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 ...

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% 买入（维持） 证券研究报告·北交所公司点评报告·通用设备 基康技术（830879） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 328.64 | 356.80 | 398.45 | 452.23 | 521.34 | | 同比 | 9.97 | 8.57 | 11.67 | 13.50 | 15.28 | | 归母净利润（百万元） | 72.66 | 77.02 | 90.76 | 104.74 | 117.30 | | 同比 | 20.01 | 5.99 | 17.84 | 15.40 | 11.99 | | EPS-最新摊薄（元/股） | 0.52 | 0.55 | 0.65 | 0.75 | 0.84 | | P/E（现价&最新摊薄） | 30.79 | 29.05 | 24.65 | 21.36 | 19.08 | [Ta ...

hyzqdatemark 2025 年 08 月 22 日 证券研究报告 机械设备 | 通用设备 北交所|公司点评报告 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com | 基本数据 | | | | 年 | 08 | 20 | 日 | | 月 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 29.16 | | | | | | 一 年 内 低 | 最 | 高 | / | | | | | 最 | | | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | 4,868.74 | | | | | | 流通市值（百万元） | | | | | | | 3,931.99 | | | | | | 总股本（百万股） | | | | | | | 166.9 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The trading activity on the Beijing Stock Exchange (BSE) slightly decreased compared to the previous month, while the margin financing and securities lending (two-in-one) balance reached a historical high [1] - The total number of listed companies on the BSE is 269, with a total market capitalization of 838.455 billion and a circulating market value of 513.506 billion [1][23] - The BSE's stock trading volume and transaction amount for the month were 26.763 billion shares and 585.584 billion, reflecting a month-on-month decrease of 0.9% and 3.7% respectively [1][34] - The average daily two-in-one balance for July reached 6.045 billion, marking a month-on-month increase of 9.51% [1][43] Market Overview - As of July 31, the PE ratio of the BSE 50 Index was 48.04, positioned at the 85.15th percentile over the past two years, while the PB ratio was 9.34, at the 91.13th percentile [4][48] - The dividend yield was 0.74, at the 7.23rd percentile over the past two years [48] - The computer industry had the highest median PE ratio at 125, followed by building materials at 107 and communications at 105 [50] Industry Performance - The BSE 50 Index showed a downward trend, closing down 1.6797% for the month, while the specialized index also fell by 2.7020% [5][55] - The report indicates mixed performance across industries, with notable gains in construction decoration, pharmaceuticals, building materials, textiles, and environmental services, while transportation, communications, defense, media, and automotive sectors saw declines [61] New Listings - One new company, Dingjia Precision (920005.BJ), was listed this month, bringing the total number of companies on the BSE to 269 [1][20] Financial Performance of Key Companies - Dingjia Precision reported a total revenue of 1,007.218 million for the first quarter of 2025, with a year-on-year growth rate of 20.36% [85] - The company has received multiple accolades, including "High-tech Enterprise" and "National Specialized and New Small Giant Enterprise" [84]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Viewpoints - The company, Jikang Instruments, is a leading player in the domestic intelligent safety monitoring sector, comparable to the overseas leader Keyence. The company has shown steady growth in recent years, with a Q1 2025 net profit of 20 million yuan, representing a 44.91% increase year-on-year. Revenue for the same period reached 78 million yuan, up 19.07% year-on-year [5][20]. - The company is expected to benefit from the accelerating infrastructure development in the energy and water conservancy sectors, which will drive demand for safety monitoring solutions. The company continues to invest in R&D, with new products like the machine vision deformation monitoring system gaining traction in various industries [6][7]. Summary by Relevant Sections Company Overview - Jikang Instruments, established in 1998, is one of the largest suppliers of outdoor safety monitoring instruments and system solutions in China. The company is recognized as a national high-tech enterprise and a "specialized and innovative" small giant enterprise [20][21]. Product Offerings - The company's main products include intelligent monitoring terminals (precision sensors and smart data acquisition devices) and safety monitoring IoT solutions. These products are widely applied in various sectors, including energy, water conservancy, transportation, smart cities, and geological disaster monitoring [21][22]. Financial Performance - In Q1 2025, the company achieved a revenue of 78 million yuan and a net profit of 20 million yuan. The company maintains its profit forecasts for 2025-2026 and has added a forecast for 2027, expecting net profits of 89 million, 103 million, and 116 million yuan for the years 2025, 2026, and 2027, respectively [5][6]. Industry Outlook - The energy sector is expected to see long-term growth, driven by the development of hydropower, nuclear power, and wind power. The water conservancy sector is also expanding, with significant investments planned for the reinforcement of dams and reservoirs [6][7]. Competitive Positioning - Jikang Instruments is positioned to compete with Keyence, a global leader in industrial automation. The company’s machine vision products have high gross margins and are increasingly being adopted in various applications, indicating a strong potential for market share growth [7][8].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3]. Core Views - The company, Jikang Instruments, is a leading player in the domestic intelligent safety monitoring sector, comparable to the overseas leader Keyence. The company has shown steady growth in recent years, with a Q1 2025 net profit of 20 million yuan, representing a 44.91% increase year-on-year. Revenue for the same period reached 78 million yuan, up 19.07% [5][20]. - The company is expected to benefit from the accelerating infrastructure development in the energy and water conservancy sectors, which will drive demand for safety monitoring solutions. The company has a strong focus on R&D, with new products like the machine vision deformation monitoring system gaining traction in various industries [6][7]. Summary by Sections Company Overview - Jikang Instruments, established in 1998, is one of the largest suppliers of outdoor safety monitoring instruments and system solutions in China. The company is recognized as a national high-tech enterprise and a "little giant" enterprise in Beijing, specializing in precision sensors, data collectors, and intelligent sensing terminals [20][21]. Product Offerings - The company's main products include intelligent monitoring terminals (precision sensors and intelligent data collection devices) and safety monitoring IoT solutions. These products are widely applied in various sectors, including energy, water conservancy, transportation, smart cities, and geological disaster monitoring [21][22]. Industry Insights - The energy sector is expected to see long-term growth, particularly in hydropower, nuclear power, and wind power, which will drive the company's performance. The water conservancy sector is also expanding, with significant investments planned for the reinforcement of dams and reservoirs [6][7]. Competitive Positioning - Jikang Instruments is positioned against Keyence, a global leader in industrial automation. The company aims to leverage the high-margin attributes of machine vision products and capitalize on the trend of domestic substitution in the market [7][18]. Financial Projections - The company forecasts net profits of 89 million yuan, 103 million yuan, and 116 million yuan for 2025, 2026, and 2027, respectively. Corresponding EPS estimates are 0.53 yuan, 0.62 yuan, and 0.70 yuan per share, with P/E ratios of 31.7, 27.5, and 24.4 times [5][6].