Jade Bird Fire(002960)2024-10-31 16:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to focus on the industrial and overseas markets, emphasizing research and development as key growth drivers [1] - In the first three quarters of 2024, the company achieved revenue of 3.52 billion yuan, a decrease of 33.66% year-on-year, with a net profit attributable to the parent company of 3.35 billion yuan, down 36.65% [1] - The company is committed to deepening its market presence, with domestic industrial and commercial fire safety and overseas fire safety businesses identified as the two main growth engines [1] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 1.256 billion yuan, down 9.76% year-on-year, and a net profit attributable to the parent company of 1.46 billion yuan, down 32.85% [1] - The company’s cash flow from operating activities was negative 239 million yuan, with a weighted average return on equity of 5.46% [1] - The company’s total assets were 8.472 billion yuan, with current assets of 6.664 billion yuan and total liabilities of 1.996 billion yuan [2] Financial Forecasts - The company’s projected revenue for 2024-2026 is 5.136 billion yuan, 5.719 billion yuan, and 6.444 billion yuan respectively, with corresponding net profits of 479 million yuan, 548 million yuan, and 637 million yuan [2][3] - The expected EPS for 2024-2026 is 0.64 yuan, 0.74 yuan, and 0.86 yuan respectively, with a P/E ratio of 16.33, 14.27, and 12.28 [2][3] Growth Drivers - The company is focusing on continuous research and development of core components and launching new product solutions [1] - The industrial and industry fire alarm business and intelligent evacuation business are steadily growing, with project delivery amounting to 3.8 billion yuan, a year-on-year increase of 67% [1] - The overseas market revenue increased by 14.03% year-on-year, reaching 5.26 billion yuan, as the company expands its product categories and actively develops new sales channels [1]