Weaver Network(603039) 国联证券·2024-09-01 06:03Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 886 million yuan in the first half of 2024, a year-on-year decrease of 2.16%, while the net profit attributable to shareholders increased by 22.99% to 47 million yuan [2][6] - The company aims to enhance its multi-level marketing service system and has established an international operation system to support overseas business development [6] - The company is focusing on optimizing its AI product offerings and expanding its adaptation to the domestic innovation environment [6] Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 886 million yuan, with a gross profit margin of 93.63%, a slight decrease of 0.14 percentage points year-on-year [2][6] - The second quarter of 2024 saw a revenue of 542 million yuan, down 5.24% year-on-year, with a net profit of 19 million yuan, a decrease of 48.81% [2][6] - The company’s revenue projections for 2024-2026 are 2.333 billion yuan, 2.424 billion yuan, and 2.632 billion yuan, with corresponding year-on-year growth rates of -2.54%, 3.94%, and 8.55% respectively [6][7] Strategic Initiatives - The company is implementing a strategy of "expanding into hundreds of cities, launching new products, and exploring overseas markets" to enhance its marketing service system [6] - The company is continuously developing its AI middleware platform and has completed adaptation work with over 150 partners in the domestic innovation environment [6] Valuation Metrics - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.79 yuan, 0.97 yuan, and 1.18 yuan, with a three-year compound annual growth rate (CAGR) of 19.87% [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 35.1 in 2024 to 23.5 in 2026 [7]