MONTNETS TECHNOLOGY(002123) 民生证券·2025-01-17 01:49Investment Rating - The report maintains a "Recommend" rating for Dream Network Technology (002123 SZ) [4][6] Core Views - Dream Network Technology plans to acquire 100% of Bicheng Digital, a leading e-commerce service provider in China, to create synergies and enhance overall competitiveness [1] - The acquisition is expected to upgrade Dream Network's traditional messaging platform to a 5G/AI messaging platform, offering a new "Message as a Service" model with significant market potential [4] - The company's revenue is forecasted to grow from 5 5 billion in 2024 to 6 7 billion in 2026, with net profit attributable to parent company shareholders increasing from 79 million to 315 million during the same period [4][5] Business Synergies - Dream Network and Bicheng Digital have high customer overlap and complementary businesses, which is expected to create strong synergies [2] - Bicheng Digital can leverage Dream Network's messaging capabilities to reach more potential customers, while Dream Network can expand its service range through Bicheng Digital's enterprise clients [2] Financial Projections - Revenue growth is projected at 5 1% in 2024, 9 8% in 2025, and 10 4% in 2026 [5] - Net profit growth is forecasted at 104 3% in 2024, 151 8% in 2025, and 58 1% in 2026 [5] - EPS is expected to increase from 0 10 yuan in 2024 to 0 39 yuan in 2026 [5] Technological Advancements - Dream Network has launched its Cloud Communication 3 0 platform, integrating various messaging channels and AI capabilities [3] - The company has introduced Volcano Engine's Doubao large model, enabling enterprise clients to access advanced AI functions like text generation, speech recognition, and video generation [3] Valuation Metrics - PE ratio is projected to decrease from 120 in 2024 to 30 in 2026 [5] - PB ratio is expected to decline from 5 9 in 2023 to 4 4 in 2026 [5] - EV/EBITDA is forecasted to improve from -131 21 in 2023 to 18 55 in 2026 [10]