3onedata(688618) 招商证券·2025-05-06 05:35Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at 357 million yuan, down 18.79% year-on-year, and net profit at 33 million yuan, down 69.98% year-on-year [1][3] - In Q1 2025, the company reported a revenue increase of 7.01% year-on-year, reaching 81 million yuan, but net profit decreased by 48.44% year-on-year to 8 million yuan [1] - The TSN solution is expected to empower various smart applications across multiple fields, including smart manufacturing and smart mining [8] Financial Data and Valuation - The company’s total revenue is projected to recover to 457 million yuan in 2025, with a growth rate of 28% [3] - The estimated net profit for 2025 is 52 million yuan, with a corresponding PE ratio of 43.7 [3][8] - The company’s total assets are expected to grow from 1,004 million yuan in 2024 to 1,191 million yuan by 2027 [13] Revenue Breakdown - In 2024, the company’s revenue by sector included smart energy at 191.27 million yuan (up 8.10% year-on-year), smart transportation at 61.30 million yuan, and industrial internet at 36.60 million yuan [8] - The revenue from industrial switching products was 281.17 million yuan, with industrial gateways and wireless products contributing 57.21 million yuan [8] Profitability Metrics - The company’s gross margin is projected to be around 59.8% in 2025, with a net profit margin of 11.3% [15] - The return on equity (ROE) is expected to improve from 3.7% in 2024 to 11.7% by 2027 [15] Shareholder Information - The major shareholder is Shenzhen Qiling Era Holdings Co., Ltd., holding 39.69% of the shares [4]