Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] 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 total investment of 4.15 million USD in a joint venture [4] Financial Summary - Revenue is projected to grow from 223 million yuan in 2024 to 298 million yuan in 2026, with corresponding year-on-year growth rates of 5.6%, 15.8%, and 15.3% [5] - Net profit attributable to shareholders is expected to increase from 59 million yuan in 2024 to 79 million yuan in 2026, with year-on-year growth rates of 5.5%, 15.2%, and 16.8% [5] - The company's gross margin is forecasted to remain stable around 40% over the next few years [5] - The projected earnings per share (EPS) are 0.97 yuan for 2024, 1.11 yuan for 2025, and 1.30 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 24.6, 21.3, and 18.3 [5] Market Position and Product Development - The company has a strong market position in personal protective equipment, with 89 valid patents, including 19 invention patents [4] - The company is focusing on the development of electric air-purifying respirators to meet diverse customer needs and is expected to release new production capacity by August 31, 2025 [3]
迅安科技（834950）：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%