Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has clarified its new business strategy, with a focus on four major growth areas, which are expected to drive new growth momentum [3] - The performance of Huawei in the first half of 2024 has shown significant growth, with multiple catalysts expected in September [3] - The company is expected to benefit from the acceleration of the Hongmeng ecosystem in the second half of 2024, with a forecasted recovery in profitability [3] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 12.5 billion yuan, a year-on-year increase of 46%, but reported a net loss attributable to shareholders of 154 million yuan [2][3] - In Q2 2024, the company turned profitable with a revenue of 7.076 billion yuan, a 62% year-on-year increase, and a net profit of 123 million yuan [2][3] - The operating cash flow in Q2 2024 reached 1.012 billion yuan, a quarter-on-quarter increase of 173.17% [2] Business Strategy and Growth Areas - The company completed the acquisition of Tongfang Computer in February 2024, enhancing its competitiveness in software and digital technology services [3] - The revenue breakdown for the first half of 2024 shows that the software and digital technology services segment generated 8.513 billion yuan, accounting for 67.97% of total revenue [3] - The company is actively expanding into international markets and has positioned digital energy and intelligent computing services as emerging business areas [3] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 714 million, 925 million, and 1.118 billion yuan respectively [3] - The company’s earnings per share (EPS) for 2024 is projected to be 0.75 yuan, with a price-to-earnings (P/E) ratio of 45.42 based on the current price [2][3]
软通动力：2024年中报点评：明确新业务战略，华为产业迎来催化