Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company has returned to high growth due to management system reforms and is positioned in a vast blue ocean market, particularly benefiting from the rapid development of AI technology [3]. - The company is a leader in the Chinese PHM industry, actively building a partner ecosystem, expanding into new industries, and investing in AI technology [3]. - The company's revenue for 2024 is projected to be 584 million yuan, a year-on-year increase of 17.21%, with a net profit of 107.52 million yuan, reflecting a significant growth of 71.49% [1][3]. Financial Performance Summary - For 2024, the company achieved total revenue of 584 million yuan, with a net profit of 107.52 million yuan, exceeding market expectations [1]. - In Q1 2025, the company reported revenue of 84 million yuan, a year-on-year increase of 37.51%, and a net profit of -6 million yuan, showing a growth of 66.89% [1]. - The company's operating cash flow improved significantly, with 72 million yuan in 2024 and 7 million yuan in Q1 2025, compared to negative cash flows in the previous year [8]. Industry and Market Position - The company is positioned in a rapidly growing market, with significant revenue growth in sectors such as metallurgy, coal, and non-ferrous industries [8]. - The number of connected devices has rapidly increased, with over 180,000 devices monitored, showcasing the company's technological advancements and market competitiveness [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company has returned to high growth with a significant improvement in cash flow, driven by management system reforms and a focus on AI technology in a rapidly developing market [3]. - The company achieved a revenue of 584 million yuan in 2024, representing a year-on-year growth of 17.21%, and a net profit of 107.52 million yuan, up 71.49% year-on-year [1][3]. - In Q1 2025, the company reported a revenue of 84 million yuan, a 37.51% increase year-on-year, although it recorded a net loss of 6 million yuan [1]. Financial Performance Summary - The company’s total revenue is projected to grow from 498.04 million yuan in 2023 to 1,362.79 million yuan by 2027, with a compound annual growth rate (CAGR) of 35.29% [1]. - The net profit is expected to increase from 62.70 million yuan in 2023 to 278.72 million yuan in 2027, reflecting a CAGR of 43.54% [1]. - The earnings per share (EPS) is forecasted to rise from 0.72 yuan in 2023 to 3.19 yuan in 2027, indicating strong profitability growth [1]. Industry and Market Position - The company is positioned as a leader in the PHM (Predictive Health Management) industry in China, with a strategy focused on building a partner ecosystem and expanding into new sectors [3]. - The company has made significant advancements in AI technology, with over 180,000 devices connected for remote monitoring and a robust database of over 30,000 industrial equipment failure cases [8].

调研纪要：交流过程中，公司参会人员严格遵守有关制度规定，没有出现未公开重大信息泄露等情况。 当前关税政策为国产替代提供了重要契机，但对于部分高端品，带来元器件成本的上升。目前从原材料 进口端来看，公司进口原材料部分来自美国，因此美国关税的增加对于原材料采购有一定影响，但是这 个影响处于可控范围。PHM在民用领域的应用范围逐渐变广，尤其是冶金、港口机械、水务、和石化 领域发展较为明显，正实现以点向面的推广应用。目前，公司主营业务在军用收入占比较高，公司会根 据市场情况调整发展策略，尤其重点发展PHM业务。公司六维力传感器处于小批量试制阶段，下游应 用领域主要包括工业机器人、人形机器人、航空航天、汽车、电子、医疗等。电化学业务近三年保持了 较高的增速，目前下游客户还是以高校市场为主，市场空间充足。另外公司还在持续拓展储能、腐蚀、 新能源的监测，会和大型企业联合做相关研究。这个领域在未来也存在增长的空间。常规产品基本都有 库存，一周左右就可以交货；定制产品正常1-3个月，交付的时候如果发现有些项目需要调整，可能会 延长。自定义测控系统和结构力学的客户基本一致，经过前几年的市场开拓和培育之后，产品质量和性 能已基本得 ...