UNILUMIN(SZ:300232) Huajin Securities·2024-02-01 16:00Investment Rating - The investment rating for the company is maintained as "Buy-A" with an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [5][18]. Core Views - The company is expected to achieve a significant increase in net profit, with projections indicating a year-on-year growth of over 100% [19]. - The improvement in gross profit margin is attributed to the integration of hardware, systems, software, and content into a comprehensive solution, enhancing the value of the company's offerings [19]. - The company has successfully established a presence in international markets, contributing to sustained growth in overseas business [19]. Financial Performance Summary - Revenue projections for 2023 to 2025 are adjusted to 73.94 billion, 85.12 billion, and 94.30 billion CNY, with growth rates of 4.5%, 15.1%, and 10.8% respectively [13]. - The adjusted net profit for 2023 is forecasted to be between 1.31 billion and 1.70 billion CNY, reflecting a year-on-year increase of 105.46% to 167.09% [19]. - The company’s gross profit margin is expected to improve to 28.6% in 2023, with further increases projected in subsequent years [14]. Technology and Product Development - The company is leveraging five key technologies to capitalize on AI development opportunities, enhancing customer value through innovative applications in various sectors [9]. - Notable products include the UniAvatar digital virtual human solution and the LuminGPT multimodal large model, which are designed to meet diverse interactive needs across industries [9]. - The company is also developing a range of products that integrate LED technology with AI, such as the AvatarAIO holographic display and the UniMetaBox for digital asset management [20][22].