VCG(SZ:000681) GOLDEN SUN SECURITIES·2024-08-31 04:41Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 399 million yuan in H1 2024, representing a year-on-year growth of 7.56%, while the net profit attributable to shareholders decreased by 44.04% to 51 million yuan [1] - The company has significantly enhanced its ability to serve small and medium-sized enterprises (SMEs) and has entered the 3D content service market [1] - The e-commerce platform's sales revenue as a percentage of total revenue increased by 13.55% to 29.21% [1] - The company is strengthening its API open platform to serve a large number of end-users, collaborating with major platforms like Alibaba, Tencent, and Baidu [1] - The revenue from audio and video business has increased, accounting for 31.99% of total revenue, up by 26.83 percentage points year-on-year [1] - The company is leveraging its copyright data advantages to provide compliant services for AI model companies [1] - The profit forecast has been adjusted, with expected revenues of 830 million, 950 million, and 1.09 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 6.0%, 15.0%, and 14.0% [1] Financial Summary - In H1 2024, the company reported a net profit of 51 million yuan, down 44.04% year-on-year, while the net profit excluding non-recurring items was 49 million yuan, up 11.79% [1] - The company expects to achieve net profits of 130 million, 150 million, and 170 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -12.4%, 16.3%, and 17.3% [2][1] - The company's current market capitalization corresponds to price-to-sales ratios of 11, 9, and 8 for the years 2024, 2025, and 2026 respectively [1]