INESA-it(SH:600602) GOLDEN SUN SECURITIES·2024-08-28 02:03Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][4]. Core Insights - The company achieved a revenue of 2.89 billion yuan in the first half of 2024, representing a year-on-year growth of 15.7%. The net profit attributable to shareholders was 113 million yuan, up 21.78% year-on-year, aligning with market expectations [1]. - The company is focusing on three main business segments: cloud services and big data, industry solutions, and smart products, which have contributed to its steady revenue growth [1]. - The construction of the Shanghai intelligent computing platform is progressing well, with significant developments in data center operations and management [1][2]. - The company is enhancing its digital transformation efforts, with a research and development investment of 200 million yuan, accounting for 6.91% of its revenue [1]. Financial Performance Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 6.094 billion yuan, with a net profit of 231 million yuan, reflecting a growth rate of 15.8% and 19.6% respectively [3]. - The gross profit margin for the first half of 2024 was reported at 18.76%, a slight increase from the previous year [1]. - The company’s operating cash flow for 2023 was 462 million yuan, indicating a strong cash generation capability [10]. Business Development and Market Position - The company is positioned as a key player in Shanghai's digital economy, contributing to the city's digital transformation and data element strategy [2]. - The establishment of a joint venture for computing facilities with other major players solidifies the company's leading position in the intelligent computing platform [2]. - The company is expected to benefit from the increasing demand for AI capabilities and cloud services, particularly through partnerships with major cloud service providers [2].