SAFETY(603028) 华安证券·2025-04-25 08:32Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a turnaround in Q1 2025, achieving profitability after a loss in 2024, with Q1 2025 revenue of 349 million yuan, a year-on-year increase of 24.8%, and a net profit of 1 million yuan, up 118% year-on-year [4][8] - The company is focusing on opportunities in marine engineering and industrial robotics, leveraging its expertise in steel wire rope technology to expand into high-end equipment sectors [5][6] - The photovoltaic business faced challenges in 2024 but is expected to improve profitability in 2025 as market conditions change [7][8] Summary by Sections Financial Performance - In 2024, the company reported revenue of 1.247 billion yuan, a decline of 22.34% year-on-year, and a net loss of 189 million yuan, a decrease of 694.08% year-on-year [4][10] - The fourth quarter of 2024 saw revenue of 215 million yuan, down 29.39% year-on-year, with a net loss of 161 million yuan [4] - For 2025, projected revenues are 1.502 billion yuan, 1.733 billion yuan, and 1.946 billion yuan for 2025, 2026, and 2027 respectively, with expected year-on-year growth rates of 20.5%, 15.3%, and 12.3% [8][10] Business Segments - The marine engineering segment has established itself as a benchmark in the industry, with long-term partnerships with major clients such as CNOOC and Guangzhou Salvage Bureau [5] - The industrial robotics segment is expanding by applying traditional steel wire rope technology to high-performance lifting components, marking a significant transition from traditional manufacturing to high-end intelligent equipment [6] - The photovoltaic segment, despite facing a downturn, achieved a shipment of 2.78 GW of battery products in 2024, a year-on-year increase of 60.96% [7] Future Outlook - The company aims to cultivate new growth points through its three main business divisions, with expectations of improved profitability and revenue growth in the coming years [8] - The projected net profit for 2025 is 15 million yuan, with significant growth expected in subsequent years, reaching 32 million yuan by 2027 [10]