3onedata(688618) 长城证券·2024-07-19 05:31Investment Rating - The report maintains a "Buy" rating for the company, projecting revenue growth and profitability improvements from 2024 to 2026 [7]. Core Insights - The company has transitioned from a product-focused entity to an end-to-end solution provider in the industrial internet communication sector, enhancing its market competitiveness and order acquisition capabilities [1][12]. - The global industrial Ethernet switch market is expected to grow from 4.525 billion by 2026, indicating a robust demand for industrial communication solutions [2]. - The company has received several accolades, including "National Specialized and New Small Giant" and "Shenzhen Independent Innovation Benchmark Enterprise," reflecting its commitment to R&D and technological innovation [3]. Summary by Sections 1. Deepening Industrial Communication Field - The company has been operating in the industrial-grade market for over 20 years, focusing on the digitalization, networking, and intelligence needs of industrial infrastructure [1][22]. - It has developed a comprehensive product line, including industrial Ethernet switches, embedded industrial Ethernet modules, and industrial wireless products, to meet diverse application scenarios [12][22]. 2. Accelerating Industrial Internet Platform Construction - The industrial internet is a key driver for the digital transformation of traditional industries, enhancing resource collaboration and production efficiency [2]. - The report highlights that industrial Ethernet will dominate new installations, accounting for 71% of the global industrial communication network by 2024 [36]. 3. Multi-Industry Layout Strategy - The company has established a strong brand presence across four major sectors: smart energy, smart cities, smart transportation, and industrial internet, enhancing customer loyalty and market share [5]. - It is capable of quickly launching cost-effective industrial internet products and digital solutions tailored to various scenarios, solidifying its industry position [5]. 4. Profit Forecast and Investment Rating - Revenue projections for 2024, 2025, and 2026 are estimated at 577 million, 752 million, and 970 million yuan, respectively, with corresponding net profits of 134 million, 166 million, and 205 million yuan [7]. - The report emphasizes the company's potential for future performance growth, maintaining a positive outlook on its business trajectory [7].