urovo(300531) Huachuang Securities·2024-04-30 10:32Investment Rating - The report has adjusted the investment rating to "Recommended" due to short-term pressure from goodwill impairment [14]. Core Viewpoints - The company experienced a significant decline in performance due to goodwill impairment, reporting a revenue of 1.268 billion yuan in 2023, a year-on-year decrease of 10.18%, and a net profit attributable to shareholders of -167 million yuan, a decline of 206.7% [14]. - In Q1 2024, the company showed signs of recovery with a revenue of 318 million yuan, a year-on-year increase of 6.57%, although the net profit attributable to shareholders was only 2 million yuan, down 87.72% year-on-year [14]. - The company is positioned as a leader in the AIDC industry, which is expected to grow significantly, with a projected global market size of 724.03 billion yuan by 2028 and an annual compound growth rate of 12.57% from 2022 to 2028 [14]. - The company has been expanding its overseas market presence, achieving a revenue of 346 million yuan from international markets, a year-on-year increase of 1.57% [14]. - The company is actively exploring new applications and technologies in the AIDC sector, including OpenHarmony and digital currency, which may broaden its product coverage and customer base [14]. Financial Summary - For 2023, the total revenue was 1.268 billion yuan, with a projected revenue of 1.555 billion yuan for 2024, reflecting a growth rate of 22.6% [2][14]. - The net profit is expected to recover to 14 million yuan in 2024, with an EPS of 0.04 yuan [2][14]. - The company’s financial metrics indicate a PE ratio of -21 for 2023, which is projected to improve to 243 in 2024 [2][14].