Sugon(SH:603019) Shanxi Securities·2024-08-31 03:03Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance [5]. Core Views - The company has shown steady revenue and profit growth, with a focus on building an AI software ecosystem through self-developed products like the AI technology software stack DAS and the "Dawn AI Model Warehouse" [1][4]. - The company is expected to achieve earnings per share (EPS) of 1.47, 1.76, and 2.07 for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 24.25, 20.24, and 17.18 [4][6]. Company Performance - As of June 30, 2024, the company reported a basic earnings per share of 0.39 yuan and a diluted earnings per share of 0.39 yuan, with a net asset return rate of 2.86% [1]. - For the first half of 2024, the company achieved a revenue of 57.12 billion yuan, a year-on-year increase of 5.77%, and a net profit attributable to shareholders of 5.63 billion yuan, up 3.38% year-on-year [2][3]. - The company's gross profit margin reached 26.25% in the first half of 2024, reflecting a slight increase from the previous year, primarily due to a higher proportion of self-developed products [3]. Financial Forecast - The company is projected to have revenues of 16.03 billion yuan, 18.24 billion yuan, and 20.88 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.7%, 13.8%, and 14.5% [6][7]. - The net profit is expected to grow to 2.15 billion yuan, 2.57 billion yuan, and 3.03 billion yuan for the same years, with corresponding year-on-year growth rates of 16.9%, 19.8%, and 17.8% [6][7].