三未信安：营收快速增长，关注新商密需求释放

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 36.20 CNY [3][4]. Core Views - The company has achieved rapid revenue growth and profit recovery, benefiting from high demand in downstream markets. The revenue from password machines and services has increased significantly, and the company is well-positioned in the emerging fields of trusted computing and quantum-resistant products, with potential for exceeding expectations in future development [2][3]. Financial Summary - In the first half of 2024, the company achieved revenue of 169 million CNY, a year-on-year increase of 63.48%, and a net profit attributable to shareholders of 14 million CNY, up 35.21% year-on-year [3]. - The revenue from password machines and services reached 70 million CNY and 33 million CNY respectively, with year-on-year growth rates of 69.45% and 442.35% [3]. - The company forecasts revenues of 472 million CNY, 603 million CNY, and 747 million CNY for 2024, 2025, and 2026 respectively, with net profits of 89 million CNY, 116 million CNY, and 146 million CNY for the same years [14]. Business Segments - Password Card Business: Revenue of 56 million CNY in 2023, a year-on-year increase of 21.05%. Expected growth rates for 2024-2026 are 18%, 16%, and 13% respectively [13]. - Password Machine Business: Revenue growth of 69.45% in the first half of 2024, with expected growth rates of 33%, 29%, and 26% for the next three years [13]. - Password System Business: Revenue of 143 million CNY in 2022, with a recovery trend in 2024 expected to grow by 20.94% year-on-year [13]. - Password Chip Business: Revenue growth from 6 million CNY in 2022 to 15 million CNY in 2023, with expected growth rates of 38%, 32%, and 26% for the next three years [14]. Valuation - The company is valued using the PE method, with a target price of 36.20 CNY based on an average PE of 46.41 times for comparable companies [15][16].