Queclink(300590) 华金证券·2024-04-11 16:00Investment Rating - The report assigns an "Add-B" rating to the company, indicating a positive outlook for investment over the next six months [17][18]. Core Insights - The company achieved a revenue of 1.01576 billion yuan in 2023, reflecting a year-on-year growth of 1.35%, with a gross margin of 40.40%, an increase of 5.69 percentage points compared to the previous year [17][18]. - The growth is primarily driven by the expansion of the vehicle-mounted product segment, which has a higher gross margin, alongside improvements in other product lines such as asset management and industrial routers [17][18]. - The company is positioned for long-term growth, with projected revenues of 1.402 billion yuan and 1.906 billion yuan for 2024 and 2025, respectively, representing year-on-year growth rates of 38.0% and 36.0% [18]. Financial Performance Summary - Revenue and Profit Forecast: - 2023E: Revenue of 1.016 billion yuan, net profit of 146 million yuan [4]. - 2024E: Revenue of 1.402 billion yuan, net profit of 232 million yuan [4]. - 2025E: Revenue of 1.906 billion yuan, net profit of 308 million yuan [4]. - Gross Margin: - 2023E: 40.40% [4]. - 2024E: 41.30% [4]. - 2025E: 41.00% [4]. - Earnings Per Share (EPS): - 2023E: 0.32 yuan [4]. - 2024E: 0.51 yuan [4]. - 2025E: 0.67 yuan [4]. - Return on Equity (ROE): - 2023E: 8.2% [4]. - 2024E: 11.9% [4]. - 2025E: 14.0% [4]. Business Segment Analysis - Vehicle-mounted Business: - Expected revenue growth from 568 million yuan in 2023 to 1.113 billion yuan in 2025, with gross margins of 43.00%, 45.00%, and 44.50% respectively [6][18]. - Two-Wheeled Vehicle Business: - Revenue forecasted to grow from 145 million yuan in 2023 to 218 million yuan in 2025, with gross margins of 30.00%, 28.80%, and 29.50% respectively [6][18]. - Asset Tracking Business: - Anticipated revenue growth from 303 million yuan in 2023 to 575 million yuan in 2025, with gross margins of 40.52%, 39.58%, and 38.59% respectively [6][18].