Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [8][9]. Core Views - The company, Guankang Technology, is transitioning towards smart equipment and AI business, leveraging its experience in the defense industry to expand into civilian markets, achieving breakthroughs in various sectors such as smart education and emergency response [4][6]. - The company's intelligent equipment business is based on a "software-defined hardware" approach, which aligns with the trends of low-cost and sustainable development, providing significant growth potential [5]. - The company is actively developing AI capabilities, focusing on edge AI to enhance military applications, which is expected to drive future growth [6][9]. - The company has a strong track record in equipment lifecycle management and is successfully expanding into the civilian market, evidenced by recent contracts and projects [9]. Financial Summary - The company is projected to achieve a net profit of 6.48 million to 7.54 million yuan in 2024, marking a turnaround from previous losses, driven by advancements in AI and smart equipment [9][11]. - Revenue is expected to grow significantly from 102 million yuan in 2023 to 458 million yuan by 2026, reflecting a compound annual growth rate of approximately 36.7% [11][14]. - The projected net profit for 2024-2026 is estimated at 0.07 billion, 0.95 billion, and 1.44 billion yuan, respectively, with corresponding P/E ratios of 511, 38, and 25 [9][11].
观想科技（301213）：转型升级智能装备和AI业务，军民双向拓展成长空间广阔