Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The implementation of new national standards for fire safety products starting May 1, 2025, is expected to enhance product performance and quality, providing competitive advantages for leading companies like Qingniao Fire [1] - The industrial fire safety business is experiencing rapid growth, driven by domestic substitution and emerging demand, with a projected revenue of approximately 510 million in 2024, representing a 46% year-on-year increase [2] - The company is advancing towards intelligent solutions in fire safety, leveraging its self-developed Zhu Huan series chips to enhance capabilities in fire safety robots and integrated communication solutions [3] - Due to lower-than-expected downstream demand, the company's profit forecasts have been adjusted, with expected revenues of 52.82 billion, 58.38 billion, and 65.54 billion for 2025, 2026, and 2027 respectively [3] Financial Summary - The company's revenue for 2023 was 4,972 million, with a projected revenue of 5,282 million for 2025, reflecting a growth rate of 7.3% [4] - The net profit attributable to the parent company for 2023 was 659 million, with an expected increase to 525 million in 2025, showing a year-on-year growth of 48.6% [4] - The latest diluted EPS is projected to be 0.71 in 2025, with a P/E ratio of 15.8 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The implementation of new national standards for fire safety products starting May 1, 2025, is expected to enhance product performance and quality, providing competitive advantages for leading companies like Qingniao Fire [1] - The industrial fire safety business is experiencing rapid growth, driven by domestic substitution and emerging demand, with a projected revenue of approximately 510 million in 2024, representing a 46% year-on-year increase [2] - The company is advancing towards intelligent solutions in fire safety, leveraging self-developed chips to enhance capabilities in fire safety robots and integrated communication solutions [3] - Revenue forecasts for 2025-2027 are adjusted to 5.282 billion, 5.838 billion, and 6.554 billion respectively, with net profits of 525 million, 613 million, and 695 million, reflecting a positive growth trajectory [3] Summary by Sections New National Standards - The new national standards for fire safety products will significantly improve product performance and quality, benefiting companies with technological reserves [1] - The standards surpass international benchmarks in several technical requirements, laying the groundwork for future smart fire safety developments [1] Industrial Fire Safety Growth - The industrial fire safety segment is projected to achieve 2.48 billion in revenue in 2024, with industrial alarm products contributing 1.2 billion, marking a 55.59% year-on-year growth [2] - The market remains fragmented, with opportunities for growth in both high-end and mid-to-low-end segments [2] Technological Advancements - The company is developing its own chip series, which will support advanced functionalities in fire safety robots, enhancing their operational capabilities in high-risk environments [3] - The integration of AI and communication technologies is expected to facilitate the deployment of fire safety robots in various challenging scenarios [3] Financial Projections - The company’s revenue and profit forecasts indicate a recovery and growth trend, with expected revenues increasing from 4.923 billion in 2024 to 6.554 billion in 2027 [4] - The projected net profit shows a significant rebound from 353 million in 2024 to 695 million in 2027, indicating strong operational resilience [4]