Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][10]. Core Viewpoints - The company is a leading manufacturer in the field of safety monitoring, specializing in precision sensors and smart data acquisition devices. It has extensive project experience and is a primary supplier for major projects such as the South-to-North Water Diversion and the Three Gorges Dam. The company is expected to benefit from the peak investment cycle in water conservancy, hydropower, pumped storage, and nuclear power projects [3][7]. - The company has a solid order backlog, with operating cash flow remaining strong and consistent dividend payments, indicating both value and growth attributes [3][7]. Summary by Relevant Sections Company Overview - The company, founded in 1998, focuses on the research, production, and sales of smart monitoring terminals, including precision sensors and smart data acquisition devices. It operates a direct sales model targeting state-owned enterprises and research institutions in various sectors [16][17]. Market Position - The company holds a market share of 6% in the safety monitoring sector, positioning it as a leading player in the industry. The overall instrument and meter industry in China achieved a revenue of 10,112 billion yuan in 2023, with a CAGR of 8.7% from 2019 to 2023 [23][24]. Financial Performance - The company reported a revenue of 3.3 billion yuan in 2023, reflecting a 10% year-on-year growth, with a compound annual growth rate (CAGR) of 17.8% from 2019 to 2023. The net profit attributable to shareholders was 726.6 million yuan, up 20% year-on-year [17][21]. Growth Drivers - The water conservancy sector is experiencing a historical high in investment, driven by national policies and the issuance of 1 trillion yuan in government bonds. The energy sector, particularly pumped storage and nuclear power, is also seeing accelerated project approvals and construction [25][29]. - The company’s order backlog reached 360 million yuan at the beginning of 2024, primarily from pumped storage and water diversion projects [7][10]. Profitability and Valuation - The company is expected to achieve revenues of 361 million yuan, 438 million yuan, and 527 million yuan from 2024 to 2026, with a CAGR of 17.1%. The net profit attributable to shareholders is projected to be 78.24 million yuan, 94.95 million yuan, and 114.59 million yuan for the same period, with a CAGR of 16.4% [10][11].
基康仪器：智能监测“小巨人”，兼具价值与成长