Sansec(688489) 国信证券·2024-09-02 05:06Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][5] Core Views - The company reported a revenue growth of over 63% in the first half of the year, driven by significant procurement increases from major clients like Huawei and successful expansion in sectors such as healthcare, telecommunications, and electricity [1][4] - The gross margin improved to 76.83%, up by 5.91 percentage points year-on-year, while operating expenses increased significantly due to the consolidation of Jiangnan Keyou and investments in sales and R&D [1][4] - The company is actively positioning itself in new industry opportunities, focusing on quantum-resistant cryptography and hardware chips, with pilot projects already underway for its quantum-resistant products [1][4] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 169 million yuan (+63.48%) and a net profit of 14 million yuan (+35.21%), with a net profit of 24 million yuan in Q2 (+70.05%) [1][4] - The company expects revenue for 2024-2026 to be 465 million yuan, 602 million yuan, and 745 million yuan, with growth rates of 30%, 29%, and 24% respectively [5][6] - The projected net profit for the same period is 104 million yuan, 142 million yuan, and 183 million yuan, corresponding to current P/E ratios of 27, 20, and 15 times [5][6]