Queclink(SZ:300590) Tianfeng Securities·2024-04-22 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 12.14 CNY [1]. Core Views - The company is a global leader in IoT solutions, showing significant growth in performance over the past two quarters, indicating a promising future [1]. - In 2023, the company achieved a revenue of 1.016 billion CNY, a year-on-year increase of 1.35%, while the net profit attributable to shareholders was 147 million CNY, a decrease of 11.40% [1]. - The company reported a strong revenue growth of 33.49% in Q4 2023, with a net profit of 48.54 million CNY, marking an 85.02% increase year-on-year [1]. - The first quarter of 2024 saw a revenue of 212 million CNY, a year-on-year growth of 20.49%, with a net profit of 35.44 million CNY, up 83.06% year-on-year [1]. Financial Data Summary - The company’s revenue is projected to grow significantly, with estimates of 1.365 billion CNY in 2024, 1.768 billion CNY in 2025, and 2.246 billion CNY in 2026, reflecting growth rates of 34.37%, 29.57%, and 27.02% respectively [3][5]. - The net profit attributable to shareholders is expected to reach 261 million CNY in 2024, 346 million CNY in 2025, and 452 million CNY in 2026, with growth rates of 77.53%, 32.71%, and 30.67% respectively [3][5]. - The company’s EBITDA is projected to be 274 million CNY in 2024, 370 million CNY in 2025, and 482 million CNY in 2026 [3][5]. Profitability and Margins - The gross margin for 2023 was 40.40%, an increase of 5.69 percentage points year-on-year, and is expected to remain stable around 40.48% in 2024 [1][6]. - The net profit margin for 2023 was 14.45%, with projections of 19.09% in 2024 and 19.55% in 2025 [6]. Market Position and Strategy - The company has a strong international market presence, with nearly 90% of its business coming from overseas in 2023, and is focusing on diversifying application scenarios [1]. - The company has established long-term stable partnerships with overseas clients and is enhancing its ODM capabilities to meet diverse customer needs [1]. - The company is actively exploring opportunities in artificial intelligence, IoT, and big data to provide comprehensive solutions for global clients [1].