唯赛勃：支付辞退补偿金压制利润释放，经营现金流明显改善

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2]. Core Views - The company reported a revenue of 185 million yuan for H1 2024, a year-on-year increase of 3.62%, while the net profit attributable to the parent company was 19 million yuan, a decrease of 18.82% [1][4]. - In Q2 2024, the company achieved a revenue of 108 million yuan, reflecting a year-on-year growth of 6.09%, with a net profit of 16 million yuan, down 1.59% year-on-year [1]. - The gross profit margin for H1 2024 was 35.92%, an increase of 4.93 percentage points compared to H1 2023, while the net profit margin was 9.4%, a decrease of 2.26 percentage points year-on-year [4]. - The company experienced a significant increase in operating cash flow, with a net cash flow from operating activities of 7.95 million yuan, up 618.40% year-on-year [4]. - The company has maintained a high level of R&D investment, with R&D expenses reaching 14.85 million yuan, accounting for 8.05% of revenue, an increase of 0.23 percentage points year-on-year [4]. - The revenue forecasts for 2024 to 2026 are adjusted to 418 million yuan, 475 million yuan, and 527 million yuan, with corresponding growth rates of 8.9%, 13.6%, and 10.9% [4]. Financial Summary - For 2023, the company reported a total revenue of 384 million yuan and a net profit of 46 million yuan [8]. - The projected revenue for 2024 is 418 million yuan, with a net profit of 47 million yuan, reflecting a net profit growth rate of 1.7% [8]. - The gross margin is expected to be 31.2% in 2024, slightly down from 32.2% in 2023 [8]. - The company’s total assets are projected to be 896 million yuan by 2024, with a total market value of approximately 1.435 billion yuan [8].