Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a strong performance in Q1 2025, with revenue of 0.78 billion yuan (up 19% year-on-year) and a net profit attributable to shareholders of 19.56 million yuan (up 45% year-on-year) [6] - The company has a solid position in the water conservancy and energy sectors, benefiting from ongoing national infrastructure projects [6] - The company is expanding into the smart city sector, which is expected to provide new growth opportunities [6] Summary by Sections Market Performance - Closing price: 20.99 yuan - Market capitalization: 2,928.06 million yuan - Circulating market capitalization: 2,366.15 million yuan - Total shares: 139.50 million - Debt-to-asset ratio: 15.87% - Net asset value per share: 4.41 yuan [3] Financial Performance - Q1 2025 revenue: 0.78 billion yuan (yoy +19%) - Q1 2025 net profit: 19.56 million yuan (yoy +45%) - Q1 2025 net profit margin: 25.0% (yoy +4.5pcts) - Q1 2025 gross margin: 56.3% (yoy +4.7pcts) [6] Profit Forecast and Valuation - Revenue forecast for 2025: 400 million yuan (up 12.15% year-on-year) - Net profit forecast for 2025: 92 million yuan (up 19.20% year-on-year) - Earnings per share (EPS) forecast for 2025: 0.66 yuan - Price-to-earnings (P/E) ratio for 2025: 31.89 [7][8] Business Opportunities - The company is positioned to benefit from significant projects in the water conservancy sector, including major national water network construction projects [6] - The energy sector shows strong demand, particularly for pumped storage projects, with a projected total capacity of over 62 million kilowatts by 2025 [6] - The smart city initiative is expected to drive growth in the transportation sector, with increased demand for monitoring systems [6]
基康仪器（830879）：2025Q1业绩高增长，夯实水利能源+拓展交通智慧城市