3onedata(688618) 东兴证券·2025-03-03 17:05Investment Rating - The report assigns a "Recommended" rating to the company [9]. Core Viewpoints - The company has demonstrated strong capabilities in technological innovation and market expansion, establishing itself as a leading brand in the domestic industrial internet communication sector since its inception in 2001 [3][12]. - The domestic industrial communication market is still in its early stages, currently accounting for only 20% of the global market share [4][23]. - The company is strategically positioning itself to benefit from the accelerated investment in the power grid, with significant growth expected in the electricity sector by 2025 [4][31]. Summary by Relevant Sections Company Overview - The company has evolved through three major phases: "Startup - Deepening - Innovation Leadership," successfully launching the first domestic industrial-grade converter and expanding its product line to include embedded industrial Ethernet modules and switches [3][12]. - It has gained recognition as a "National High-tech Enterprise" and has established a strong brand presence in key sectors such as smart energy, smart cities, smart transportation, and industrial internet [3][12]. Market Analysis - The global industrial internet communication equipment industry generated revenues of 3.08 billion in 2019, with industrial Ethernet switches being the primary market segment [4][27]. - In 2020, the domestic industrial communication market was valued at 4.21 billion yuan, indicating a 20% share of the global market [4][27]. Investment Opportunities - The report highlights that the total investment in the power grid by State Grid and Southern Grid is expected to exceed 825 billion yuan by 2025, marking a significant increase from 2024 [4][31]. - The company’s new power system communication solutions are designed to enhance real-time monitoring and intelligent management of power equipment, which is crucial for improving operational efficiency and reducing energy consumption [4][37]. Financial Forecast - The company is projected to achieve revenues of 357 million yuan, 446 million yuan, and 558 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 34 million yuan, 64 million yuan, and 97 million yuan [5][45]. - The price-to-earnings (PE) ratios are expected to be 56X, 30X, and 19X for the same years [5][45].