Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company's half-year report for 2024 shows that revenue reached 12.526 billion yuan, a year-on-year increase of 45.98%, while net profit attributable to shareholders was -1.54 billion yuan, a decrease of 176.17% compared to the previous year, aligning with market expectations [2]. - The company's "soft and hard integration" strategy is driving significant business growth, with Q2 2024 revenue of 7.076 billion yuan, a year-on-year increase of 61.66% and a quarter-on-quarter increase of 29.86%, marking a return to profitability [2][6]. - The company has established itself as a core partner in Huawei's ecosystem, focusing on the OpenHarmony operating system and collaborating with various industry leaders to promote a unified ecosystem [3][6]. Financial Summary - For 2024, the company is expected to achieve a net profit of 755 million yuan, with a year-on-year growth rate of 41.4%, and projected EPS of 0.79 yuan [7][6]. - The company's revenue is forecasted to grow significantly, with estimates of 34.017 billion yuan in 2024, 39.844 billion yuan in 2025, and 45.680 billion yuan in 2026, reflecting a growth rate of 93.5% in 2024 [7][9]. - The company's asset-liability ratio as of June 2024 is 53.58%, indicating a healthy financial structure despite an increase due to acquisitions [2][6].
软通动力：半年报业绩符合预期，华为核心伙伴软硬一体战略推进顺利