ZDDC(SH:600633) ZHONGTAI SECURITIES·2024-08-15 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company reported a total revenue of 1.413 billion yuan for the first half of 2024, a year-on-year decline of 16.36%. The net profit attributable to the parent company was 147 million yuan, down 76.71% year-on-year [4]. - The company plans to distribute a cash dividend of 0.09 yuan per share, which represents approximately 77.36% of the net profit for the first half of 2024 [4]. - The revenue from the company's subsidiary, Bianfeng, decreased by 26.7% to 999 million yuan in the first half of 2024, primarily due to a strategic contraction in social business [5]. - The IDC business, conducted through Fuchun Cloud Technology, achieved a revenue of 196 million yuan, reflecting a growth of 4.8% year-on-year [5]. - The company has been actively developing innovative businesses such as the Zhejiang Big Data Trading Center and the Hangzhou Urban Brain, expanding its market reach [5]. Financial Forecast and Valuation - The revenue forecast for 2024-2026 has been adjusted downwards, with expected revenues of 3.085 billion yuan (originally 3.558 billion yuan), 3.333 billion yuan (originally 3.737 billion yuan), and 3.6 billion yuan (originally 4.032 billion yuan) respectively [6]. - The net profit forecast for the same period is revised to 461 million yuan (originally 740 million yuan), 599 million yuan (originally 843 million yuan), and 729 million yuan (originally 922 million yuan) [6]. - The current market capitalization corresponds to a P/E ratio of 23x for 2024, 17x for 2025, and 14x for 2026, maintaining the "Buy" rating [6].