InHand Networks(688080) 民生证券·2024-10-25 08:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved a revenue of 410 million yuan in the first three quarters of 2024, representing a year-on-year growth of 16.0%. The net profit attributable to shareholders reached 83.37 million yuan, up 21.0% year-on-year [2]. - The industrial IoT products generated 220 million yuan in revenue, reflecting a growth of 23.43% year-on-year, indicating significant potential in the traditional core business [2]. - The company is strengthening partnerships with well-known overseas enterprises, with North America being the largest market for overseas revenue [2]. - The company has developed an independent INOS network operating system to enhance global network stability and has introduced various technologies for smart networking applications [2]. Financial Forecasts - The projected revenues for 2024, 2025, and 2026 are 599 million yuan, 712 million yuan, and 895 million yuan, respectively, with growth rates of 21.4%, 18.8%, and 25.7% [3][5]. - The net profit attributable to shareholders is expected to be 118 million yuan, 156 million yuan, and 209 million yuan for the years 2024, 2025, and 2026, with growth rates of 25.7%, 31.8%, and 34.2% [3][5]. - The report indicates a projected P/E ratio of 21x, 16x, and 12x for the years 2024, 2025, and 2026, respectively [3][5].