Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company benefits from policy-driven infrastructure in water conservancy and energy, leading to steady growth in revenue and profit for 2024. The company achieved revenue of 357 million yuan, a year-on-year increase of 8.57%, and a net profit attributable to shareholders of 77 million yuan, up 5.99% year-on-year [2] - The gross profit margin for 2024 increased by 1.51 percentage points to 56.06%, primarily due to the sales of high-margin smart monitoring terminal products [2] - The company has successfully secured contracts in various segments, including major national water network construction projects, contributing to a revenue of 69 million yuan from safety monitoring IoT solutions, a year-on-year increase of 23.01% [3] Financial Performance Summary - The total revenue for 2023 was 328.64 million yuan, with a projected increase to 356.80 million yuan in 2024, and further growth expected to 398.45 million yuan in 2025 [1][9] - The net profit attributable to shareholders is forecasted to grow from 72.66 million yuan in 2023 to 77.02 million yuan in 2024, and to 90.76 million yuan in 2025 [1][9] - The earnings per share (EPS) is expected to rise from 0.52 yuan in 2023 to 0.55 yuan in 2024, and to 0.65 yuan in 2025 [1][9] Market Position and Competitive Advantage - The company has a strong research and development capability, with proprietary technologies in various sensing methods and IoT integration, which supports its competitive edge in the market [4] - The customer base primarily consists of state-owned enterprises and government departments, ensuring long-term contracts and large orders, which enhances revenue stability [4]
基康仪器（830879）：2024年报点评：受益政策驱动水利与能源基建，业绩同比稳步增长