Highlander(300065) 东吴证券·2024-09-02 15:09Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][3] Core Insights - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 87.91%, despite a 50.26% decline in total revenue [1][2] - The company has improved its profitability through cost control, achieving a gross margin of 34.84%, which is an increase of 18.40 percentage points year-on-year [2] - The company is focusing on the synergy between its smart navigation and marine business, enhancing its technological advantages in the smart navigation sector [2] - The company has strengthened its cash flow management, with a net cash flow from operating activities improving by 64.81% year-on-year [2] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 158 million yuan, down from the previous year, while net profit reached 13 million yuan [1][2] - The company's operating costs decreased by 54.07% year-on-year, contributing to the improved profitability [2] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 77 million, 138 million, and 163 million yuan respectively, with corresponding P/E ratios of 59, 33, and 28 times [3] Business Development - The company is advancing its "boutique strategy" in the smart navigation sector, focusing on flagship products such as maritime radars and voyage data recorders [2] - The company has established a strong research and development capability in marine equipment and information technology, with over 20 years of technical accumulation [2] - The underwater data center (UDC) is highlighted as an innovative business that supports the digital economy and leverages geographical advantages [2]