Westone(002268) 东吴证券·2024-09-28 23:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is a leading player in the password industry and a key player in network security, providing a comprehensive range of products and services in the field of cybersecurity [2][13] - The company has a strong foundation in cryptography, with a complete product capability in chip design, module development, and system management, making it a preferred partner in critical sectors such as military and finance [2][23] - The company is expanding into new areas such as quantum encryption, vehicle networking security, satellite internet, artificial intelligence, and cloud security, which opens up new growth opportunities [2][52] - The company’s revenue and profit are expected to grow steadily, with projected net profits of 363 million, 447 million, and 553 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 4%, 23%, and 24% [2][56] Summary by Sections 1. Business Overview - The company has established itself as a comprehensive provider of password products, network security products, and safety operation services since its founding in 1998, serving over 10,000 clients [2][13] - The company has developed a complete product system covering various aspects of cybersecurity, including network security, host security, data security, and application security [13][16] 2. Strategic Layout and Innovation - The company emphasizes long-term technological accumulation and innovation, with a focus on research and development in cryptography and cybersecurity [23][29] - The company has successfully developed low-power cryptographic security chips and is making progress in reconfigurable cryptographic chips, enhancing its product offerings [23][29] 3. Financial Forecast and Valuation - The company’s total revenue is projected to be 3,233 million yuan in 2024, with a year-on-year growth of 5.21% [56] - The projected P/E ratios for the company are 36, 29, and 23 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation compared to peers [56]