广联达：数字成本基本盘稳固，结构优化效益拐点已现

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company aims for stable growth in 2024 by optimizing resource allocation and focusing on core products, key regions, and important clients while strictly controlling costs [2]. - The digital transformation of the construction industry presents a significant long-term opportunity, and the company is well-positioned to capitalize on this trend [2]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 2.958 billion, a year-on-year decrease of 3.61%, and a net profit attributable to shareholders of 192 million, down 22.70% [1]. - The digital cost business generated revenue of 2.459 billion, showing a year-on-year growth of 4.23%, indicating resilience despite external pressures [1]. - The digital construction business saw a revenue decline of 37.46% to 288 million, while overseas business revenue increased by 11.29% to 106 million [1]. - The company has implemented cost control measures, resulting in a 44.66% year-on-year increase in net profit in Q2 2024, signaling a potential profit turnaround [1]. Future Projections - Revenue projections for 2024-2026 are estimated at 6.994 billion, 7.760 billion, and 8.780 billion respectively, with net profits expected to reach 566 million, 862 million, and 1.095 billion [2][3]. - The report anticipates a gradual recovery in the company's performance, driven by the digital transformation in the construction sector [2].