松霖科技：海外收入稳增，

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.50 CNY, maintaining the rating [4][8]. Core Views - The company reported a revenue of 1.448 billion CNY for H1 2024, a year-on-year increase of 3.77%, and a net profit of 221 million CNY, up 83.69% year-on-year [1]. - The overseas market revenue showed steady growth, with foreign income reaching 1.063 billion CNY, a 15.51% increase year-on-year, while domestic revenue faced pressure, declining by 18.98% to 385 million CNY [2]. - The company plans to distribute a cash dividend of 0.27 CNY per share, resulting in a payout ratio of 49.79% for H1 2024 [1]. Financial Performance - The gross profit margin for H1 2024 was 35.34%, an increase of 1.02 percentage points year-on-year, while the net profit margin improved to 15.28%, up 5.54 percentage points year-on-year [3]. - The company’s operating expenses decreased significantly due to the divestiture of its home furnishings segment, leading to a notable reduction in sales expenses [3]. - The projected revenue for 2024-2026 is expected to grow to 3.252 billion CNY, 3.863 billion CNY, and 4.462 billion CNY, respectively, with net profits forecasted at 458 million CNY, 549 million CNY, and 635 million CNY [8][9].