InHand Networks(688080) 民生证券·2024-04-22 06:32Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected relative benchmark index increase of over 15% within 12 months [16][20] Core Views - The company's revenue in 2023 reached 493 million yuan, a year-on-year increase of 27.5%, with net profit attributable to the parent company reaching 94 million yuan, a year-on-year increase of 33.5% [8] - The company's overseas business achieved revenue of 180 million yuan in 2023, accounting for 36.20% of total revenue, with a year-on-year growth of 26.49% [8] - The company's R&D investment in 2023 was 61.9861 million yuan, accounting for 12.56% of revenue, with a year-on-year increase of 11.72% [8] - The company has established a global sales system, with subsidiaries in the US, Canada, and Germany, and has formed a basic overseas marketing channel [8] Financial Forecasts - Revenue is expected to grow from 493 million yuan in 2023 to 1,122 million yuan in 2026, with a compound annual growth rate of 31.5% [1][8] - Net profit attributable to the parent company is expected to grow from 94 million yuan in 2023 to 273 million yuan in 2026, with a compound annual growth rate of 42.5% [1][8] - EPS is expected to increase from 1.28 yuan in 2023 to 3.71 yuan in 2026 [1][8] - The PE ratio is expected to decrease from 25x in 2023 to 9x in 2026, while the PB ratio is expected to decrease from 2.6x in 2023 to 1.6x in 2026 [1][8] Business Development - The company has developed new products such as vehicle gateways and Xinghan cloud management network solutions, which have entered markets in North America and Europe [8] - The company has accumulated comprehensive independent R&D experience in embedded system software, network protocol stacks, high-reliability hardware products, sensor design and application, and IoT basic cloud platform design and operation [8] - The company has formed an INOS network operating system and multiple hardware platforms and design patterns, which are reused across multiple product lines [8] Industry Outlook - The company is expected to benefit from the increasing demand for industrial IoT under the digital economy wave [8] - The company's independent innovation capabilities are expected to bring comprehensive improvements in the quality of its main business and further optimization of profitability [8]