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, with total revenue reaching 356.8 million yuan, up 8.57% year-on-year, and net profit attributable to shareholders at 77.02 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 sectors, including hydropower and nuclear power, contributing to a revenue of 288 million yuan from smart monitoring terminals, which represents 80.65% of total revenue [3] Financial Performance Summary - The company forecasts total revenue of 398.45 million yuan for 2025, with a year-on-year growth rate of 11.67%, and net profit of 90.76 million yuan, reflecting a growth rate of 17.84% [8] - The report highlights a steady increase in operating cash flow, projected at 58 million yuan for 2025, and a net profit margin of 22.78% for the same year [9] - The company's earnings per share (EPS) is expected to rise to 0.65 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 24.65 [8]
基康仪器：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-20250331