3onedata(SH:688618) Shanxi Securities·2025-09-22 10:28Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company's overall operating situation is stabilizing, with expectations for new fields to catalyze growth [1][4]. - The company is transitioning from a single communication product provider to a solution provider for scenario-based hardware and software products, as well as an industrial internet platform provider [4][6]. Financial Performance - In the first half of 2025, the company achieved revenue of 172 million yuan, a year-on-year increase of 10.05%, while the net profit attributable to shareholders was 16 million yuan, a decrease of 36.72% [1]. - The company’s revenue in the second quarter of 2025 was 91 million yuan, with a year-on-year growth of 12.89% [1]. - The company’s major business segments showed signs of recovery, with significant revenue growth in industrial internet (64.6% year-on-year) and stable performance in smart energy and smart transportation [3][4]. Business Segments - Revenue from smart energy, smart transportation, industrial internet, smart cities, and other sectors in the first half of 2025 were 89.1 million yuan, 31.5 million yuan, 24.1 million yuan, 7.9 million yuan, and 19.5 million yuan, respectively [3]. - The company has fully covered new products in the traditional power sector and is expanding into the digital market of the new energy sector [5]. Research and Development - The company continues to invest heavily in R&D, with R&D expenses increasing by 31.67% year-on-year in the first half of 2025 [4]. - The company is focusing on advanced technologies such as TSN, edge computing, and AI, which are expected to enhance its competitive edge [4][6]. Market Outlook - The smart transportation market in China is projected to exceed 120 billion yuan by 2026, with an annual growth rate of approximately 13% [6]. - The company is expected to benefit from the digital transformation in various industries, particularly in smart energy and smart manufacturing [6][7]. Profit Forecast and Valuation - The company’s net profit is projected to grow from 44 million yuan in 2025 to 141 million yuan in 2027, with corresponding EPS increasing from 0.40 yuan to 1.28 yuan [7][8]. - The report indicates that the company’s valuation is likely to be catalyzed by stable growth policies in manufacturing, new energy, and vehicle-road-cloud integration [7].