Queclink(300590) Minsheng Securities·2024-07-28 14:30Investment Rating - The investment rating for the company is "Recommended" [12][17]. Core Views - The company has shown significant improvement in profitability, with a notable increase in global market penetration and revenue growth from overseas markets [17]. - The integration of vehicle-road-cloud systems is expected to accelerate, providing the company with substantial growth opportunities in the smart connected vehicle sector [17]. - The company is well-positioned to benefit from advancements in 6G technology and artificial intelligence applications, which are anticipated to drive future revenue growth [17]. Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 1,016 million yuan, with a growth rate of 1.4% [2]. - The net profit attributable to shareholders is expected to be 147 million yuan, reflecting a decrease of 11.4% [2]. - Earnings per share (EPS) is forecasted to be 0.32 yuan, with a price-to-earnings (PE) ratio of 35 [2]. - The company anticipates a steady increase in revenue, reaching 1,245 million yuan in 2025 and 1,802 million yuan in 2026, with corresponding net profits of 201 million yuan and 282 million yuan respectively [2][17]. Growth Potential - The company is expected to see a significant increase in revenue from its core product, vehicle information intelligent terminals, projected to reach 2.80 billion yuan in 2024, accounting for 58.68% of total revenue [17]. - The global market for smart connected vehicles is projected to grow substantially, with estimates suggesting a market size exceeding 14 trillion yuan by 2030 [17]. - The company’s gross profit margin is expected to improve, with a forecasted gross margin of 43.49% in 2024 [23].