盈利预测与投资评级：公司继续加大能源、水利、交通等多个领域市场拓展，行业深耕与区域协同并 驱，维持公司2025-2027年归母净利润0.91/1.05/1.17亿元，当前股价对应动态PE分别为 24.65/21.36/19.08x，维持"买入"评级。 风险提示：1)下游需求不及预期;2)宏观经济波动;3)市场竞争加剧。 东吴证券股份有限公司袁理,朱洁羽,易申申,余慧勇,武阿兰近期对基康技术进行研究并发布了研究报告 《2025中报点评：深化布局能源/水利/交通领域，2025H1扣非归母净利润同比+28%》，给予基康技术 买入评级。 基康技术(830879) 投资要点 持续深耕能源/水利/交通/自然资源等行业，2025H1扣非归母净利润同比增长28%。公司发布2025中报， 2025H1营收1.68亿元，同比+13.49%；归母净利润0.32亿元，同比+14.33%；扣非归母净利润0.32亿元， 同比+27.81%。2025Q2营收0.9亿元，同环比+9.02%/14.33%；归母净利润0.13亿元，同环 比-13.58%/-34.65%；扣非归母净利润0.13亿元，同环比-12.77%/-34.05%。上半年业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to deepen its presence in the energy, water conservancy, transportation, and natural resources sectors, achieving a year-on-year growth of 28% in net profit attributable to the parent company for the first half of 2025 [2] - The company's revenue for the first half of 2025 reached 168 million yuan, representing a year-on-year increase of 13.49%, while the net profit attributable to the parent company was 32 million yuan, up 14.33% year-on-year [2] - The growth in performance is primarily driven by the acceleration of energy infrastructure investment, digital transformation in transportation, and increased demand for disaster prevention [2][3] - The company reported a gross profit margin of 54.38%, a decrease of 0.47 percentage points year-on-year, and a net profit margin of 19.35%, down 0.26 percentage points year-on-year [2] Revenue and Profitability - The company's main business segments include smart monitoring terminals and IoT solutions, with revenues growing by 11% and 22% year-on-year, respectively, in the first half of 2025 [3] - The smart monitoring terminal segment generated 132 million yuan in revenue, with a gross margin of 61.41% [3] - The safety monitoring IoT solutions and services segment achieved 36 million yuan in revenue, with a gross margin of 28.71% [3] Research and Development - The company has strong R&D capabilities, with proprietary technologies in various sensing techniques and IoT integration, enabling high-quality domestic product replacements [4] - The company is expanding its service areas and customer base, focusing on energy, water conservancy, transportation, and smart city applications [4] - The customer base primarily consists of state-owned enterprises and government departments, ensuring long-term cooperation and large orders [4] Financial Forecasts - The company forecasts total revenue of 398.45 million yuan for 2025, with a net profit of 90.76 million yuan, reflecting a year-on-year growth of 17.84% [1][10] - The projected earnings per share (EPS) for 2025 is 0.65 yuan, with a price-to-earnings (P/E) ratio of 24.65 based on the current price [1][10]