Jade Bird Fire(SZ:002960) SINOLINK SECURITIES·2025-04-28 14:14Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to achieve revenue of 5.14 billion, 5.64 billion, and 6.22 billion RMB for the years 2025 to 2027, representing year-on-year growth of 4.4%, 9.7%, and 10.3% respectively. The net profit attributable to the parent company is projected to be 549 million, 653 million, and 735 million RMB for the same years, with year-on-year growth rates of 55.4%, 19.0%, and 12.6% respectively [3][8] Summary by Sections Performance Review - In Q1, the company reported revenue of 883 million RMB, a year-on-year decrease of 3.64%. This decline is attributed to ongoing pressure from real estate completions, inventory clearance ahead of national standard replacements, and a high base from the previous year [9] Revenue and Profit Forecast - The company’s revenue for 2023 is projected at 4.97 billion RMB, with a growth rate of 8.02%. The net profit for the same year is expected to be 659 million RMB, reflecting a growth rate of 15.67% [8][10] Financial Metrics - The diluted earnings per share (EPS) for 2025 is estimated at 0.745 RMB, with a projected price-to-earnings (P/E) ratio of 14.59 [8] - The return on equity (ROE) is expected to improve from 8.30% in 2025 to 9.88% in 2027 [8] Market Analysis - The report indicates that the domestic civil and commercial alarm and evacuation business generated 5.4 billion RMB in revenue, down 9.54% year-on-year. However, it is anticipated that this segment will stabilize and recover in Q2 [9] - The overseas business revenue increased by 20.46% year-on-year, indicating a strong recovery [9] Investment Opportunities - The report highlights potential growth opportunities in residential renovations, smart fire equipment upgrades, and the integration of remote monitoring and safety systems [9]