LONGSHINE(SZ:300682) GOLDEN SUN SECURITIES·2024-08-29 05:17Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's profitability is recovering, with a focus on high-quality development in the new energy sector. The first half of 2024 saw a slight increase in revenue but a significant decline in net profit year-on-year [1]. - The energy digitalization segment is advancing, particularly in the power grid area, with a notable increase in orders and revenue from grid-related services [1]. - The energy internet business is experiencing substantial growth, especially in life payment services and the "New Electric Path" charging platform, which is entering a high-quality development phase [1]. - The internet television segment is under pressure due to regulatory changes and declining demand, leading to plans for business optimization and potential divestment of terminal operations [1]. Financial Performance Summary - For H1 2024, the company achieved operating revenue of 1.549 billion yuan, a year-on-year increase of 2.67%, and a net profit attributable to shareholders of 37.2 million yuan, a year-on-year decrease of 56.94% [1]. - In Q2 2024, the company reported operating revenue of 881 million yuan, a year-on-year increase of 2.98%, and a net profit of 56.4 million yuan, a year-on-year decrease of 14.93% [1]. - The energy digitalization business generated revenue of 469 million yuan in H1 2024, a year-on-year decrease of 4.47%, while the energy internet business saw revenue of 782 million yuan, a year-on-year increase of 39.96% [1]. - The internet television business reported revenue of 298 million yuan in H1 2024, a year-on-year decrease of 35.04% [1]. Future Earnings Expectations - The report adjusts the earnings forecast for the company, projecting operating revenues of 5.455 billion yuan, 6.257 billion yuan, and 7.075 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 561 million yuan, 709 million yuan, and 856 million yuan for the same years [1][2]. - The corresponding P/E ratios for 2024, 2025, and 2026 are expected to be 15.1, 11.9, and 9.9 times respectively [1].