Sugon(SH:603019)2024-08-23 02:07Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company reported a 5.77% year-on-year increase in revenue for H1 2024, reaching 5.712 billion yuan, and a 3.38% increase in net profit attributable to shareholders, totaling 563 million yuan [5] - Operating cash flow declined to -934 million yuan due to increased raw material purchases compared to the previous year [5] - The company's diversified investments in various sectors, including chips and cloud computing, are expected to drive future growth [5] - The development of the Haiguang DCU chip is progressing well, catering to the high demand for AI-generated content [5] - The establishment of a national integrated computing service platform is enhancing the company's influence in the market [5] - Long-term benefits are anticipated from the company's position in core infrastructure and AI computing [5] Financial Summary - For H1 2024, the company achieved a revenue of 5.712 billion yuan, with a year-on-year growth of 5.77% [5] - The net profit attributable to shareholders for H1 2024 was 563 million yuan, reflecting a 3.38% increase [5] - The company forecasts net profits of 2.26 billion yuan, 2.66 billion yuan, and 3.12 billion yuan for 2024, 2025, and 2026 respectively [5] - The projected revenue for 2024 is 16.818 billion yuan, with a year-on-year growth rate of 17.2% [7] - The gross margin is expected to improve slightly from 26.2% in H1 2024 to 27.6% by 2026 [7]