JIT(SZ:003029) Minsheng Securities·2024-04-28 06:30Investment Rating - The report maintains a "Recommended" rating for the company [12] Core Views - The company reported a revenue of 408 million yuan in 2023, a year-on-year decrease of 16.9%, and a net loss attributable to shareholders of 157 million yuan, compared to a loss of 30 million yuan in the previous year [11] - The company is implementing a dual strategy of "AI + Cryptography," focusing on the integration of commercial cryptography applications and the data element economy to meet security needs in digital transformation [11] - The company has increased its investment in research and development to strengthen its competitive edge, despite facing slower-than-expected project progress, which contributed to the decline in revenue [11] - The company has made progress in quantum communication research, developing algorithms for quantum-resistant signatures and integrating them with digital certificate technology [11] - The company aims to establish a new digital security infrastructure system that combines various digital security capabilities to support clients' digital transformation [11] Financial Forecasts - The company is expected to achieve revenues of 1.0 billion yuan, 1.4 billion yuan, and 1.8 billion yuan in 2024, 2025, and 2026, respectively, with net profits of 123 million yuan, 236 million yuan, and 491 million yuan [11] - The current stock price corresponds to price-to-earnings ratios of 38X, 20X, and 10X for the years 2024, 2025, and 2026, respectively [11]