Workflow
基康技术(830879):深化布局能源、水利、交通领域,2025H1扣非归母净利润同比+28%

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to deepen its presence in the energy, water conservancy, transportation, and natural resources sectors, achieving a year-on-year growth of 28% in net profit attributable to the parent company for the first half of 2025 [2] - The company's revenue for the first half of 2025 reached 168 million yuan, representing a year-on-year increase of 13.49%, while the net profit attributable to the parent company was 32 million yuan, up 14.33% year-on-year [2] - The growth in performance is primarily driven by the acceleration of energy infrastructure investment, digital transformation in transportation, and increased demand for disaster prevention [2][3] - The company reported a gross profit margin of 54.38%, a decrease of 0.47 percentage points year-on-year, and a net profit margin of 19.35%, down 0.26 percentage points year-on-year [2] Revenue and Profitability - The company's main business segments include smart monitoring terminals and IoT solutions, with revenues growing by 11% and 22% year-on-year, respectively, in the first half of 2025 [3] - The smart monitoring terminal segment generated 132 million yuan in revenue, with a gross margin of 61.41% [3] - The safety monitoring IoT solutions and services segment achieved 36 million yuan in revenue, with a gross margin of 28.71% [3] Research and Development - The company has strong R&D capabilities, with proprietary technologies in various sensing techniques and IoT integration, enabling high-quality domestic product replacements [4] - The company is expanding its service areas and customer base, focusing on energy, water conservancy, transportation, and smart city applications [4] - The customer base primarily consists of state-owned enterprises and government departments, ensuring long-term cooperation and large orders [4] Financial Forecasts - The company forecasts total revenue of 398.45 million yuan for 2025, with a net profit of 90.76 million yuan, reflecting a year-on-year growth of 17.84% [1][10] - The projected earnings per share (EPS) for 2025 is 0.65 yuan, with a price-to-earnings (P/E) ratio of 24.65 based on the current price [1][10]