CEM(SZ:002980) NORTHEAST SECURITIES·2025-07-01 09:46Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Insights - The company is a leader in the smart measurement and testing industry, actively integrating "AI+" products across various sectors, including power, healthcare, and smart devices [1][3]. - The company achieved a revenue of 807 million yuan in 2024, representing a year-on-year growth of 20.55%, and a net profit of 138 million yuan, up 29.21% year-on-year [2]. - The company is focusing on product structure upgrades, which have positively impacted profitability, with gross and net profit margins improving to 46.25% and 17.14%, respectively [2]. Financial Performance - The company forecasts revenues of 1.12 billion yuan in 2025, 1.47 billion yuan in 2026, and 1.81 billion yuan in 2027, with corresponding net profits of 188 million yuan, 245 million yuan, and 307 million yuan [4][5]. - The projected growth rates for revenue and net profit are 38.88% and 36.17% for 2025, respectively [4]. - The company’s earnings per share are expected to be 1.00 yuan in 2025, increasing to 1.62 yuan by 2027 [4]. Product Development and Market Strategy - The company is actively developing AI-integrated products, such as the AI-7760 power quality analyzer and AI medical devices, which are expected to drive future growth [3]. - The establishment of a joint venture for AI glasses aims to enhance the company's strategic positioning in the smart device market [3].