TRS(300229) 中国银河·2024-09-02 08:00Investment Rating - The report maintains a "Recommend" rating for the company [2][5] Core Views - The company's revenue for the first half of 2024 was RMB 397 million, a year-on-year decrease of 10.63%, with net profit attributable to the parent company declining by 14.12% to RMB 60 million [1] - The company's AI software business grew by 21.71% year-on-year, while software sales revenue decreased by 44.64% due to delayed project progress and procurement in downstream industries such as public safety [1] - The gross profit margin increased by 7.22 percentage points to 70.28%, with controlled expenses in sales and R&D [1] - The company's "Tuo Tian Large Model" has been successfully applied in multiple industries, particularly in the financial sector, where it has improved efficiency and reduced customer complaints [1] - The company has established strategic partnerships with Huawei and other enterprises, expanding the application scenarios and market boundaries of its large model [1] Business Performance and Strategy - The company's "Tianmu Open Source Intelligence Platform" integrates over 300 billion high-quality Chinese internet datasets, supporting the pre-training of industry-specific large models [2] - The company's TRS Haibei search database system passed the vector database product capability test by the China Academy of Information and Communications Technology, demonstrating its completeness, ease of use, and versatility [2] - The company's subsidiary, Tianxing Network Security, has obtained 10 software copyrights and 2 invention patents, strengthening its leading position in e-government application security and data security [5] - The company is set to mass-produce a new generation of FPGA isolation boards, enhancing its capabilities in the field of information innovation security [5] Financial Forecasts - The company is expected to achieve revenues of RMB 821 million, RMB 945 million, and RMB 1.091 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.04%, 15.06%, and 15.49% [5] - Net profit attributable to the parent company is forecasted to be RMB 420.7 million, RMB 545.6 million, and RMB 683.9 million for 2024, 2025, and 2026, respectively, with growth rates of 15.38%, 29.67%, and 25.35% [5] - The company's EPS is expected to be RMB 0.05, RMB 0.07, and RMB 0.09 for 2024, 2025, and 2026, respectively [5] Industry and Market Position - The company's media convergence business covers 72% of central media, 61% of provincial media, and 40% of industry media [1] - In the financial technology sector, the company serves major state-owned banks, policy banks, and regulatory institutions such as the China Securities Regulatory Commission [1] - In the digital government sector, the company's government users cover 80% of central and state agencies, 64% of provincial governments, and 52% of municipal governments [1]