ZKTECO CO.(SZ:301330) Tai Ping Yang Zheng Quan·2025-11-11 14:43Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company is actively expanding its product line by entering the brain-computer interface (BCI) sector, which is expected to enhance its growth potential [1][5] - The company plans to acquire Longzhiyuan Technology Co., Ltd., which specializes in smart outdoor audio and video equipment, to diversify its product offerings [4][5] - The company reported a slight decrease in revenue for Q3 2025, amounting to 1.402 billion yuan, a year-on-year decline of 0.68%, while net profit increased by 6.24% to 128 million yuan [4] Financial Performance - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.96 yuan, 1.19 yuan, and 1.51 yuan respectively [5][8] - Revenue forecasts for 2024, 2025, 2026, and 2027 are 1.991 billion yuan, 2.047 billion yuan, 2.189 billion yuan, and 2.453 billion yuan, reflecting growth rates of 1.07%, 2.80%, 6.96%, and 12.03% respectively [8][12] - The company’s net profit is expected to grow significantly, with projected figures of 226 million yuan in 2025, 280 million yuan in 2026, and 356 million yuan in 2027, indicating growth rates of 23.30%, 24.19%, and 26.99% respectively [8][12] Strategic Initiatives - The company is focusing on core technologies related to human-computer interaction, including EEG detection, eye movement analysis, and multimodal small model analysis, targeting applications in education, healthcare, and elder care [5][6] - An employee stock ownership plan and stock incentive plan have been introduced to align employee interests with company performance, with specific growth targets set for revenue and net profit from 2025 to 2027 [5]