitoring sensor field, aiming to enhance its product offerings [6]
基康仪器：北交所信息更新：智能监测传感器小巨人稳步前行，2024年水利、能源带动营收增长8.57%-20250219