JSST(SZ:002609) Huachuang Securities·2024-04-26 03:32Investment Rating - The report assigns a "Recommended" rating to the company, with a target price of 9.7 yuan, reflecting a downward adjustment from previous estimates [5][16]. Core Insights - The company's innovative business segments, including cloud management for parking lots and smart parking operations, have shown significant growth, achieving revenue of 565 million yuan in 2023, a year-on-year increase of 64%, and accounting for nearly 35% of total revenue [6]. - Traditional hardware business has stabilized after a decline in 2022, indicating a recovery despite challenges in the real estate sector [6]. - The first quarter of 2024 is expected to see continued growth in innovative business, although traditional hardware remains in a seasonal downturn, with projected net losses of 13.42 million to 18.42 million yuan [6]. - The company is focusing on accelerating the development of innovative business and deepening its presence in the existing market, leveraging macroeconomic recovery to enhance growth [6]. Financial Summary - The company is projected to achieve revenues of 1.645 billion yuan in 2023, a growth of 19.6%, and a net profit of 108 million yuan, reflecting a staggering increase of 493.3% [12][27]. - Forecasts for 2024 and 2025 indicate revenues of 1.949 billion yuan and 2.289 billion yuan, with corresponding growth rates of 18.5% and 17.4% [27]. - The expected net profit for 2024 is 145 million yuan, with a growth rate of 34.9%, and for 2025, it is projected at 191 million yuan, with a growth rate of 31.7% [27].