风语筑：上半年业绩承压，新签订单金额同比增长

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company experienced a significant decline in revenue in the first half of 2024, with a total revenue of 578 million yuan, down 37.91% year-on-year. The net profit attributable to shareholders was -134 million yuan, and the net profit after deducting non-recurring items was -108 million yuan [1] - Despite the revenue decline, the company secured new orders amounting to 1.156 billion yuan in the first half of 2024, representing a year-on-year increase of 51.91%. As of June 30, 2024, the company had a backlog of orders totaling 4.84 billion yuan, indicating a strong order reserve [1] - The company is actively working on accelerating accounts receivable collection, with sales collections increasing by 55.73 million yuan compared to the same period last year [1] - The company is leveraging new technologies such as VR and AI to expand its intangible cultural heritage business and tap into the consumer market [1] - The company is expected to benefit from the national digitalization strategy in the cultural industry, with projected revenues of 1.457 billion yuan, 1.683 billion yuan, and 1.902 billion yuan for 2024, 2025, and 2026 respectively, reflecting a growth rate of -38.0%, 15.5%, and 13.0% [1][2] Financial Summary - In the first half of 2024, the company's revenue from urban digital experience space business was 553 million yuan, accounting for 95.65% of total revenue, with a gross margin of 15.29% [1] - The company reported a net profit margin of -1.83 billion yuan for 2024, with a projected net profit of -1.83 billion yuan, 1.57 billion yuan, and 2.31 billion yuan for 2024, 2025, and 2026 respectively [2][8] - The company's earnings per share (EPS) are projected to be -0.31 yuan, 0.26 yuan, and 0.39 yuan for 2024, 2025, and 2026 respectively [2][8] - The price-to-earnings (P/E) ratio is projected to be 22x, 26x, and 18x for 2024, 2025, and 2026 respectively [1][2]