BizConf(SZ:300578) Yin He Zheng Quan·2025-04-30 09:42Investment Rating - The report upgrades the investment rating of the company to "Recommended" [2][5] Core Views - The company has a comprehensive "cloud + terminal + industry" layout, with significant advantages in domestic intelligent manufacturing. The global cloud video conferencing market is projected to reach approximately $6.44 billion in 2024, with a CAGR of 12.5% from 2022 to 2030 [5][6] - The company is one of the earliest in China to obtain commercial trial qualifications for multi-party communication services and currently holds a leading position in the domestic cloud video communication sector. Its subsidiary, Mingri Industry, is a leader in the global intelligent cloud video terminal and ultra-high-definition camera segment [5][6] - The company is actively expanding its product offerings, including "AI + cloud + hardware" solutions, and is collaborating with major clients to enhance its market competitiveness [5][6] Financial Performance Summary - Revenue Forecast: The company is expected to achieve revenues of 4.53 billion yuan in 2024, with projected growth to 5.04 billion yuan in 2025, 5.97 billion yuan in 2026, and 6.90 billion yuan in 2027, reflecting growth rates of -0.37%, 11.28%, 18.50%, and 15.50% respectively [2][7] - Net Profit Forecast: The net profit attributable to the parent company is forecasted to be 0.29 billion yuan in 2024, increasing to 0.33 billion yuan in 2025, 0.41 billion yuan in 2026, and 0.47 billion yuan in 2027, with growth rates of 105.88%, 11.86%, 24.56%, and 13.74% respectively [2][7] - Earnings Per Share (EPS): The diluted EPS is projected to be 0.15 yuan in 2024, rising to 0.17 yuan in 2025, 0.21 yuan in 2026, and 0.24 yuan in 2027 [2][8] Key Financial Ratios - Gross Margin: Expected to improve from 35.19% in 2024 to 38.00% in 2027 [7] - Price-to-Earnings (P/E) Ratio: Projected to decrease from 117.29 in 2024 to 74.01 in 2027, indicating an improving valuation [7] - Return on Equity (ROE): Expected to increase from 2.50% in 2024 to 3.60% in 2027 [7]