Goldcard(SZ:300349) Huajin Securities·2024-04-20 17:30Investment Rating - The report assigns an "Accumulate - B" rating for the company, indicating a positive outlook for investment [1][3]. Core Views - The company has shown steady growth driven by its digital gas and smart water services, with a 15.91% year-on-year increase in revenue for 2023, reaching 3.175 billion yuan, and a 51.09% increase in net profit, totaling 409 million yuan [1][3]. - In the first quarter of 2024, the company achieved a revenue of 720 million yuan, reflecting a 12.48% year-on-year growth, and a net profit of approximately 98.96 million yuan, up 22.03% year-on-year [1][3]. - The company is expanding its Internet of Things (IoT) solutions into new areas such as hydrogen energy and process measurement, while maintaining a strong presence in digital gas and water services [1][3]. Summary by Sections Financial Performance - In 2023, the company generated a total revenue of 3.175 billion yuan, with a year-on-year growth of 15.91%, and a net profit of 409 million yuan, marking a 51.09% increase [1][3]. - The first quarter of 2024 saw revenues of 720 million yuan, a 12.48% increase year-on-year, and a net profit of 98.96 million yuan, up 22.03% [1][3]. Business Segments - The main products include smart residential gas terminals and systems, smart commercial gas terminals and systems, and smart water terminals and systems. In 2023, the revenue from smart gas reached 2.52 billion yuan, a 13.88% increase, accounting for 79.46% of total revenue [1][3]. - The digital water business generated 279 million yuan in 2023, representing an impressive growth of 53.22% year-on-year [1][3]. Market Position - The company holds the largest market share in the global smart gas meter market, as reported by Omdia for 2022, and continues to lead in the gas industry with a 16.25% increase in smart residential gas terminal revenue [1][3]. - The company has established partnerships with major clients in the water sector, including Beijing Water Group and Shanghai Urban Investment Water, enhancing its market presence [1][3]. Future Projections - Revenue forecasts for 2024-2026 are projected at 3.911 billion yuan, 4.745 billion yuan, and 5.461 billion yuan, respectively, with year-on-year growth rates of 23.2%, 21.3%, and 15.1% [3][4]. - The net profit is expected to reach 520 million yuan, 617 million yuan, and 757 million yuan for the same period, with corresponding growth rates of 27.1%, 18.9%, and 22.6% [3][4].