WISCOM(SZ:002090) East Money Securities·2024-04-26 08:30Investment Rating - The report maintains a "Buy" rating for the company as of March 22, 2024 [2] Core Views - The company has shown significant growth in profits, with a notable increase in revenue and net profit for both 2023 and Q1 2024. The revenue for 2023 was 1.616 billion yuan, up 5.80% year-on-year, while the net profit attributable to shareholders reached 60.50 million yuan, a remarkable increase of 101.52% [1][3] - For Q1 2024, the company reported a revenue of 402 million yuan, reflecting a year-on-year growth of 3.76%, and a net profit of 19.08 million yuan, which is an increase of 108.86% compared to the same period last year [1][3] Financial Performance Summary - The company expects revenue growth for 2024-2026 to be 2.019 billion yuan, 2.347 billion yuan, and 2.668 billion yuan, representing year-on-year growth rates of 24.91%, 16.26%, and 13.65% respectively [3] - The projected net profit for the same period is 124.26 million yuan, 197 million yuan, and 249.33 million yuan, with corresponding year-on-year growth rates of 105.40%, 58.54%, and 26.56% [3] - The earnings per share (EPS) are forecasted to be 0.31 yuan, 0.49 yuan, and 0.62 yuan for 2024, 2025, and 2026 respectively [3] - The current price-to-earnings (P/E) ratios are projected to be 30, 19, and 15 for the years 2024, 2025, and 2026 [3] Segment Performance - The smart energy segment achieved a revenue of 903 million yuan in 2023, growing by 13.02%, and accounted for 55.85% of total revenue, an increase of 3.57 percentage points [13] - The smart city segment generated a revenue of 711 million yuan, down 2.04%, and represented 43.97% of total revenue [13] - The company has been actively participating in various projects related to smart energy and smart city initiatives, which are expected to support future growth [6][11]