Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2024 interim report shows revenue of 173 million yuan, a year-on-year increase of 20.8%, and a net profit attributable to shareholders of 14 million yuan, up 33.7% year-on-year. The gross margin decreased by 2.4 percentage points to 21.1% [2] - The high-speed rail business revenue increased significantly as expected, while the GPU system project is awaiting release. The 5G new infrastructure business grew by 38.1% year-on-year, and the high-speed rail information technology business surged by 73.1%, contributing significantly to the performance in the first half of the year [2][3] - The traditional main business fundamentals are solid, and new growth curves are being explored. The Ministry of Industry and Information Technology reported steady growth in telecommunications business volume and double-digit growth in emerging business revenues in the first half of 2024 [2] Financial Forecasts and Valuation - The company’s revenue is projected to reach 558.8 million yuan in 2024, 737.08 million yuan in 2025, and 855.15 million yuan in 2026, with net profits attributable to shareholders of 47.26 million yuan, 62.95 million yuan, and 73.73 million yuan respectively. The EPS is expected to be 0.44 yuan, 0.59 yuan, and 0.69 yuan for the same years [1][3] - The report indicates that the P/E ratios for 2024, 2025, and 2026 are expected to be 17.75, 13.33, and 11.38 respectively, suggesting that the current valuation still has room for improvement given the strong earnings certainty [3]
广脉科技：2024年中报点评：业绩增长符合预期，算力与高铁信息化两大赛道值得期待