Sharetronic(SZ:300857) Great Wall Securities·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has shown significant growth in its financial performance, with a 2023 revenue of 4.658 billion yuan, representing a year-on-year increase of 47.9%, and a net profit of 287 million yuan, up 119.5% year-on-year [6][8]. - The company is expanding its business in enterprise-level storage and self-developed storage chips, while also increasing its investment in integrated software and hardware solutions [1]. - The company is focusing on the smart IoT business, with a notable increase in its cloud video platform and overseas smart security business, achieving customer growth of over 60% in some areas [1][9]. - The server remanufacturing business is emerging as a new growth point, with the company establishing new subsidiaries in Shenzhen [1][8]. Financial Performance Summary - Revenue for 2022 was 3.148 billion yuan, projected to grow to 6.198 billion yuan in 2024 and 10.947 billion yuan by 2026, with a compound annual growth rate (CAGR) of 38.7% [5][36]. - The company's net profit is expected to reach 509 million yuan in 2024, 643 million yuan in 2025, and 903 million yuan in 2026, with corresponding P/E ratios of 28, 22, and 16 times [8][36]. - The gross margin for 2023 was 13.57%, an increase of 2.37 percentage points year-on-year, while the net margin was 6.14%, up 1.99 percentage points year-on-year [6][12]. Business Segment Performance - The data storage equipment segment, which includes solid-state drives and NAS storage, generated 2.876 billion yuan in revenue in 2023, a growth of 69.8% year-on-year, accounting for approximately 61.75% of total revenue [7]. - The IoT smart terminal segment achieved revenue of 1.405 billion yuan, reflecting a stable growth of 19.1% year-on-year, contributing about 30.15% to total revenue [7]. Strategic Initiatives - The company is enhancing its R&D capabilities, with new research centers established in Shenzhen and ongoing investments in ARM servers, cloud services, and distributed network storage [35]. - The company has a total of 353 authorized patents, indicating a 24.3% increase from 2022, which supports its innovation and competitive edge in the market [35].