Unionman Technology (SH:688609) Minsheng Securities·2024-03-19 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3][8]. Core Insights - The establishment of a new company, Xintong Shuan (Beijing) Technology Co., Ltd., aims to enhance the company's capabilities in the fields of robotics, optical communication, and smart vehicle equipment, with a registered capital of 10 million yuan [3][7]. - The company is expected to achieve revenues of 3.33 billion yuan and 4.34 billion yuan in 2024 and 2025, respectively, with corresponding net profits of 123 million yuan and 207 million yuan, leading to PE ratios of 56x and 33x [3][15]. - Recent contracts won by the company, particularly in gateway projects, are anticipated to significantly boost performance, with a strong focus on integrated hardware and software solutions and a leading position in the Hongmeng ecosystem [3][6]. Financial Forecasts - Revenue projections for the company are as follows: 2.40 billion yuan in 2022, 2.17 billion yuan in 2023, 3.33 billion yuan in 2024, and 4.35 billion yuan in 2025, indicating growth rates of -14.1%, -9.6%, 53.4%, and 30.3% respectively [5][15]. - The net profit attributable to shareholders is forecasted to be 60 million yuan in 2022, -198 million yuan in 2023, 123 million yuan in 2024, and 207 million yuan in 2025, reflecting growth rates of -38.7%, -427.7%, 162.4%, and 67.7% respectively [15][18]. - The company's gross margin is projected to improve from 20.57% in 2022 to 19.78% in 2025, while the EBIT growth rate is expected to rebound from -40.86% in 2022 to 49.51% in 2025 [5][18].