Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 44.40 CNY for the next six months [1][8]. Core Insights - The company reported a revenue of 270 million CNY for the first half of 2024, representing a year-on-year increase of 33.5%, and achieved a net profit attributable to shareholders of 4.23 million CNY, up 110.6% year-on-year, marking a turnaround to profitability [1][2]. - The AI cloud business has shown rapid growth, contributing 96.19 million CNY in revenue, a staggering increase of 319.4% year-on-year, and accounting for 35.6% of total revenue, up 13.1 percentage points from the end of last year [1][2]. - The gross margin for the AI cloud business improved significantly, rising from 15.8% at the end of 2023 to 27.1% in the first half of 2024, an increase of 11.3 percentage points [1][2]. Financial Performance - The overall gross margin for the company in the first half of 2024 was 34.1%, an increase of 8.4 percentage points from the end of last year and 10.4 percentage points year-on-year [2]. - The company’s expense ratio decreased to 32.1%, down 10.4 percentage points from the end of last year, indicating improved cost control [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 24.3 million CNY, 56.9 million CNY, and 137.0 million CNY, respectively, with year-on-year growth rates of 130.2%, 133.9%, and 141.0% [2][8]. Market Position and Growth Potential - The company is positioned as a leader in the domestic supercomputing cloud sector, benefiting from experience, technology, and first-mover advantages [2][8]. - The report anticipates continued high growth in revenue and profitability as the market penetration of supercomputing cloud services increases and new customer acquisition accelerates [2][8]. - The expected revenue growth rates for the supercomputing cloud business are approximately 55.0%, 50.6%, and 39.9% for 2024-2026 [6].
并行科技：2024年半年报点评：AI云业务保持高速增长，24H1实现扭亏为盈