中科创达：半年报收入维持稳定，毛利率下降带来公司阶段性利润承压

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's H1 2024 revenue is reported at 2.401 billion yuan, a decrease of 3.39% year-on-year, while net profit attributable to shareholders is 104 million yuan, down 73.10% from the previous year [1][2]. - The smart software and smart automotive segments are under pressure, while the IoT business shows signs of recovery [1]. - The company is expanding its overseas business, with revenue from international markets increasing by 14.20% year-on-year [1]. Financial Performance Summary - Revenue: H1 2024 revenue is 2.401 billion yuan, a slight decrease from 2.487 billion yuan in H1 2023 [1]. - Net Profit: The net profit for H1 2024 is 104 million yuan, significantly lower than 387 million yuan in H1 2023 [2]. - Gross Margin: The gross margin has decreased by 4.49% year-on-year, impacting overall profitability [2]. - R&D and Sales Expenses: R&D expenses increased by 11.94% to 52.9 million yuan, while sales expenses rose by 31.52% to 9.6 million yuan due to global expansion efforts [2]. Segment Performance - Smart Software: Revenue decreased by 17.67% to 760.71 million yuan due to competitive pressures in the smartphone industry [1]. - Smart Automotive: Revenue increased by 4.34% to 1.102 billion yuan, but growth has slowed compared to over 30% in 2023 [1]. - IoT Business: Revenue grew by 6.59% to 537.82 million yuan, reflecting improved competitiveness in smart industrial automation [1]. Future Projections - Expected net profits for 2024E, 2025E, and 2026E are projected at 454 million yuan, 504 million yuan, and 533 million yuan respectively [2][3].