Jade Bird Fire(SZ:002960) Huachuang Securities·2024-03-17 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of approximately 21.2 CNY based on a 20x PE for 2024 [1][16]. Core Views - The company has shown steady performance in the fire safety product sector, achieving a revenue of 3.65 billion CNY and a net profit of 510 million CNY in the first three quarters of 2023, representing year-on-year growth of 7.1% and 21.5% respectively [1]. - The company is expanding internationally through the acquisition of overseas manufacturers, which will allow it to enter the independent detector market with a potential market size of nearly 10 billion USD [1]. - The company is advancing its AI chip development, which is expected to enhance its capabilities in IoT applications, benefiting from the ongoing equipment replacement cycle in the fire safety industry [1]. Financial Summary - The company is projected to achieve net profits of 670 million CNY, 810 million CNY, and 960 million CNY for the years 2023, 2024, and 2025, with corresponding growth rates of 18.2%, 19.6%, and 19.2% [1][5]. - The earnings per share (EPS) are expected to be 0.89 CNY, 1.06 CNY, and 1.27 CNY for the same years [5]. - The total revenue is forecasted to grow from 5.095 billion CNY in 2023 to 6.967 billion CNY in 2025, with growth rates of 10.7%, 16.6%, and 17.3% respectively [5].