SCSF(SH:600779) Soochow Securities·2024-07-27 13:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue and net profit showing year-on-year increases of 12.6% and 19.6%, respectively [2] - The company achieved a total revenue of 5.15 billion yuan for the fiscal year 2024, representing a year-on-year growth of 25% [2] - The new general manager has been appointed, expected to enhance sales operations and management efficiency [2] Financial Forecasts and Valuation - Revenue forecasts for 2024 to 2026 are adjusted to 11.3 billion, 11.6 billion, and 13.2 billion yuan, respectively, with corresponding year-on-year growth rates of -11%, +3%, and +14% [3] - The current market capitalization corresponds to a P/E ratio of 15, 15, and 13 times for 2024 to 2026 [3] Market Data - The closing price of the stock is 35.84 yuan, with a market capitalization of approximately 17.5 billion yuan [4] - The price-to-book ratio is 4.25 [4] Basic Data - The company's total assets are approximately 8.43 billion yuan, with a debt-to-asset ratio of 50.97% [5] - The company has a total share capital of 488.36 million shares [5] Cash Flow and Key Financial Indicators - Operating cash flow for 2024 is projected at 904 million yuan, with a net increase in cash of -182 million yuan [8] - The return on equity (ROE) is expected to decline to 21.79% in 2024 [8]