ZMD(688636) 东吴证券·2024-08-16 15:30Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [1][2]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 159 million yuan, down 47.81% year-on-year, and net profit at 1.7 million yuan, down 95.76% year-on-year. This decline is attributed to delayed orders and reduced deliveries due to industry conditions [1][2]. - Despite the revenue drop, the company experienced an increase in net cash flow from operating activities, primarily due to an increase in the maturity of receivables [1][2]. - The company is focusing on technological advancements to strengthen its core competitiveness, providing customized embedded modules and solutions across various key sectors, including aerospace and defense [2]. - The profit forecast for 2024-2026 has been revised downwards to 99 million, 124 million, and 150 million yuan respectively, with corresponding P/E ratios of 24, 19, and 16 [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 159 million yuan, a decrease of 47.81% year-on-year, and a net profit of 1.7 million yuan, a decrease of 95.76% year-on-year [1][2]. - The basic earnings per share decreased by 95.86% year-on-year, and diluted earnings per share decreased by 95.77% year-on-year [1][2]. Shareholder Changes - A 5.32% share transfer was completed, with no significant adverse impact on the company. The controlling shareholder and actual controller remain unchanged [2]. Technological Development - The company is committed to continuous technological updates and has established a complete production control process and product quality traceability system, focusing on innovation as its core competitive advantage [2]. Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted to 99 million, 124 million, and 150 million yuan, with P/E ratios of 24, 19, and 16 respectively, leading to a revised "Accumulate" rating [2].