Blue Focus(SZ:300058) Guoxin Securities·2024-09-01 08:01Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company has maintained high revenue growth, achieving a revenue of 30.858 billion yuan in the first half of the year, a year-on-year increase of 40.33%. However, net profit decreased by 35.74% to 183 million yuan, primarily due to a decline in gross margin [1][4] - The overseas business has shown rapid revenue growth, with a 49.86% increase to 23.71 billion yuan, while domestic business revenue grew by 15.59% to 7.067 billion yuan, but with a significant decline in gross margin [1][6] - The company is actively developing AI and metaverse applications, with various digital innovation projects launched in multiple locations and a strong presence in AI marketing tools [1][9] Financial Performance - The company reported a revenue of 30.858 billion yuan in the first half of the year, with a quarterly breakdown showing Q2 revenue at 15.076 billion yuan, a 23.4% year-on-year increase [1][4] - The net profit for Q2 was 101 million yuan, reflecting a decrease of 25.6% year-on-year, but the decline was less severe compared to Q1 [1][4] - The company does not plan to distribute cash dividends or issue bonus shares for the half-year [1][4] Profit Forecast - The profit forecast for the company remains optimistic, with expected net profits of 382 million yuan, 604 million yuan, and 748 million yuan for the years 2024, 2025, and 2026 respectively, corresponding to diluted EPS of 0.15, 0.24, and 0.30 yuan [8][12] - The current stock price corresponds to a PE ratio of 35, 22, and 18 for the years 2024, 2025, and 2026 respectively [8][12] Market Position - The company has established a strong position in the overseas market, with significant contributions from partnerships with Meta and Google, and a remarkable 100% year-on-year growth in TikTok advertising revenue [1][6] - The flagship product "Luban Cross-Border" has received international awards, highlighting the company's innovative capabilities in the industry [1][6]