Workflow
高新兴:1H24同比减亏,深化车路云布局
GosuncnGosuncn(SZ:300098) HTSC·2024-09-02 00:03

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 4.00 [1] Core Views - The company reported a reduction in losses year-on-year for 1H24, with revenues impacted by the divestiture of a subsidiary and a contraction in low-margin business [1] - The company is focusing on the long-term opportunities in the vehicle-road-cloud sector, leveraging its comprehensive product offerings [4] Revenue and Profitability - For 1H24, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were RMB 658 million, -RMB 5 million, and -RMB 59 million, respectively, reflecting year-on-year changes of -18%, +91%, and -9% [1] - The company’s comprehensive gross margin improved to 33.56%, up 3.42 percentage points year-on-year, due to a strategic reduction in low-margin business [3] Segment Performance - In the IoT connection and terminal segment, revenue was RMB 421 million, down 4%, while vehicle networking products achieved revenue of RMB 181 million, up 28% [2] - The police terminal and information application segment saw revenue growth of 24%, reaching RMB 88 million [2] Strategic Focus - The company is actively pursuing an overseas expansion strategy, with overseas revenue nearing RMB 100 million, representing an 81% year-on-year increase [2] - The company has established sales channels in North America and Europe, collaborating with top-tier telecom operators [2] Financial Forecasts - The net profit forecasts for 2024, 2025, and 2026 are adjusted to RMB 62 million, RMB 112 million, and RMB 153 million, respectively [1] - The company is expected to achieve a PE ratio of 62x in 2025, compared to the industry average of 53x [1]