Queclink(SZ:300590) Tianfeng Securities·2024-07-27 10:02Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 31.85 CNY [1] Core Views - The company has shown continuous revenue growth, achieving a revenue of 478 million CNY in H1 2024, a year-on-year increase of 12.67%, and a net profit of 98.69 million CNY, up 59.23% year-on-year [1] - The company is actively expanding into international markets, with significant revenue growth in North America (31.11% YoY) and Asia (229.74% YoY), while facing declines in South America and domestic two-wheeler business [1] - The company is focusing on new application scenarios, with notable revenue increases in cold chain products and animal traceability products, and is exploring AI integration in various fields [1] Financial Performance - In Q2 2024, the company achieved a revenue of 265 million CNY, a quarter-on-quarter increase of 24.99%, and a net profit of 63.26 million CNY, up 78.51% quarter-on-quarter [1] - The gross profit margin for Q2 2024 was 43.99%, an increase of 3.12 percentage points from the previous quarter [1] - The company’s net profit forecast for 2024-2026 is 261.40 million CNY, 346.19 million CNY, and 452.39 million CNY respectively, with corresponding P/E ratios of 19, 15, and 11 [3][6] Market Position and Industry Outlook - The company is a leading provider of wireless IoT devices and solutions, with the IoT industry in China expected to grow significantly, reaching over 5 trillion CNY by 2025 [1] - The report highlights the potential of the intelligent connected vehicle market, with expected market value increases of 729.5 billion CNY by 2025 and 2.5825 trillion CNY by 2030 [1] - The company is well-positioned to benefit from the ongoing digital transformation and the increasing demand for IoT solutions across various sectors [1]