新股覆盖研究：开发科技

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase in stock price over the next 6-12 months compared to relevant market indices [34]. Core Viewpoints - The company, Developer Technology, specializes in the research, production, and sales of smart metering terminals and energy management systems, with a focus on smart electricity, water, and gas meters [6][22]. - The company has shown significant revenue growth, with projected revenues of CNY 17.91 billion, CNY 25.50 billion, and CNY 29.33 billion for the years 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 21.42%, 42.39%, and 15.02% [7][22]. - The company has a strong foothold in the European market, with market shares increasing from 9.46% in 2021 to 12.14% in 2023, and has successfully deployed over 90 million smart metering terminals globally [22][23]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 17.91 billion in 2022, CNY 25.50 billion in 2023, and is projected to reach CNY 29.33 billion in 2024, with corresponding net profits of CNY 1.83 billion, CNY 4.86 billion, and CNY 5.89 billion [7][11]. - The revenue from smart metering terminals accounted for 98.52% of total revenue in the first half of 2024, indicating a strong reliance on this product line [7]. Industry Situation - The smart metering industry is experiencing growth driven by increasing global electricity demand and energy system transformations, with the global smart metering market expected to grow from USD 23.17 billion in 2023 to USD 36.39 billion by 2028, at a CAGR of 9.5% [13][19]. - The company is positioned well within the smart metering sector, which is critical for advanced metering infrastructure (AMI) upgrades [12][13]. Company Highlights - Developer Technology is backed by China Electronics and has a long history in smart meter development, being one of the first companies to enter the European market [22][23]. - The company is actively expanding into high-potential markets in the Middle East and Southeast Asia, with significant contracts won in various countries [23][24]. Fundraising Projects - The company plans to invest in three main projects through its IPO, including the construction of an automated production line for smart metering terminals, which is expected to generate annual revenues of CNY 1.875 billion post-completion [24][26]. Peer Comparison - Compared to its peers, Developer Technology's average revenue and profit margins are below the industry average, with comparable companies showing an average revenue of CNY 3.352 billion and an average PE ratio of 17.80x for 2023 [27][28].