SAFETY(603028) 华安证券·2025-04-25 09:25Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Viewpoints - 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, with a revenue of 644 million yuan and a gross margin of -17.38%, but profitability is expected to improve in 2025 as market conditions change [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a 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] - For 2025, projected revenues are 1.502 billion yuan, with a year-on-year growth of 20.5%, and a net profit of 15 million yuan, representing a growth of 108.1% [10] Business Segments - The marine engineering segment has established itself as a benchmark in the industry, with long-term partnerships with major clients and recognition from certification bodies [5] - The industrial robotics segment is expanding by applying traditional steel wire rope technology to new applications, enhancing the company's growth potential [6] Future Outlook - The company anticipates revenue growth from 1.502 billion yuan in 2025 to 1.946 billion yuan in 2027, with corresponding net profits increasing from 15 million yuan to 32 million yuan [8][10] - The company aims to transition from a single product supplier to a provider of intelligent equipment system solutions, enhancing its strategic positioning in the market [6][8]