龙软科技：跟踪报告之一：业务稳态发展，订单持续增加

Investment Rating - The report maintains a rating of "Accumulate" for LongRuan Technology (688078.SH) [4] Core Views - The company achieved total revenue of 140.37 million yuan in the first half of 2024, representing a year-on-year growth of 0.86%. However, the net profit attributable to shareholders decreased by 6.90% to 35.52 million yuan [1] - The management platform business remains dominant, while the intelligent geological assurance business has seen rapid growth. In Q1 2024, revenue was 46.36 million yuan, down 13.08% year-on-year, while Q2 revenue was 94.01 million yuan, up 9.52% year-on-year [1] - The company secured new orders exceeding 240 million yuan in the first half of 2024, laying a solid foundation for future business development [1] Revenue and Profit Forecast - The revenue forecast for 2024-2025 has been revised down to 459 million yuan and 550 million yuan, respectively, reflecting a decrease of 27% and 33% from previous estimates. The 2026 revenue forecast is set at 655 million yuan [2] - The net profit forecast for 2024-2025 has also been adjusted down to 100 million yuan and 134 million yuan, respectively, a reduction of 33% and 32% from previous estimates. The 2026 net profit forecast is 166 million yuan [2] Financial Metrics - The current market capitalization is 1.555 billion yuan, with a total share capital of 73 million shares. The stock price has fluctuated between 19.34 yuan and 47.19 yuan over the past year [4] - The company’s projected P/E ratios for 2024-2026 are 15X, 12X, and 9X, indicating a favorable valuation in the intelligent mining sector [2]