Queclink(SZ:300590) Minsheng Securities·2024-04-24 14:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 1.016 billion yuan in 2023, a year-on-year increase of 1.35%, while the net profit attributable to shareholders was 147 million yuan, a decrease of 11.40% [2]. - In Q1 2024, the company reported a revenue of 212 million yuan, a year-on-year increase of 20.49%, and a net profit of 35 million yuan, a significant increase of 83.06% [2]. - The overseas demand has shown significant improvement, with Q4 2023 revenue reaching 364 million yuan, up 33.49% year-on-year, and net profit of 49 million yuan, up 83.64% year-on-year [2]. - The company’s gross margin in Q1 2024 was 40.87%, an increase of nearly 0.5 percentage points compared to the same period last year, attributed to self-developed modules replacing outsourced ones and an increase in high-margin orders [2]. - The scale of IoT users continues to expand, with a net increase of 488 million users in 2023, reaching 2.332 billion users by the end of the year [2]. - The global IoT market is expected to grow from 483.28 billion USD in 2022 to 2,270.42 billion USD by 2028, with a compound annual growth rate of 29.4% [2]. - The company is expected to achieve revenues of 1.245 billion, 1.507 billion, and 1.802 billion yuan in 2024, 2025, and 2026 respectively, with corresponding net profits of 177 million, 212 million, and 249 million yuan [2][3]. Financial Summary - In 2023, the company’s total revenue was 1,016 million yuan, with a growth rate of 1.35% [3]. - The projected revenue growth rates for 2024, 2025, and 2026 are 22.6%, 21.0%, and 19.6% respectively [3]. - The net profit attributable to shareholders is projected to grow by 20.8%, 19.8%, and 17.1% in the same years [3]. - The PE ratios for 2024, 2025, and 2026 are expected to be 31, 26, and 22 respectively [3].