回购快速执行，彰显信心

Investment Rating - The report assigns an "Outperform" rating for the company [5] Core Views - The company is expected to maintain growth due to its multi-brand, multi-industry, and multi-regional operations, especially in the context of increasing emphasis on fire safety [5] - The rapid execution of share buybacks demonstrates the company's confidence, with approximately 1.93% of total shares repurchased by the end of February [3] - Profit growth is anticipated to outpace revenue growth, with a projected net profit increase of 21.48% year-on-year for the first three quarters of 2023 [4] Financial Summary - The company’s total revenue is projected to grow from 4,602 million yuan in 2022 to 5,636 million yuan in 2025, reflecting a compound annual growth rate (CAGR) of approximately 7.5% [6][21] - Net profit is expected to increase from 570 million yuan in 2022 to 751 million yuan in 2025, with a year-on-year growth rate of 9.2% in 2025 [6][21] - The company’s gross margin is projected to improve slightly from 37.1% in 2022 to 37.8% in 2025 [21] Market Performance - The company’s stock closed at 14.20 yuan, with a 52-week price range of 10.30 to 29.00 yuan [1] - The stock has shown a relative performance decline compared to the CSI 300 index over the past three months [2] Business Outlook - The company is diversifying its product structure beyond traditional fire alarm systems, with significant growth in industrial, energy storage, and gas detection products [15][16] - The company has established subsidiaries to expand into high-end domestic markets and Southeast Asia, indicating a strategic focus on geographical expansion [16]