ECC(600850) 国海证券·2024-08-27 14:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a steady performance in H1 2024, with revenue of 4.513 billion yuan, a year-on-year increase of 5.98%, and a net profit attributable to shareholders of 133 million yuan, up 1.41% year-on-year [2]. - The company's digital product development is focused on enhancing industry digitalization, with significant growth in international business and innovative solutions in various sectors [3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.513 billion yuan, with a net profit of 133 million yuan and a non-recurring net profit of 130 million yuan, reflecting year-on-year growth of 5.98%, 1.41%, and 1.39% respectively [2]. - For Q2 2024, revenue reached 2.519 billion yuan, marking a 10.10% increase year-on-year, while net profit was 86 million yuan, up 1.11% year-on-year [2]. Business Segments - The company’s digital products segment saw a revenue increase of 44.05% year-on-year, driven by advancements in smart computing hardware and software applications across various industries [3]. - The digital new infrastructure segment reported a significant gross margin increase of 59.56% year-on-year, indicating improved operational efficiency [7]. Growth Drivers - The company’s信创 (Xinchuang) business signed contracts worth 1.666 billion yuan in H1 2024, a 22.24% increase year-on-year, focusing on financial technology and state-owned enterprises [4]. - International business revenue reached 292 million yuan, a remarkable year-on-year growth of 65.59%, highlighting the company's expanding global footprint [5]. Profitability and Forecast - The company maintains a gross margin of 18.61% in H1 2024, with expectations for continued growth in high-margin digital products [7]. - Revenue forecasts for 2024-2026 are projected at 11.034 billion yuan, 12.266 billion yuan, and 13.955 billion yuan, with net profits expected to reach 573 million yuan, 666 million yuan, and 792 million yuan respectively [8].