INESA-it(SH:600602) Guohai Securities·2024-08-27 07:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][8] Core Views - The company achieved a steady revenue growth of 15.70% year-on-year in H1 2024, with total revenue reaching 2.89 billion yuan and a net profit attributable to shareholders of 113 million yuan, reflecting a year-on-year increase of 21.78% [2][3] - The company is focusing on enhancing its core technology capabilities through increased R&D investment, which amounted to 200 million yuan in H1 2024, representing a technology investment rate of 6.91% [3][5] - The company is actively involved in the digital transformation of various sectors, including transportation and public services, with significant projects underway [3][5] Financial Performance - In Q2 2024, the company reported revenue of 1.465 billion yuan, a year-on-year increase of 5.36%, while the net profit attributable to shareholders was 53 million yuan, up 3.64% year-on-year [3] - The gross margin for H1 2024 was 18.76%, showing a slight increase of 0.10 percentage points year-on-year, while the net profit margin was 4.20%, up 0.31 percentage points year-on-year [3] - The company’s projected revenue for 2024-2026 is estimated to be 6.159 billion yuan, 7.126 billion yuan, and 8.170 billion yuan respectively, with net profits expected to be 238 million yuan, 291 million yuan, and 366 million yuan [5][6][8] Market Position and Strategy - The company is positioned as a key player in Shanghai's digital transformation efforts, expected to take on significant responsibilities in public data operations [5] - The ongoing construction of the Songjiang Data Center is anticipated to enhance the company's revenue streams and support the development of a large-scale intelligent computing cluster [5][6] - The company is exploring AI-driven business models and vertical applications in government services and large state-owned enterprises, which may expand its customer base and business opportunities [5][6]