3onedata(688618) 上海证券·2024-06-02 06:30Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [7]. Core Insights - The company is a leading player in the industrial communication sector, focusing on high-quality growth and innovation in the industrial internet space. It has a strong product portfolio and a commitment to R&D, with revenue growth exceeding 30% for two consecutive years [7][8]. - The industrial internet is entering an upward cycle, driven by policy support and technological advancements, with significant growth potential in the domestic market [8][62]. - The company is expanding its core competencies by enhancing its product offerings and market reach, particularly in the wireless communication sector and international markets [8][64]. Summary by Sections Company Overview - The company has been a pioneer in the industrial internet communication field for over 20 years, with a diverse product range including industrial Ethernet switches and wireless products, serving various sectors such as smart cities and intelligent manufacturing [7][18][23]. - It has achieved a revenue growth rate of over 30% for two consecutive years, with a focus on transitioning from a product-centric to a solution-oriented business model [30][39]. Industry Trends - The industrial internet market in China is projected to grow significantly, with the market size expected to reach 119.6 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 23.3% [62][63]. - The shift towards AI and industrial internet integration is driving efficiency and product penetration, indicating a robust growth trajectory for the sector [8][62]. Competitive Positioning - The company is enhancing its competitive edge by focusing on technological advancements and expanding its service capabilities, particularly in the industrial gateway and wireless communication products [8][64]. - The domestic market shows a significant opportunity for local manufacturers to replace foreign products, as the industry is characterized by high barriers to entry and a concentrated market share among leading players [67][68]. Financial Projections - Revenue forecasts for the company are set at 5.84 billion yuan for 2024, 7.56 billion yuan for 2025, and 9.64 billion yuan for 2026, with corresponding net profits of 1.42 billion yuan, 1.83 billion yuan, and 2.34 billion yuan [8][10].