Jade Bird Fire(SZ:002960) Changjiang Securities·2025-11-10 04:43Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a Q3 revenue of 1.209 billion yuan, a year-on-year decrease of 3.80%, and a net profit attributable to shareholders of 79 million yuan, down 45.71% year-on-year. The net profit after deducting non-recurring items was 71 million yuan, a decrease of 49.33% year-on-year [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 3.359 billion yuan, a year-on-year decrease of 4.60%. The domestic commercial and residential fire protection business revenue was 2.103 billion yuan, down 9.88% year-on-year, while the industrial and sector fire protection business revenue was 558 million yuan, up 4.58% year-on-year. The overseas fire protection business revenue reached 597 million yuan, an increase of 13.33% year-on-year [12]. - The overall gross margin for the first three quarters was 35.19%, a decrease of 2.36 percentage points year-on-year. The gross margin for Q3 was 34.47%, down 4.39 percentage points year-on-year, primarily due to intensified price competition in the domestic market [12]. - The operating cash flow showed a net outflow of 277 million yuan for the first three quarters, an increase in outflow of 37 million yuan year-on-year, with a cash collection ratio of 96.57%, up 15.86 percentage points year-on-year [12]. Market Outlook - The industry is in a late clearing phase, and with the gradual implementation of new national standards, the industry landscape is expected to continue to improve. The company's robot products have been showcased at a fire protection exhibition, and future collaborations are anticipated to enhance the commercial viability of the robot business [12]. - The company expects continued growth in the industrial and overseas sectors in 2025, while the domestic market is anticipated to improve marginally as the real estate sector stabilizes and new national standards are implemented [12].