Cubic(SH:688665) Tianfeng Securities·2025-05-07 08:23Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has experienced rapid growth in performance over the past two quarters, with continuous advancement in various business segments, indicating a promising future [1] - The company reported a revenue of 873 million yuan for 2024, representing a year-on-year growth of 26.23%, while the net profit attributable to the parent company was 113 million yuan, a decrease of 15.03% [1] - In Q1 2025, the company achieved a revenue of 215 million yuan, a year-on-year increase of 51.88%, and a net profit of 32.75 million yuan, up 64.98% year-on-year [1] Summary by Sections Business Performance - The HVAC business saw a revenue increase of 11.57% in 2024, stabilizing after previous declines, supported by a comprehensive service capability from sensor production to complete machine solutions [2] - The industrial and safety business experienced significant growth, with a revenue increase of 136.01% in 2024, driven by products like refrigerant leak monitoring sensors [2] - The automotive electronics segment grew by 15.97% in 2024, with new projects contributing 817 million yuan [2] - The medical health business revenue decreased by 52.32% in 2024 due to normalization after a health event in 2023 [2] - The smart metering business grew by 62.37% in 2024, while the scientific instruments segment increased by 8.25% [2] - The low-carbon thermal engineering business made breakthroughs through strategic acquisitions, enhancing the supply chain for gas wall-hung boilers [2] Strategic Investments - The company strategically invested in key components of premixed condensing gas wall-hung boilers, acquiring 57.14% of Nopu Thermal Energy and 51% of Jingding Electric, integrating resources for a comprehensive supply chain solution [3] Financial Forecast and Valuation - The company is expected to achieve net profits of 155 million yuan, 207 million yuan, and 276 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26, 19, and 15 [4] - The company maintains a stable customer base with significant opportunities arising from the expanding market for gas sensors and analysis instruments [4]