Sugon(603019) 国联证券·2024-08-26 12:28Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue of 5.712 billion yuan for the first half of 2024, representing a year-on-year growth of 5.77%. The net profit attributable to shareholders was 563 million yuan, up 3.38% year-on-year, while the non-recurring net profit was 366 million yuan, showing a significant increase of 20.00% [2][7] - The hardware segment showed stable growth, while software development and system integration experienced rapid growth. The IT equipment business generated 5.126 billion yuan, a 3.98% increase year-on-year, and the software development and system integration business reached 584 million yuan, growing by 24.77% [7] - The company continues to invest in R&D, with expenses reaching 625 million yuan in the first half of 2024, a 6.93% increase year-on-year. This investment supports the development of high-end computing products and enhances market competitiveness [7] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 26.25%, an increase of 0.21 percentage points year-on-year. In Q2 2024, the revenue was 3.233 billion yuan, with a net profit of 421 million yuan, reflecting a 1.64% year-on-year growth [2][7] - The company forecasts revenues of 17.067 billion yuan, 20.088 billion yuan, and 23.362 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 18.91%, 17.70%, and 16.30% [7][8] - The earnings per share (EPS) are projected to be 1.56 yuan, 1.88 yuan, and 2.25 yuan for the years 2024, 2025, and 2026, with a three-year compound annual growth rate (CAGR) of 21.53% [7][8]