Sugon(603019) 中泰证券·2024-08-23 02:07Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company is positioned to benefit from the trends in domestic innovation and intelligent computing, being a leader in the computing industry with a fully autonomous technology stack. The report anticipates steady growth in performance and profitability, with projected net profits for 2024-2026 at 22.57 billion, 27.50 billion, and 31.91 billion yuan respectively [2][4]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 5.712 billion yuan, a year-on-year increase of 5.77%. The net profit attributable to shareholders was 563 million yuan, up 3.38% year-on-year, while the net profit excluding non-recurring items rose by 20% to 366 million yuan [2]. - The gross margin for the first half of 2024 was 26.25%, an increase of 0.21 percentage points year-on-year. The sales expense ratio, management expense ratio, and R&D expense ratio were 6.04%, 2.63%, and 10.94% respectively, reflecting slight increases compared to the same period last year [2]. Business Segments - In the first half of 2024, the IT equipment segment generated revenue of 5.126 billion yuan, a growth of 3.98% year-on-year. The software development, system integration, and technical services related to high-end computers achieved revenue of 584 million yuan, marking a 24.77% increase [2]. - Investment income reached 223 million yuan, a year-on-year increase of 37.25%, primarily due to the rise in net profits from joint ventures [2]. R&D and Innovation - The company emphasizes high-quality R&D investments, significantly increasing the proportion of core patents among newly granted patents. It has developed high-end computing products such as immersion liquid-cooled blade servers and AI workstations, and launched a self-developed centralized storage system, FlashNexus, to meet high-performance storage needs [2]. - The company is involved in the construction of intelligent computing centers across various regions, providing solutions for planning, system design, engineering construction, operation, and energy consumption management, thereby enhancing the commercial operation capabilities of these centers [2]. Valuation Metrics - The report provides a valuation outlook with projected earnings per share (EPS) of 1.25 yuan for 2023, increasing to 2.18 yuan by 2026. The price-to-earnings (P/E) ratio is expected to decrease from 29 in 2023 to 16.7 in 2026, indicating an improving valuation as earnings grow [2][5].