Unionman Technology (SH:688609) Haitong Securities·2024-05-11 01:31Investment Rating - The report maintains an "Outperform the Market" rating for the company [18][11]. Core Views - The company reported a revenue of 2.171 billion yuan in 2023, a year-on-year decrease of 9.65%, with a net profit attributable to shareholders of -199 million yuan [5][6]. - For Q1 2024, the company achieved a revenue of 662 million yuan, a year-on-year increase of 22.51%, and a net profit of 4.52 million yuan [5]. - The report forecasts revenues for 2024, 2025, and 2026 to be 3.420 billion yuan, 4.535 billion yuan, and 5.871 billion yuan respectively, with net profits of 145 million yuan, 267 million yuan, and 426 million yuan [11][6]. Financial Performance Summary - The company's revenue from smart terminals is projected to recover from 1.640 billion yuan in 2023 to 3.267 billion yuan in 2026, with a gross margin improvement from 13.87% to around 20% [1]. - The communication module and industry application solutions segment is expected to grow significantly, with revenues increasing from 379.86 million yuan in 2023 to 2.270 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 57.5% [1]. - Operating services are anticipated to see revenue growth from 88.31 million yuan in 2023 to 250.37 million yuan in 2026, with a gross margin rising from 14.63% to 20% [1]. Business Segment Analysis - The smart terminal business experienced a revenue decline of 22.36% in 2023, primarily due to prolonged bidding and supply cycles, alongside a decrease in sales prices [20]. - The communication module and industry application solutions segment saw a remarkable revenue increase of 88.72% in 2023, with over 10% of total revenue coming from the Harmony ecosystem [20]. - The operating services segment achieved a revenue growth of 129.79% in 2023, indicating strong demand and operational efficiency [20].