JIT(SZ:003029)2024-11-19 08:23Investment Rating - The report assigns an "Accumulate" rating for the company [6]. Core Viewpoints - The company is a key player in the domestic password security industry, having participated in over 3,000 major information security projects, including significant national projects [4]. - The recent announcement by the National Password Administration regarding the qualification requirements for commercial password testing institutions is expected to enhance market order and promote industry development [3]. - The company has established a strategic partnership with Huawei, collaborating on various projects across multiple sectors, including smart transportation and smart cities [5]. - Revenue projections for the company are estimated at 480 million, 818 million, and 1.266 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 14 million, 82 million, and 163 million yuan [11]. Summary by Sections Company Overview - The company has a strong foundation in key technologies such as data encryption, digital certificates, and quantum-resistant cryptography, with ongoing development of products in these areas [4]. Market Position - The company holds a 22% stake in a recognized national engineering research center, which is now qualified to conduct commercial password application security assessments [3]. Financial Projections - Expected revenue growth rates are 17.65% for 2024, 70.42% for 2025, and 54.77% for 2026, indicating a robust growth trajectory [12]. - The projected earnings per share (EPS) are 0.07, 0.42, and 0.84 yuan for the years 2024, 2025, and 2026 respectively [11].