DRTG(600329) 天风证券·2024-08-16 07:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [6][5]. Core Insights - In H1 2024, the company reported revenue of 3.965 billion yuan, a year-on-year decrease of 3.02%, and a net profit attributable to shareholders of 658 million yuan, down 8.97% year-on-year [1][2]. - The industrial segment achieved a revenue of 2.62 billion yuan, reflecting a growth of 4.25% despite a high base, while the commercial segment saw a decline of 14.5% with a revenue of 1.58 billion yuan [2]. - The company continues to expand its core product channels, with significant growth in terminal development for key products, including a doubling of revenue from Qingyan Diban and extensive outreach for other products [3]. Financial Performance - The gross profit margin for H1 2024 was 49.93%, an increase of 3.07 percentage points year-on-year, while the net profit margin was 16.42%, a decrease of 1.06 percentage points [4]. - The company implemented 128 lean cost reduction projects, resulting in a 2.7% improvement in overall equipment efficiency (OEE) and an expected 13.6% reduction in energy consumption [4]. Revenue and Profit Forecast - Revenue forecasts for 2024-2026 have been revised down from 9.294 billion, 10.472 billion, and 11.820 billion yuan to 8.504 billion, 9.368 billion, and 10.354 billion yuan respectively [5]. - Net profit forecasts for the same period have also been adjusted down from 1.163 billion, 1.379 billion, and 1.649 billion yuan to 1.094 billion, 1.267 billion, and 1.461 billion yuan respectively [5].