Queclink(300590) 光大证券·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [12][22]. Core Views - The company is expected to achieve a significant improvement in performance, with a projected net profit of 34.84 million yuan in Q1 2024, representing a year-on-year growth of 80%-90% [1]. - The company has experienced a notable increase in revenue and net profit in Q4 2023, with revenue reaching 364 million yuan, a 33.49% increase year-on-year [1]. - The decline in revenue from two-wheeled vehicle-related businesses is anticipated to continue, leading to a downward adjustment in net profit forecasts for 2023-2025 [2]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 1.016 billion yuan, a slight increase of 1.35% year-on-year, while net profit decreased by 11.40% to 147 million yuan [23]. - The projected revenue for 2024 is 1.312 billion yuan, with a growth rate of 29.27%, and for 2025, it is expected to reach 1.697 billion yuan, maintaining a similar growth rate [3]. Profitability Metrics - The company's net profit margin is projected to be 14.5% in 2023, improving to 17.3% in 2024 and 18.2% in 2025 [3]. - The report highlights a significant increase in gross margin due to improved product mix and higher margins in key product lines [10]. Market Outlook - The global IoT market is expected to grow from 2,270.42 billion by 2028, with a compound annual growth rate (CAGR) of 29.4% [21]. - The integration of AI technology with IoT devices is anticipated to enhance data analysis and operational efficiency, further driving market growth [21].