太极股份：公司上半年整体业绩承压，电科金仓收入表现良好

Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company's overall performance in the first half of 2024 was under pressure, with a revenue of 2.614 billion yuan, a year-on-year decline of 18.34% due to project bidding and acceptance delays, as well as intensified industry competition [3][4] - The company reported a net profit attributable to shareholders of -159 million yuan, indicating a shift from profit to loss, primarily due to increased sales, R&D, and financial expenses during its strategic transformation [4][6] - The company is focusing on key areas such as digital government and digital enterprise, signing contracts with major clients and maintaining a leading position in the database product market through its subsidiary, Electric Science and Technology JinCang [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved an operating income of 2.614 billion yuan, down 18.34% year-on-year, and a net profit of -159 million yuan [3][4] - The company’s expense ratio increased to 33.55%, up 6.94 percentage points from the previous year, with sales, management, R&D, and financial expense ratios rising as well [4] Business Development - The company is actively expanding its client base and project implementation, particularly in the digital government sector, where it has secured contracts with various central ministries and local governments [4][5] - The subsidiary, Electric Science and Technology JinCang, reported a revenue of 90.57 million yuan, a year-on-year increase of 19.40%, and is recognized as a leader in the database industry [5] Profit Forecast and Investment Suggestions - The profit forecast for the company has been adjusted, with expected net profits of 389 million yuan, 492 million yuan, and 631 million yuan for 2024, 2025, and 2026 respectively [6] - The report suggests that the company's performance is expected to improve in the second half of the year as project acceptance progresses, and it remains optimistic about the future development of its database and other proprietary software products [6]