Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][2] Core Views - The company achieved a revenue of 223 million yuan in 2024, representing a year-on-year growth of 5.63%, and a net profit attributable to shareholders of 59 million yuan, up 6.02% year-on-year [2] - The company is expected to benefit from the completion of its fundraising projects, which will contribute to performance growth [2] - The company is expanding its overseas market presence, particularly in Thailand, with a joint venture aimed at enhancing its competitive position in the personal protective equipment sector [4] Financial Summary - Revenue is projected to grow from 223 million yuan in 2024 to 298 million yuan in 2026, with corresponding net profits increasing from 59 million yuan to 79 million yuan [5] - The company's gross margin is expected to remain stable around 40%, with net margins around 26% for the forecast period [5] - Earnings per share (EPS) are forecasted to rise from 0.97 yuan in 2024 to 1.30 yuan in 2026, indicating a positive growth trajectory [5] Market Position and Innovation - The company holds 89 valid patents, including 19 invention patents, which underscores its commitment to technological innovation and product development [4] - The company is focusing on the electric air-purifying respirator market, aiming to meet diverse customer needs through continuous product innovation [3]
迅安科技：北交所信息更新：个人防护装备龙头拓展海外，2024年扣非净利润+7.46%-20250316