彩讯股份：业绩短期承压，AI助推产品创新升级

Investment Rating - The report maintains a "Recommend" rating for the company [2][4] Core Views - The company's short-term performance is under pressure, but AI is driving product innovation and upgrades [1] - The company's net profit attributable to the parent company decreased by 52.92% YoY in H1 2024, mainly due to a reduction in fair value changes of its investment fund, while non-GAAP net profit increased by 6.58% YoY [1] - The company is actively embracing the HarmonyOS ecosystem and accelerating the intelligentization of HarmonyOS applications [2] Financial Performance - In H1 2024, the company achieved revenue of RMB 781 million, a YoY increase of 6.53% [1] - Net profit attributable to the parent company was RMB 118 million, a YoY decrease of 52.92%, while non-GAAP net profit was RMB 123 million, a YoY increase of 6.58% [1] - R&D investment in H1 2024 increased by 31.28% YoY [1] Product Lines - The company has three core product lines: collaborative office, smart channel, and cloud & big data [1] - Collaborative office product line revenue was RMB 245 million, a YoY increase of 13.22% [1] - Smart channel product line revenue was RMB 308 million, a YoY increase of 1.46% [1] - Cloud & big data product line revenue was RMB 189 million, a YoY increase of 11.57% [1] Strategic Initiatives - The company is leveraging its AI and metaverse core technologies to build the RichAI super factory, which includes three layers: computing infrastructure management, application development tools platform, and industry application solutions [1] - The company has partnered with Huawei to develop HarmonyOS applications and has completed the development of the HarmonyOS operator and e-commerce baseline version 1.0 [2]