3onedata(688618) 民生证券·2024-03-26 16:00Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company has experienced rapid revenue growth, driven by the expanding industrial internet sector and increasing demand in downstream terminal application markets. Revenue from smart energy, industrial internet, smart transportation, and smart city segments reached 1.77, 0.97, 0.77, and 0.51 billion yuan, respectively, with year-on-year growth rates of 20.99%, 82.90%, 51.20%, and 75.40% [2]. - The company is transitioning from a product-based model to an end-to-end full-stack product solution provider, with new solution revenue reaching 0.65 billion yuan, accounting for 14.73% of total revenue. The gross margin for solutions is lower than that of traditional products, leading to a slight decrease in overall gross margin to 56.94% [18]. Financial Performance - In 2023, the company achieved total revenue of 4.39 billion yuan, a year-on-year increase of 30.90%, and a net profit of 1.09 billion yuan, up 13.77% year-on-year. The net profit margin was 24.88% [7][12]. - The company forecasts net profits of 1.52, 1.87, and 2.28 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE multiples of 20, 17, and 14 [3][9]. - The company’s operating expenses are aligned with revenue growth, with sales, management, R&D, and financial expense ratios at 12.82%, 7.15%, 13.99%, and 0.30%, respectively [18]. Market Position - The company is recognized as a rare provider of end-to-end industrial communication solutions and is actively expanding into emerging and overseas markets [3].