Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 175 million yuan in 2024, a year-on-year decline of 14.1%, and a net profit attributable to the parent company of 73.6 million yuan, down 25.9% year-on-year. For Q1 2025, revenue was 27.24 million yuan, a decrease of 12.35% year-on-year, with a net profit of 11.53 million yuan, down 24.41% year-on-year. The decline is attributed to a slowdown in investment from enterprise clients and a decrease in demand for battery testing equipment [5][6] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 84 million yuan, 96 million yuan, and 106 million yuan respectively, with corresponding EPS of 1.05, 1.20, and 1.32 yuan per share. The current PE ratios are projected to be 44.2, 38.7, and 35.3 times [5][6] - The company is optimistic about growth opportunities in emerging fields such as clean energy and energy conservation, despite the current challenges in the battery testing equipment market [5] Financial Summary - In 2024, the company achieved a revenue of 175 million yuan, down 14.1% year-on-year, and a net profit of 74 million yuan, down 25.9% year-on-year. The gross margin was 59.7% and the net margin was 42.0% [9][10] - The revenue forecast for 2025 is 195 million yuan, with a year-on-year growth of 11.4%, and a net profit of 84 million yuan, reflecting a growth of 14.6% [9][10] - The company plans to continue investing in R&D, with expenses projected at 16 million yuan in 2025, and aims to enhance its market share in high-precision battery testing and related equipment [7][9]
武汉蓝电（830779）：北交所信息更新：新能源电池下游承压，积极拓展高精度电池检测及化成分容市场