Jade Bird Fire(SZ:002960) Huachuang Securities·2025-05-13 09:12Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 14.00 CNY [2][8]. Core Views - The company has successfully expanded its industrial and industry sectors, actively laying out plans for fire-fighting robots. The revenue for 2024 is reported at 4.923 billion CNY, a slight decrease of 0.98% year-on-year, while the net profit attributable to shareholders is 353 million CNY, down 46.42% year-on-year [2][8]. - The company is experiencing pressure in traditional business demand due to a sluggish real estate market, but it has managed to maintain a steady market share through pricing strategies and supply chain optimization [2][8]. - The overseas market is steadily expanding, with revenue from international operations reaching 703 million CNY, accounting for 14.27% of total revenue, marking a year-on-year increase of 9.92% [2][8]. - The company is showing strong resilience and growth potential in the commercial and industrial sectors, particularly in new economic applications such as renewable energy and data centers [2][8]. Financial Summary - For 2024, the total revenue is projected to be 4.923 billion CNY, with a year-on-year growth rate of -1.0%. The net profit attributable to shareholders is expected to be 353 million CNY, with a growth rate of -46.4% [2][8]. - The company forecasts revenue growth for 2025-2027 at 5.3%, 8.0%, and 13.2%, respectively, with net profit growth rates of 45.0%, 10.8%, and 19.9% [2][8]. - The earnings per share (EPS) are projected to be 0.70 CNY, 0.77 CNY, and 0.92 CNY for the years 2025, 2026, and 2027, respectively [2][8].