Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a significant revenue increase of 45.98% year-on-year, reaching 12.526 billion yuan in the first half of 2024, despite a net loss of 154 million yuan [3] - The collaboration with Huawei is deepening, with advancements in the HarmonyOS ecosystem and various cloud computing projects [3] - The company is expanding its computing product offerings and has secured nearly 30 major project wins in the first half of 2024, positioning itself among the top tier in the industry [3] Financial Performance - In Q2 2024, the company reported revenue of 7.076 billion yuan, a year-on-year increase of 61.66%, while the net profit was 123 million yuan, down 13.25% year-on-year [3] - The company forecasts revenues of 30.078 billion yuan, 33.930 billion yuan, and 38.191 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 636 million yuan, 979 million yuan, and 1.286 billion yuan [6][7] Market Position - The company is recognized as a leading software and information technology service provider in China, benefiting from its strategic partnerships and product innovations [5][6] - The company has become a core partner of NVIDIA and ranks as the fourth largest global customer for GEFORCE products, indicating strong market presence [3] Future Outlook - The report anticipates a robust growth trajectory for the company, with expected earnings per share (EPS) of 0.67 yuan, 1.03 yuan, and 1.35 yuan for the years 2024, 2025, and 2026 respectively [6][7] - The company is actively involved in the development of the OpenHarmony operating system and has established itself as a key player in the Huawei ecosystem [3][5]
软通动力：2024年半年报点评：Q2业绩环比高增，“华为合作+机械革命”成长可期