Jade Bird Fire(SZ:002960) Huaan Securities·2025-04-22 05:48Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.923 billion yuan in 2024, a decrease of 0.98%, and a net profit attributable to shareholders of 353 million yuan, down 46.42% [4] - Despite short-term pressure on profitability, the company's main business remains stable, with domestic industrial and industry firefighting sectors showing rapid growth [4][5] - The company continues to increase R&D investment, with R&D expenditure reaching approximately 343 million yuan in 2024, a growth of 10.8% [5] - The long-term development outlook for the company is positive, with adjusted revenue forecasts for 2025-2027 set at 5.166 billion, 5.631 billion, and 6.273 billion yuan respectively [6] Financial Performance Summary - In 2024, the company achieved a net profit margin of 7.2% and a return on equity (ROE) of 5.81% [4][8] - The projected net profit for 2025 is 502 million yuan, reflecting a 42.2% increase compared to 2024 [8] - The company's earnings per share (EPS) is expected to grow from 0.49 yuan in 2024 to 0.68 yuan in 2025 [8][13] - The company's total assets are projected to increase from 88.87 billion yuan in 2024 to 103.25 billion yuan in 2027 [10][13]