四维图新：24H1业绩承压，布局车路云一体化

Investment Rating - The report assigns a rating of "Buy - A" for the company [6]. Core Views - The company is undergoing a business transformation, which has led to pressure on its performance in the first half of 2024. Despite this, it has secured a significant contract for the construction of a high-level autonomous driving demonstration area in Beijing, valued at 250 million yuan, which is expected to enhance its capabilities in the integrated vehicle-road-cloud ecosystem [2][5]. - The company reported a revenue of 1.667 billion yuan in the first half of 2024, representing a year-on-year growth of 11.08%. The second quarter alone saw a revenue of 960 million yuan, up 20.91% year-on-year, driven primarily by growth in its intelligent cloud business and semiconductor products [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.667 billion yuan, with a year-on-year increase of 11.08%. The second quarter revenue was 960 million yuan, reflecting a 20.91% increase year-on-year. The intelligent cloud business contributed 1.02 billion yuan, growing by 15.82%, while the semiconductor business generated 253 million yuan, up 13.55% [4][5]. - The gross profit margin for the first half of 2024 was 33.11%, a decrease of 12.51 percentage points compared to the same period last year. This decline is attributed to increased costs from customized navigation services, higher project cloud resource costs, and reduced margins in the semiconductor sector due to intensified competition [4]. Future Projections - The company is projected to generate revenues of 3.64 billion yuan, 4.06 billion yuan, and 4.60 billion yuan for the years 2024, 2025, and 2026, respectively. Net profits are expected to be -879 million yuan, -543 million yuan, and -180 million yuan for the same years [5][10]. - The report sets a target price of 9.19 yuan for the next six months, corresponding to a price-to-sales ratio of 6 times for 2024 [5][6].