事件：2025H1实现营收1.68亿元(yoy+13%)，归母净利润3234万元(yoy+14%)，扣非归母净利润3163万 元(yoy+28%)，管理费用率8.72%(yoy-3.64pcts)。2025Q2实现营收0.90亿元(yoy+9%)，归母净利润1278 万元(yoy-14%)，扣非归母净利润1257万元(yoy-13%)，管理费用率+8.45%(yoy-2.99pcts)。公司2025H1整 体收入、归母净利润稳步提升，管理费用率显著下降。 华源证券股份有限公司赵昊,万枭近期对基康技术进行研究并发布了研究报告《2025H1交通等收入显著 增长，已在西藏林芝设立办事处响应国家水电项目：基康技术(830879.BJ)》，给予基康技术增持评级。 》研报附件原文摘录) 基康技术(830879) 投资要点： 2025H1公司各下游需求持续增长，公司已在西藏林芝市设立西藏办事处，积极响应国家重大水力发电 工程及西部水利水电事业。2025H1，水电方面，全国共核准12座大型抽水蓄能电站项目，新增水电并 网容量393万千瓦；核电方面，延续自2022年以来年均核准超10台的常态化节奏；风电新增并网容量 5139万 ...

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 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].