Sharetronic(300857) 海通证券·2024-11-01 01:43Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company has achieved rapid growth in revenue and net profit in the first three quarters of 2024, with revenue reaching 5.395 billion yuan, a year-on-year increase of 67%, and net profit attributable to shareholders reaching 557 million yuan, a year-on-year increase of 184% [3][8] - The company focuses on "cloud-edge-end" integrated smart storage and smart IoT product lines, continuously launching competitive products and upgrading its business model to provide cloud platform services [3][5] - The company is well-positioned in the server remanufacturing business, leveraging strong supply chain management and high R&D investment to create a competitive advantage [7][8] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 7.11 billion yuan and a net profit of 655 million yuan, with an EPS of 2.67 yuan [9][13] - The company’s revenue is projected to grow at rates of 70%, 38%, and 28% for the years 2024, 2025, and 2026 respectively, driven by strong demand in the data storage and IoT sectors [8][9] - The gross margin is expected to improve, particularly in the data storage business, with projections of 13% for 2024-2026 [8][10] Business Segmentation - The company’s revenue from data storage devices is projected to grow by 70% in 2024, with a gross margin of 13% [10] - The IoT smart terminal segment is expected to grow by 20% in 2024, maintaining a gross margin of 20% [10] - Other business segments are anticipated to grow at a rate of 42% in 2024, with a stable gross margin of 20% [10] Market Positioning - The company has established long-term partnerships with notable tech firms such as Lenovo, Xiaomi, and LG, enhancing its market presence [7] - The rise of AI and cloud computing is expected to drive demand for high-performance storage solutions, positioning the company favorably in the evolving market landscape [5][8]