太极股份2024年中报点评：企业收入占比提升，人大金仓收入增速提升显著

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company's overall performance is under pressure, but the revenue share from the enterprise sector has increased significantly, reaching 43.76% in H1 2024, up by 7.2 percentage points year-on-year [4] - The subsidiary, Ren Da Jin Cang, has shown remarkable performance with a revenue of 0.91 billion, reflecting a year-on-year growth of 19.40%, driven by the continuous promotion of the Xin Chuang policy [5] - The company is expected to achieve revenues of 94.99 billion, 102.22 billion, and 113.49 billion for the years 2024 to 2026, with corresponding net profits of 3.99 billion, 4.42 billion, and 5.34 billion, indicating growth rates of 3.31%, 7.62%, and 11.02% respectively [6] Performance Summary - In H1 2024, the company reported a revenue of 26.14 billion, a decrease of 18.34%, and a net profit attributable to the parent company of -1.59 billion [2] - The gross margin for H1 2024 was 26.60%, a decrease of 2.2 percentage points year-on-year [2] - The operating cash flow for H1 2024 was -18.45 billion, indicating cash flow challenges [2] Expense Ratios - The expense ratios for H1 2024 were as follows: sales expense ratio at 5.85%, management expense ratio at 23.93%, and R&D expense ratio at 3.05%, with notable increases in all categories compared to the previous year [3] - In Q2 2024, the sales expense ratio rose to 10.16%, management expense ratio to 32.90%, and R&D expense ratio to 5.26%, reflecting significant year-on-year increases [3]