Hoperun Software(SZ:300339) Southwest Securities·2024-08-29 07:30Investment Rating - The report maintains a "Buy" rating for Runhe Software (300339) with a current price of 20.45 CNY [1]. Core Views - The company achieved a revenue of 1.58 billion CNY in the first half of 2024, representing a year-on-year growth of 10.1%. The net profit attributable to shareholders reached 84.76 million CNY, up 6.4% year-on-year, while the net profit after deducting non-recurring items was 35.41 million CNY, growing by 16.4% [2]. - In Q2 2024, the company saw accelerated revenue growth, with Q2 revenue at 810 million CNY, a 16.0% increase year-on-year, and a net profit of 60 million CNY, up 36.4% year-on-year [2]. - The company is focusing on innovative business areas, particularly around HarmonyOS, Euler, and AI platforms, with innovative business revenue reaching 340 million CNY, a significant increase of 95.8% year-on-year, accounting for 21.4% of total revenue [2]. - Runhe Software is positioned as a leading player in the "Harmony + Euler" ecosystem, with significant progress in commercial applications across various industries, including finance and education [2]. Summary by Sections Financial Performance - For H1 2024, the financial technology business generated 840 million CNY, up 6.7% year-on-year; the smart IoT business reached 490 million CNY, up 15.5%; the smart energy business achieved 190 million CNY, up 22.7%; while the intelligent supply chain business saw a decline of 14.2% to 41.64 million CNY [2]. - The company forecasts revenues of 3.58 billion CNY, 4.11 billion CNY, and 4.66 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 252.74 million CNY, 320.98 million CNY, and 406.39 million CNY [3][8]. Valuation Metrics - The report projects EPS of 0.32 CNY, 0.40 CNY, and 0.51 CNY for 2024, 2025, and 2026 respectively, with a PE ratio decreasing from 64.44 in 2024 to 40.08 in 2026 [3][8]. - The net asset return (ROE) is expected to improve from 6.94% in 2024 to 9.30% in 2026 [3][8].