Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 114 yuan [5][8]. Core Insights - The company has successfully transitioned from police equipment to military models, focusing on special robots and intelligent perception as its two main businesses. It has developed various special robots for reconnaissance, bomb disposal, and nuclear detection, winning multiple bids [2][3]. - The company is positioned as a core supplier for intelligent grouping of manned and unmanned equipment, enhancing situational awareness and operational effectiveness in military applications [3][4]. - The company has strategically entered the overseas market, benefiting from the rapid growth of the drone export market, with monthly export values increasing from 10-20 billion yuan to 30-40 billion yuan [4]. Financial Projections - The company is expected to achieve net profits of 0.21 billion yuan, 0.62 billion yuan, and 1.53 billion yuan for the years 2025, 2026, and 2027, with growth rates of turning profitable, 202%, and 146% respectively [5]. - The company's revenue is projected to grow from 0.225 billion yuan in 2023 to 0.980 billion yuan in 2027, with a significant recovery anticipated in 2025 [6][22]. Business Analysis - The company has been deeply engaged in the "intelligent perception + robotics" sector for over a decade, with a focus on military trade and technology reserves since 2016 [15][19]. - The company has developed a range of special robots and intelligent perception devices, with a strong market presence and competitive edge in the domestic and international markets [36][40]. - The company is actively expanding into simulation and intelligent manufacturing sectors, which are expected to contribute to balanced revenue streams [25][27]. Market Position - The global special robot market is projected to grow from 5.9 billion USD in 2020 to 13.3 billion USD in 2025, with the Chinese market expected to increase from 12.1 billion yuan to 29.9 billion yuan in the same period [40][41]. - The company is recognized as a key player in the intelligent perception equipment sector, with capabilities in developing complex optical reconnaissance devices and a comprehensive product range [42][43].

Group 1 - The 2025 High-Quality Development Forum for Listed Companies and the 27th Golden Bull Award Ceremony took place in Nantong, Jiangsu, with the theme "Moving Towards the New, Achieving with Reality, and Intelligent Future" [1] - Liu Peng, the Director, Deputy General Manager, and Secretary of the Board of Jingpin Special Equipment, won the "Golden Bull Secretary Award" at this event [1] - The Golden Bull Award, established in 1999 by China Securities Journal, aims to create a credible platform for communication and brand display in the capital market, recognizing outstanding contributions in corporate governance, information disclosure, and investor relations management [1] Group 2 - Jingpin Special Equipment, founded in 2009, is a national high-tech enterprise specializing in the research, production, and sales of optoelectronic reconnaissance equipment and military robot systems [2] - The company's main products include various models of drone optoelectronic pods, handheld optoelectronic reconnaissance devices, individual night vision goggles, handheld wall-penetrating radars, bomb disposal robots, multipurpose robots, and portable reconnaissance robots [2] - As a national high-tech enterprise in the military industry, Jingpin has focused on the fields of military informationization, intelligence, and automation, successfully developing multiple products that have been deployed in frontline troops [2]