InHand Networks(SH:688080) Minsheng Securities·2024-02-25 16:00Investment Rating - The report maintains a "Recommended" rating for the company [11] Core Views - The company achieved a revenue of 493 million yuan in 2023, representing a year-on-year growth of 27.5%, and a net profit attributable to shareholders of 90 million yuan, up 34.3% year-on-year [11] - The growth in revenue is primarily driven by the rapid expansion of the smart distribution network status monitoring system products, which saw a growth of 58.15% [11] - The company is actively increasing its investment in overseas markets, establishing partnerships and expanding its market presence in countries such as Saudi Arabia, Thailand, and Malaysia [11] - The industrial internet ecosystem is continuously improving, with significant growth potential in various sectors, including industrial IoT and smart power [11] - The company is expected to benefit from the rising demand in the industrial IoT sector, with projected revenues of 493 million, 698 million, and 872 million yuan for 2023, 2024, and 2025 respectively [11] Financial Forecasts and Indicators - Revenue (million yuan): 387 in 2022, projected 493 in 2023, 698 in 2024, and 872 in 2025 [11] - Net profit attributable to shareholders (million yuan): 70 in 2022, projected 95 in 2023, 165 in 2024, and 222 in 2025 [11] - Earnings per share (yuan): 0.96 in 2022, projected 1.28 in 2023, 2.24 in 2024, and 3.02 in 2025 [11] - Price-to-earnings ratio (P/E): 37 in 2022, projected 27 in 2023, 16 in 2024, and 12 in 2025 [11] - Price-to-book ratio (P/B): 3.1 in 2022, projected 2.8 in 2023, 2.4 in 2024, and 2.0 in 2025 [11]