Unionman Technology (SH:688609) Haitong Securities·2024-04-07 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [2][24]. Core Views - The company has secured a significant order for mobile gateway products, with a total expected value of 1.149 billion yuan, which is projected to positively impact its performance [23]. - The collaboration with the China Academy of Information and Communications Technology (CAICT) aims to enhance the company's digital security service platform, expanding its business scope and competitiveness in the digital innovation sector [4]. Financial Summary - Revenue is projected to decline from 2,403 million yuan in 2022 to 2,170 million yuan in 2023, before rebounding to 3,389 million yuan in 2024 and 4,536 million yuan in 2025, reflecting a year-on-year growth of 56.2% and 33.8% respectively [5][27]. - Net profit is expected to recover from a loss of 202 million yuan in 2023 to a profit of 145 million yuan in 2024 and 264 million yuan in 2025, indicating a significant turnaround [5][24]. - The company’s gross margin is forecasted to improve from 12.2% in 2023 to 18.8% in 2024 and 20.5% in 2025 [5][30]. Business Segment Analysis - Smart Terminal Business: Revenue is expected to decline by 28% in 2023 but is projected to grow by 49.5% in 2024 and 26% in 2025, with gross margins recovering to 20.2% and 21.8% respectively [6][28]. - Communication Modules and Industry Solutions: This segment is anticipated to see substantial growth, with revenue increasing by 168.69% in 2023, 82% in 2024, and 54% in 2025, although gross margins are expected to remain low initially [26][28]. - Operational Services: Expected to grow by 50% in 2023, 40% in 2024, and 30% in 2025, with stable gross margins around 20% [14][28]. Market Performance - The company's stock has experienced a significant decline of 37.38% from April 2023 to January 2024, compared to a 16.62% increase in the benchmark index during the same period [3].