VCG(000681) SINOLINK SECURITIES·2024-09-02 05:05Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company's main business remains stable, with an improved ability to serve small and medium-sized enterprises, as evidenced by a 7.6% year-on-year revenue growth in H1 2024 [2]. - The integration of AI and 3D technologies is expected to empower the main business and create new growth opportunities [2]. Revenue Analysis - H1 2024 revenue reached 400 million RMB, a 7.6% increase year-on-year, with significant contributions from audio-visual sales and e-commerce platform transactions [2]. - The proportion of audio-visual sales in total revenue increased from 5.2% in H1 2023 to 32.0% in H1 2024, while e-commerce platform transaction sales rose from 15.7% to 29.2% in the same period [2]. Profitability Analysis - The net profit margin for H1 2024 was 12.8%, with a slight increase in Q2 2024 to 15.6% [2]. - The gross profit margin for H1 and Q2 2024 was 46.9% and 43.2%, respectively, reflecting a decrease due to changes in revenue structure following the consolidation of Guangchang Creative [2]. Future Outlook - The company is expected to achieve net profits of 130 million, 160 million, and 180 million RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 61.0, 49.7, and 43.4 [2].