宝信软件：营收业绩稳健增长，国产替代成效相继显现

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a revenue of 6.743 billion yuan for H1 2024, representing a year-on-year growth of 18.77%. The net profit attributable to shareholders was 1.331 billion yuan, up 14.56% year-on-year, while the net profit after deducting non-recurring items was 1.303 billion yuan, an increase of 17.91% [5][6]. - In Q2 2024, the company achieved a revenue of 3.352 billion yuan, with a year-on-year growth of 6.25%. The net profit attributable to shareholders was 741 million yuan, reflecting an 11.82% increase year-on-year, and the net profit after deducting non-recurring items was 717 million yuan, up 16.02% [5][6]. - The company has shown significant improvement in cost control, with a notable increase in operating cash flow, which reached 1.122 billion yuan in Q2, a year-on-year increase of 32.57% [5][6]. - The domestic substitution effect for large PLCs is becoming evident, and the company is expected to continue its growth trajectory driven by domestic substitution and smart manufacturing [5][6]. Revenue Performance - The company’s revenue growth is primarily driven by software development and engineering services, which generated 5.087 billion yuan in H1 2024, a year-on-year increase of 27.23%. However, the outsourcing services segment saw a decline of 1.49% to 1.597 billion yuan [5][6]. - The system integration segment reported a revenue of 49.65 million yuan, marking a year-on-year growth of 3.38% [5][6]. Profitability and Cost Management - The gross margin for Q2 2024 was 39.61%, an increase of 0.80 percentage points year-on-year. The company has effectively managed its expenses, with sales, management, and R&D expenses decreasing by 21.75%, 45.80%, and 11.21% respectively [5][6]. - The company’s focus on cost control has led to improved profitability, with net profit growth rates of 15% for H1 and 12% for Q2 [5][6]. Cash Flow and Operational Efficiency - The net cash flow from operating activities for Q2 2024 was 1.122 billion yuan, reflecting a significant year-on-year increase of 32.57%, attributed to better management of working capital [5][6]. - The company’s inventory decreased to 2.9 billion yuan, down 200 million yuan from the previous quarter, indicating improved inventory management [5][6]. Future Outlook - The company is positioned to benefit from the emphasis on technological self-reliance, with expectations of significant domestic substitution in the PLC market. Forecasts suggest net profits of 3.05 billion yuan, 3.96 billion yuan, and 5.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 27.3x, 21.0x, and 16.3x [5][6].