收购海外成熟品牌，大举进军欧美C端市场

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 CNY, based on a 2024 PE of 18 times [5][7]. Core Insights - The company plans to acquire 75% stakes in Fireblitz Extinguisher and Fireblitz Sensotec, aiming to expand its presence in the European and American consumer markets [1]. - The acquisition targets have established brands and stable customer resources, enhancing the company's competitive edge in overseas markets [1][2]. - The overseas home fire safety market is expanding due to regulatory changes and increasing demand for smart detectors, which the company aims to leverage through its technological advantages [4]. Financial Projections - Revenue forecasts for 2023, 2024, and 2025 are 51.03 billion CNY, 59.62 billion CNY, and 70.26 billion CNY, with year-on-year growth rates of 10.87%, 16.84%, and 17.85% respectively [5][6]. - Net profit projections for the same years are 6.57 billion CNY, 7.90 billion CNY, and 9.84 billion CNY, with growth rates of 15.28%, 20.30%, and 24.51% respectively [5][6]. - The company’s EPS is expected to be 0.87 CNY, 1.04 CNY, and 1.30 CNY for 2023, 2024, and 2025, indicating a 3-year CAGR of 19.97% [5][6]. Valuation Metrics - The report indicates that the acquisition's EV/EBITDA is 6 times, which is considered reasonable compared to the company's historical averages of 15.9x and 11.2x [2]. - The company’s market share in the domestic fire safety sector is continuously increasing, and it is accelerating its overseas market expansion [5].