Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company has achieved rapid revenue growth, with a reported revenue of 192 million yuan for the first half of 2024, representing a year-on-year increase of 25.93%. The second quarter alone saw a revenue of 114 million yuan, up 16.46% year-on-year [3]. - The company is expanding into new customer segments and fields, which is showing positive results. The maintenance revenue from completed projects is also increasing steadily [3]. - The company has adjusted its net profit forecasts for 2024-2026 due to external environmental changes and incentive costs, now projecting net profits of 131 million, 179 million, and 239 million yuan respectively [2]. Financial Performance Summary - The company reported a gross margin of 38.55% for the first half of 2024, a decrease of 4.34 percentage points year-on-year, attributed to increased competition and lower bid amounts in new business areas [4]. - Total operating income is projected to grow from 749 million yuan in 2023 to 897 million yuan in 2024, reflecting a year-on-year growth of 19.8% [5]. - The net profit for 2024 is expected to be 131 million yuan, a significant decrease of 60.8% compared to the previous year, but is projected to recover with growth rates of 110.9% and 36.8% in the following years [5]. - The company’s cash flow from operating activities is projected to be negative in 2024, indicating potential liquidity challenges [6]. Industry Position - The company maintains a leading position in the treasury management sector and is making forward-looking investments in areas such as ERP for trusted computing [2]. - The company has seen significant revenue growth in various sectors, with the coal and electricity sector growing by 104.62% and transportation by 91.54% year-on-year [3].
普联软件：公司信息更新报告：收入快速增长，新客户、新领域拓展成效显现