Jade Bird Fire(SZ:002960) GOLDEN SUN SECURITIES·2024-11-01 02:51Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown resilience in its core business despite a decline in overall revenue and profit due to market pressures. In Q3 2024, the company achieved a net profit of 146 million yuan, a 32.76% increase quarter-on-quarter, although it still represents a year-on-year decline [1] - The overseas business has expanded rapidly, with revenue reaching 526 million yuan in the first three quarters of 2024, marking a 14.03% year-on-year increase. This growth is attributed to the introduction of new product categories and enhanced international sales channels [2] - The company is focusing on industrial and smart firefighting solutions, with significant growth in these areas. The industrial project revenue reached 380 million yuan, a 67% increase year-on-year, while smart firefighting projects saw a 32% increase [2] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 3.521 billion yuan, a 3.40% year-on-year decrease, and a net profit of 335 million yuan, down 33.66% year-on-year [1] - Revenue projections for 2024-2026 are set at 5.163 billion yuan, 6.103 billion yuan, and 7.208 billion yuan respectively, with corresponding net profits of 572 million yuan, 710 million yuan, and 871 million yuan [3] - The company's earnings per share (EPS) for 2024 is projected to be 0.77 yuan, with a price-to-earnings (P/E) ratio of 13.7 [4][3]