AISINO CO.LTD.(SH:600271) Guohai Securities·2024-09-02 14:30Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1][7]. Core Views - The company's revenue for H1 2024 was CNY 4.217 billion, a year-on-year decrease of 39.62%, with a net profit attributable to shareholders of -CNY 70 million, compared to CNY 526 million in the same period last year [2]. - The decline in revenue is primarily due to the impact of the anti-counterfeiting tax control business and intensified competition in the smart industry and internet security sectors [2][3]. - The traditional anti-counterfeiting tax control business is believed to have bottomed out, indicating that the impact of industry adjustments may be over, and the company is expected to return to growth with the advancement of its "New Aisino" strategy [2][5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of CNY 2.7 billion, a year-on-year decrease of 22.4%, while the net profit attributable to shareholders was CNY 228 million, down 18.88% year-on-year [2]. - The company's revenue from various segments in H1 2024 included: CNY 1.854 billion from enterprise tax services, CNY 1.151 billion from smart business, CNY 1.051 billion from internet security, and CNY 103 million from anti-counterfeiting tax control, with declines of 21%, 31.9%, 35.5%, and 87.8% respectively [2]. Market Position and Strategy - The company is focusing on expanding its revenue sources and enhancing its marketing capabilities, with a more complete product system under the "Ai", "Xin", and "Nuo" brands [2][3]. - Significant projects include the construction of key digital government systems and contracts worth over CNY 3 billion in the Guangdong-Hong Kong-Macao Greater Bay Area [3][4]. Future Outlook - The new round of fiscal and tax reforms is expected to accelerate the development of the digital fiscal and tax industry, driving demand for system upgrades [5]. - Revenue forecasts for 2024-2026 are CNY 10.636 billion, CNY 12.053 billion, and CNY 13.903 billion respectively, with net profits projected at CNY 425 million, CNY 647 million, and CNY 846 million [6][7].