DIGIWIN(SZ:300378) Western Securities·2024-08-11 15:43Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company achieved a main revenue of 1.004 billion yuan, a year-on-year increase of 10.98%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 17.48% [1]. - The company is expanding its overseas market in response to the digitalization needs of Chinese enterprises going abroad, with overseas market demand accounting for over 50% of its overseas revenue [1]. - The company has effectively controlled costs, resulting in profit growth that outpaces revenue growth, with a gross margin of 57.44%, down 3.72 percentage points year-on-year [1]. - The company is continuously enriching its AI-driven applications, with industry-specific AI applications growing by 114% year-on-year [1]. - Future revenue projections for the company are 2.531 billion yuan, 2.888 billion yuan, and 3.260 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 186 million yuan, 229 million yuan, and 271 million yuan for the same years [2]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a main revenue of 1.004 billion yuan, a 10.98% increase year-on-year, and a net profit of 42 million yuan, a 17.48% increase year-on-year [1]. - The company’s revenue from mainland China and non-mainland regions was 455 million yuan and 549 million yuan respectively, with growth rates of 7.37% and 14.16% [1]. Cost Management - The company has seen a decrease in sales, management, and R&D expense ratios compared to the previous year, contributing to a more significant growth in net profit compared to revenue [1]. AI Applications - The company is focusing on expanding its AI applications, with significant growth in industry-specific AI applications and the introduction of new general AI applications [1]. Future Projections - Revenue and net profit forecasts for the company indicate a positive growth trajectory, with expected revenues of 2.531 billion yuan in 2024 and net profits of 186 million yuan [2].