JSST(SZ:002609) Minsheng Securities·2024-04-29 05:30Investment Rating - The report maintains a "Recommended" rating for the company, projecting significant growth potential in the coming years [1]. Core Insights - The company achieved a revenue of 1.645 billion yuan in 2023, representing a year-on-year growth of 19.56%, and a net profit attributable to shareholders of 112 million yuan, which is a remarkable increase of 518.79% [1]. - The innovative business segment has shown rapid growth, with revenues reaching 565 million yuan in 2023, up 64.64% year-on-year, contributing to 34.35% of total revenue [1]. - The company aims to enhance its traditional business while accelerating the growth of innovative segments, targeting a return to growth in core business areas [1]. Financial Performance Summary - 2023 Financials: - Total revenue: 1.645 billion yuan - Net profit attributable to shareholders: 112 million yuan - Revenue growth rate: 19.56% - Net profit growth rate: 518.79% [4][9] - 2024-2026 Projections: - Expected net profits: 204 million yuan in 2024, 261 million yuan in 2025, and 325 million yuan in 2026, with corresponding PE ratios of 27X, 21X, and 17X [1][9]. - Revenue Growth Rates: - Projected revenue growth rates for 2024, 2025, and 2026 are 17.25%, 16.13%, and 16.13% respectively [4][9]. Business Segments Overview - Innovative Business: - The cloud parking management business has expanded significantly, with over 12,000 managed lanes by the end of 2023 [1]. - The smart parking operation business has covered 42,000 parking lots, with online transaction volume reaching 11.7 billion yuan, a 43% increase year-on-year [1]. - Traditional Business: - The traditional smart hardware business saw a modest revenue growth of 2.23% in 2023, indicating stabilization [1]. Strategic Focus - The company is focusing on enhancing the value for existing customers and accelerating the development of innovative business segments to drive overall growth [1].