Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company is positioned as a leading high-end intelligent manufacturing and technology service integration solution provider globally, with a strong focus on AI server demand and cloud computing [1][32]. - The company is expected to benefit from the growing demand for computing power driven by the digital economy and network upgrades, leading to an overall improvement in business quality and profitability [1]. Financial Forecast and Key Metrics - Projected revenues for 2024, 2025, and 2026 are estimated at 4.24 billion, 4.92 billion, and 5.73 billion CNY respectively, with corresponding net profits of 136 million, 182 million, and 234 million CNY [2]. - The P/E ratios for the years 2024, 2025, and 2026 are projected to be 53x, 40x, and 31x respectively [2]. Company Overview - The company was established in September 2011 and has since developed a robust product portfolio across three main business segments: industry terminals, ICT infrastructure, and industrial IoT [16][18]. - The company has a concentrated shareholding structure, with the majority of voting rights held by the founder and management, ensuring experienced leadership [22]. Market Position and Growth Potential - The company has achieved a top-three market share in the OPS product segment, which is critical for its growth strategy [1][16]. - The AI server market is expected to see significant growth, with a projected compound annual growth rate of 50% through 2028, indicating strong future demand for the company's products [1][32]. Product Development and Innovation - The company has launched a series of AI supercomputing servers, enhancing its product offerings to meet diverse AI application needs [1][10]. - The company is actively developing new products based on the latest technology, including GPU server motherboards for AI applications [1][10]. Revenue and Profitability Trends - The company reported a revenue of 3.665 billion CNY in 2023, reflecting a year-on-year growth of 20.9% [24]. - The net profit for the first half of 2024 is projected to be 56.48 million CNY, showing a recovery trend with a 36% increase compared to the previous year [24][26].
智微智能：首次覆盖报告：AI时代下，JDM赛道的“瞪羚”企业