COMIX GROUP(SZ:002301) Minsheng Securities·2024-07-14 23:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 4.79 yuan [3]. Core Views - The company is expected to achieve steady growth in B2B revenue and a reduction in losses from its cloud video segment, leading to continuous profit improvement [1]. - For the first half of 2024, total revenue is projected to be between 489.8 million to 578.9 million yuan, with a year-on-year increase of 10% to 30% [1]. - The company is focusing on high-value administrative office operation solutions and enhancing service capabilities around customer needs, particularly in the MRO sector [1]. Summary by Sections Financial Forecasts - For 2024, total revenue is estimated at 13,118 million yuan, with a growth rate of 18.2% [2]. - The net profit attributable to shareholders is forecasted to be 284 million yuan, reflecting a significant increase of 268.7% compared to the previous year [2]. - The company expects to achieve a net profit of 2.8 billion yuan in 2024, with corresponding PE ratios of 12X, 11X, and 9X for 2024, 2025, and 2026 respectively [1][2]. Business Development - The company is focusing on renewing contracts with existing large clients and steadily increasing the scale of new orders, particularly in the B2B sector [1]. - The cloud video business is undergoing personnel optimization to reduce costs and improve efficiency, although it is still expected to incur losses in the short term [1]. - The company has secured new contracts with major clients such as State Power Investment Corporation and Sinopec, contributing to revenue growth [1]. Future Outlook - The company aims to enhance its core capabilities through channel diversification, product innovation, and digitalization, while also focusing on customized employee welfare solutions to meet client needs [1]. - The report expresses optimism about the company's B2B performance, particularly in the context of increasing online procurement penetration in government and state-owned enterprises [1].