KINGNET(SZ:002517) Caixin Securities·2024-11-06 10:22Investment Rating - The report maintains an "Accumulate" rating for the company [1][2][5] Core Views - The company has shown continuous revenue growth, with a rich pipeline of new products expected to contribute to future performance [1][3] - The projected revenue for 2024 is estimated at 54.15 billion, with a net profit of 1.76 billion, indicating a strong growth trajectory [1][3] - The company is expected to maintain a healthy gross margin, with projections for 2024 indicating a gross margin of 82.60% [3] Financial Summary - Revenue growth from 2022A to 2026E is projected as follows: 3,725.53 million in 2022A, 4,295.39 million in 2023A, 5,414.55 million in 2024E, 6,483.05 million in 2025E, and 6,938.91 million in 2026E [1][3] - The net profit attributable to the parent company is expected to grow from 1,025.17 million in 2022A to 2,327.91 million in 2026E [3] - The company's operating expenses are projected to increase significantly, with a forecast of 1,624.37 million in 2024E [3] Market Performance - The current stock price is 13.54 yuan, with a 52-week price range of 8.40-13.71 yuan [1] - The company has a total market capitalization of approximately 29.15 billion [1] - The price-to-earnings (P/E) ratio is projected to decrease from 28.43 in 2022A to 12.52 in 2026E, indicating potential for value appreciation [3]