JIT(SZ:003029) Minsheng Securities·2024-04-28 15:00Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Viewpoints - The company reported a revenue of 126 million yuan in Q1 2024, showing a year-on-year growth of 3.68%, but the net profit attributable to shareholders was a loss of 16 million yuan, a decline of 645.51% year-on-year [12]. - The company has a strong market advantage with a focus on digital government, digital economy, and national defense security, enhancing its influence in the industry [12]. - The quantum communication industry in China is experiencing rapid growth, with the market size reaching 14.085 billion yuan in 2023 and expected to exceed 15 billion yuan in 2024 [12]. - The company has achieved a layout in quantum key distribution algorithms, positioning itself as a leader in communication and password security [12]. - The company is expected to generate revenues of 1 billion yuan, 1.4 billion yuan, and 1.8 billion yuan from 2024 to 2026, with net profits of 120 million yuan, 240 million yuan, and 490 million yuan respectively, corresponding to price-to-earnings ratios of 38X, 20X, and 10X [12]. Financial Forecasts - The company's total revenue is projected to grow from 408 million yuan in 2023 to 1 billion yuan in 2024, with a growth rate of 145.12% [6][8]. - The net profit attributable to shareholders is expected to recover from a loss of 157 million yuan in 2023 to a profit of 123 million yuan in 2024, reflecting a growth rate of 178.54% [6][8]. - The earnings per share are forecasted to improve from -0.80 yuan in 2023 to 0.63 yuan in 2024, and further to 1.21 yuan and 2.51 yuan in 2025 and 2026 respectively [6][8].