Jade Bird Fire(SZ:002960) Tebon Securities·2024-04-28 03:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the market [2][4]. Core Insights - The company achieved a revenue of 917 million yuan in Q1 2024, representing a year-on-year growth of 10.27%. The net profit attributable to the parent company was 79 million yuan, up by 1.68%, while the net profit excluding non-recurring items was 67 million yuan, increasing by 7.79% [2][4][11]. - The report highlights the importance of fire safety in the context of frequent fire incidents, positioning the company as a leading player in integrated fire safety solutions with strong competitive advantages [4]. - The company is projected to achieve net profits of 784 million yuan, 915 million yuan, and 1.079 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.03, 1.21, and 1.42 yuan [4]. Financial Performance and Forecast - In Q1 2024, the company's gross margin was approximately 41.28%, an increase of 2.44 percentage points year-on-year, attributed to various cost control measures and the use of self-developed chips [11]. - The overall expense ratio for the company in Q1 2024 was 30.53%, reflecting an increase of 1.65 percentage points year-on-year, primarily due to stock option expenses and rising labor costs [11]. - The company reported a cash flow from operating activities of 231 million yuan in Q1 2024, with a cash balance of 2.513 billion yuan and a debt-to-asset ratio of 20.7%, indicating a strong financial position [11]. Business Segments and Growth Drivers - The traditional fire alarm business showed stable growth, with the "Jiuyuan" brand experiencing a notable increase in revenue. The overseas business also maintained rapid growth, with orders from France's Finsecur and Canada's Maple Armor brands increasing by over 20% year-on-year [11]. - The company is actively pursuing acquisitions to enter the consumer market for standalone detectors, which presents significant growth potential in the overseas market [11].