Wanma Tech(SZ:300698) East Money Securities·2024-04-07 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [22][27]. Core Views - The company has shown significant improvement in profitability, with a rapid increase in net profit for 2023, achieving a revenue of 520.68 million yuan, a year-on-year increase of 2.35%, and a net profit of 64.45 million yuan, up 109.63% year-on-year [24][22]. - The growth in net profit is primarily attributed to the high-margin connected vehicle business, which saw a substantial increase in revenue [24][22]. - The company is focusing on expanding its connected vehicle services and has plans to develop autonomous driving-related businesses in collaboration with partners [22][24]. Financial Summary - Revenue projections for 2024-2026 are 635.77 million yuan, 794.19 million yuan, and 1,005.87 million yuan, respectively, with corresponding net profits of 97.14 million yuan, 138.96 million yuan, and 194.75 million yuan [6][22]. - The company’s EBITDA for 2023 is reported at 89.12 million yuan, with projections of 130.17 million yuan, 182.22 million yuan, and 250.89 million yuan for the following years [6][22]. - The company’s P/E ratios are projected to decrease from 76.04 in 2023 to 22.75 by 2026, indicating improving valuation metrics [6][22]. Business Segments - The connected vehicle segment, led by the subsidiary Youka Technology, reported a revenue of 178 million yuan in 2023, a year-on-year increase of 48% [24][22]. - The traditional communication products segment experienced a decline of approximately 13%, while the medical information segment saw a decrease of about 14% [24][22]. - The company is also expanding its international business and has made significant progress in the renewable energy storage sector [24][22].