3onedata(688618) 长城证券·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 1.32, 1.59, and 1.96 billion for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 27, 22, and 18 times [8][23]. Core Insights - The company has shown steady growth in performance, with revenue for 2023 reaching 439 million, a year-on-year increase of 30.9%, and a net profit of 109 million, up 13.77% year-on-year [24][23]. - The company is transitioning from a product-based enterprise to a full-stack product solution provider, enhancing its order acquisition capabilities and market competitiveness [24]. - The company is focusing on the industrial communication market, with significant revenue growth in sectors such as industrial internet, smart cities, and smart transportation, achieving year-on-year growth rates of 79.48%, 69.57%, and 49.25% respectively [25]. - The company is expanding its overseas market presence, with international sales reaching 47 million, a 20.51% increase year-on-year, and establishing a foothold in various countries [26]. Financial Summary - Revenue and net profit forecasts for 2024, 2025, and 2026 are projected to be 577 million, 742 million, and 933 million, and 132 million, 159 million, and 196 million respectively [8][11]. - The company's gross margin for 2023 was 56.94%, with a slight decrease of 1.26 percentage points year-on-year, while the operating expense ratio was 34.25%, down 2.63 percentage points year-on-year [24]. - The return on equity (ROE) is expected to improve from 12.1% in 2022 to 15.7% by 2026 [23].