Investment Rating - The report gives a "Buy" rating for the company, with a target price of 19.20 CNY based on a 15x PE for 2024 [54]. Core Viewpoints - The company is expected to benefit from a significant increase in domestic electric meter tenders in 2024, with a projected 83.8% year-on-year growth in tender volume [25]. - The company has a strong first-mover advantage in wireless communication technologies, which will benefit from the increasing demand for smart grid solutions and distributed energy integration [25]. - The company's profitability is expected to continue improving, with a projected revenue growth of 34.1% in 2024, driven by robust electric meter orders and digital transformation in the power grid [25]. Summary by Sections 1. Company Overview - The company specializes in providing comprehensive wireless sensor network solutions and has a strong presence in the smart grid sector, with a CAGR of 9.5% in revenue from 2019 to 2023 [44][56]. - The company has developed proprietary technologies for wireless communication, which are widely used in smart energy metering and IoT applications [36][95]. 2. Revenue and Profitability Forecast - The company’s revenue is projected to reach 1.44 billion CNY in 2024, with a net profit growth of 34.1% [25]. - The gross margin for the company is expected to stabilize around 36.8% in 2023, with a significant increase in the electric meter business contributing to profitability [74][85]. 3. Market Trends and Opportunities - The report highlights the increasing penetration of smart grid technologies and the growing demand for electric meters, which are expected to drive the company's growth in the coming years [25][50]. - The company is also expanding its international presence, particularly in emerging markets, which presents additional growth opportunities [97]. 4. Competitive Position - The company ranks among the top ten in the domestic electric meter market, with a market share of approximately 2.8% in 2023 [88]. - The company has established long-term partnerships with major state-owned enterprises, enhancing its competitive position in the market [25][89].
智能电网通信头部企业，电表业务迎放量