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 H1 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, with revenue contribution increasing to 35.6% and a gross margin improvement of 11.3 percentage points compared to the end of 2023 [1][2]. - The company is positioned as a leader in the domestic supercomputing cloud sector, benefiting from industry trends and a growing customer base [2][8]. Financial Performance - For H1 2024, the company achieved a gross margin of 34.1%, an increase of 10.4 percentage points year-on-year, driven by scale effects and improved operational efficiency [2][6]. - The company expects net profits for 2024-2026 to be 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]. - The projected revenue for 2024-2026 is 495.67 million CNY, 646.57 million CNY, and 897.00 million CNY, with corresponding growth rates of 30.4%, 38.7%, and 34.8% [2][8]. Market Position and Valuation - The company is expected to maintain high growth trends as the penetration rate of supercomputing cloud services in China increases, with new customer acquisition and stable repeat purchases from existing clients [2][8]. - The report assigns a 4x price-to-sales (PS) valuation for 2024, reflecting the company's strong market position and growth potential [2][8].
AI云业务保持高速增长，24H1实现扭亏为盈
Southwest Securities·2024-08-23 04:03