Guomai Technologies(002093) 民生证券·2024-11-24 05:14Investment Rating - The report initiates coverage with a "Buy" rating for Guomai Technology (002093.SZ) [6][114]. Core Views - Guomai Technology is positioned as a leading ICT construction service provider in China, focusing on the integration of industry and education, which opens up growth opportunities. The company has seen significant revenue growth driven by its education business and strategic partnerships, particularly with Huawei [3][5][6]. - The company achieved revenue of 365 million yuan in the first three quarters of 2024, representing a year-on-year increase of 14.91%, and a net profit of 148 million yuan, up 66.99% year-on-year [3][29]. - The report highlights the company's strategic focus on the development of the Internet of Bodies (IoB) technology, which is expected to contribute to future revenue growth, particularly in the aging economy sector [6][91]. Summary by Sections Company Overview - Guomai Technology started as a telecom operation outsourcing service provider and has transitioned to focus on IoT technology services. The company aims to build an ecosystem for industry-education integration [17][18]. - The company has been recognized for its contributions to the telecom service outsourcing industry and has received multiple awards for its service quality [17][55]. Financial Analysis - The education business has become a core driver of revenue, with education service revenue growing by 33.01% year-on-year, accounting for 70.92% of total revenue in the first half of 2024 [29][34]. - The company has achieved significant cost reduction and efficiency improvements, with a gross margin of 53.39% and a net profit margin of 41.22% in the first three quarters of 2024 [35][36]. ICT Construction Services - The report notes that the Ministry of Industry and Information Technology has emphasized the need to strengthen communication infrastructure, which is expected to support demand for Guomai's ICT construction services [4][46]. - Guomai Technology has a strong local service advantage, allowing for rapid response times and competitive pricing compared to international firms [59][61]. Industry-Education Integration - The company has established a partnership with Huawei to build an ICT academy, which enhances its educational offerings and aligns with national policies promoting industry-education integration [5][67]. - The Fuzhou Institute of Technology, wholly owned by Guomai, has become a key platform for talent cultivation and innovation in IoT and health technology [71][72]. Development in Health Technology - Guomai Technology is actively expanding into the health sector, particularly through its IoB technology, which aims to provide comprehensive health management services [6][91]. - The company has initiated a strategic partnership with the Mawei District government to invest in health technology projects, with a focus on elderly care services [93][100]. Profit Forecast and Investment Recommendations - The report forecasts net profits of 210 million yuan, 230 million yuan, and 300 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 37x, 34x, and 26x [6][108][114]. - The company is expected to maintain strong growth in its education and health technology sectors, supported by its strategic initiatives and market demand [103][104].