MEIYA PICO INC.(SZ:300188) Haitong Securities·2024-07-22 06:31Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company is focusing on its core business while expanding into new sectors, particularly in big data and cybersecurity. In 2023, it secured multiple major projects, reinforcing its position in public safety big data and electronic evidence collection [3] - The company has made strategic investments in new areas such as cybersecurity, digital governance, and enterprise digital innovation, launching products and solutions tailored to new scenarios [3] - The company aims to enhance its strategic positioning and operational efficiency through a comprehensive upgrade following its rebranding to "Guotou Intelligent (Xiamen) Information Co., Ltd." [8] Financial Performance - In 2023, the company's revenue was 1.984 billion yuan, a year-on-year decrease of 12.98%, with a net profit of -206 million yuan, a decline of 239.06%. However, in Q1 2024, revenue rebounded to 194 million yuan, a year-on-year increase of 31.78% [7] - The revenue breakdown for 2023 shows that public safety big data contributed 877 million yuan (44.19%), electronic evidence collection 761 million yuan (38.35%), digital governance and enterprise digitalization 212 million yuan (10.71%), and new cybersecurity 134 million yuan (6.75%) [7] Business Strategy - The company is implementing the "8848+" strategy, aiming to strengthen its public safety big data business and support the digital transformation of Guotou Group, with a goal to become a leading big data enterprise with international competitiveness by 2025 [11] - The company is also focusing on structural adjustments, quality improvements, and innovation to create a new development landscape [11] Revenue Forecast - The company expects revenue growth from 2.520 billion yuan in 2024 to 3.560 billion yuan in 2026, with corresponding net profits projected to rise from 277 million yuan to 416 million yuan [13][20] - The expected growth rates for public safety big data products are 30% in 2024, 20% in 2025, and 18% in 2026 [13] Market Position - The company is positioned as a leading player in the AI security sector, benefiting from increased demand driven by AI and domestic production, as well as enhanced strategic positioning within Guotou Group [13]