SNBC(002376) 国元证券·2024-12-09 05:52Investment Rating - The report gives an initial rating of "Accumulate" for the company [5][56]. Core Views - The company is positioned to achieve sustainable high-quality growth by focusing on the societal trends of "unmanned and less manpower" and targeting specific sectors such as finance, logistics, unmanned retail, catering, lottery, healthcare, transportation, and government services [3][12]. - The company has improved its operational efficiency and profitability through a management theme centered on "quality improvement and efficiency enhancement" [3][15]. - The company has a stable growth trajectory, with a strategic focus on "one body and two wings" and eight business segments, promoting both domestic and international business development [3][12]. Summary by Sections 1. R&D and Business Strategy - The company leverages its core technologies and innovative spirit to provide integrated solutions across various sectors, maintaining a strategic focus on "one body and two wings" [12][13]. - The company has established a global marketing service network and has formed strategic partnerships with numerous international and industry-leading enterprises [13][12]. 2. Revenue Stability and Profitability Improvement - In 2023, the company achieved a revenue of 2.19 billion yuan, a year-on-year decrease of 3.82%, while the net profit attributable to shareholders was 0.07 billion yuan, a year-on-year increase of 125.65% [15][31]. - The company’s gross margin improved to 30.76% in 2023, with a net margin of 2.45% [15][31]. 3. Business Segments and Financial Performance - The company's main products include key components, printing and scanning products, smart self-service terminals, smart financial devices, and logistics equipment, with respective revenue contributions [19][31]. - The revenue from key components was 0.261 billion yuan in 2023, showing a year-on-year growth of 7.29% [23][19]. - The smart self-service terminal segment generated revenues of 0.382 billion yuan in 2023, with a gross margin of 18.52% [25][19]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 2.344 billion, 2.473 billion, and 2.597 billion yuan from 2024 to 2026, with net profits of 0.047 billion, 0.053 billion, and 0.059 billion yuan respectively [56][56]. - The report anticipates an EPS of 0.06, 0.07, and 0.08 yuan per share for the same period, with corresponding P/E ratios of 111.48, 98.44, and 87.96 [56][56].