3onedata(SH:688618) Minsheng Securities·2024-08-29 07:00Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved a revenue of 156 million yuan and a net profit of 25.33 million yuan in the first half of 2024, with a quarterly revenue growth of 7.1% in Q2 2024 [1]. - The company is actively expanding its overseas market, with overseas revenue reaching 10.39 million yuan in the first half of 2024, showing initial success in Europe and Southeast Asia [1]. - The company has successfully transformed from a single communication product provider to a comprehensive end-to-end product solution provider, enhancing its brand influence and market positioning [1]. - The smart energy sector has shown significant growth, with revenue of 82.19 million yuan in the first half of 2024, representing a year-on-year increase of 24.1% [1]. - The company continues to increase its R&D investment, with R&D expenses amounting to 33.45 million yuan in the first half of 2024, accounting for approximately 21.39% of revenue [1]. Financial Forecasts - The company is projected to achieve net profits of 152 million yuan, 187 million yuan, and 228 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE multiples of 14, 11, and 9 [2][5]. - Revenue is expected to grow from 556 million yuan in 2024 to 815 million yuan in 2026, with growth rates of 26.5% and 20.5% for the respective years [2][5]. - The company's net profit growth rate is forecasted to be 39.2% in 2024, followed by 22.9% and 21.8% in the subsequent years [2][5].