QuantumCTek(SH:688027)2024-09-09 09:00Investment Rating - The report maintains a "Recommended" rating for the company, considering the long-term development potential and core competitiveness, alongside the strategic investment from China Telecom [1][4]. Core Insights - The company is actively responding to national strategic initiatives by participating in the 25th China International Optoelectronic Exposition, focusing on quantum communication and safety applications, which are expected to accelerate industry penetration and innovation [1]. - In the first half of 2024, the company reported a revenue of 69.54 million yuan, a year-on-year increase of 22.44%, and a narrowed net loss of 35.34 million yuan, down 15.76% from the previous year, attributed to increased revenue and gross margin [1]. - The company has launched the first cloud platform with quantum computing superiority potential on superconducting quantum lines, enhancing its capabilities in quantum computing and contributing to the development of quantum communication networks [1]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 226.12 million yuan, 298.97 million yuan, and 395.76 million yuan, respectively, with corresponding price-to-sales (PS) ratios of 55.85, 42.25, and 31.91 [3][12]. - The company is expected to achieve a net profit of 12.28 million yuan in 2024, with a profit growth rate of 109.91%, and further increase to 32.85 million yuan and 52.13 million yuan in 2025 and 2026, respectively [3][12].