E-HUALU(300212) 东吴证券·2024-09-02 10:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under pressure during the transformation period, with a significant decline in revenue and net profit due to seasonal fluctuations and project delivery cycles [2][3] - The company is making progress in data assetization, successfully completing multiple projects and entering data trading platforms [3] - The company is refocusing on its core business of smart transportation, achieving a substantial increase in new contract amounts [3] - Earnings per share (EPS) forecasts for 2024-2026 have been adjusted downwards, but the company is expected to leverage its relationship with China Electronics Technology Group for future growth [3] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 338 million, a year-on-year decline of 34%, and a net profit loss of 368 million, down 24% compared to the previous year [2] - The company confirmed impairment losses of 40 million, primarily related to aging accounts receivable from data lake projects [2] Revenue and Profit Forecasts - Total revenue forecasts for 2024E, 2025E, and 2026E are 841.47 million, 1,126.06 million, and 1,508.88 million respectively, with expected growth rates of 10%, 33.82%, and 34% [2] - Net profit forecasts for the same period are -92.46 million, 67.84 million, and 166.61 million, with growth rates of 95.11%, 173.38%, and 145.59% respectively [2] Business Development - The company has successfully completed four data assetization projects for the Zhejiang Provincial Transportation Investment Group, marking a significant milestone in data asset entry [3] - The company has signed contracts for smart transportation projects across various regions, with new contract amounts increasing by over 50 million, a growth rate of 346% [3] Valuation Metrics - The latest diluted EPS estimates for 2024E, 2025E, and 2026E are -0.13, 0.09, and 0.23 respectively [2] - The current P/E ratio is -116.18 for 2024E, improving to 158.33 in 2025E and 64.47 in 2026E [2]