盛通股份：科技教育服务毛利率提升

Investment Rating - Adjusted to "Overweight" rating based on 24H1 performance and industry competition [3][4] Core Views - 24Q2 revenue decreased by 7.3% YoY to 530 million, with net profit attributable to the parent company at -8 million, down 17.2% YoY [1] - 24H1 revenue decreased by 13.2% YoY to 1.01 billion, with net profit attributable to the parent company at -20 million, narrowing losses by 48.5% YoY [1] - Gross margin improved to 14.7% in 24H1, up 2.4 percentage points YoY, driven by a 7.1 percentage point increase in the gross margin of technology education services [1] - The company is actively expanding its partnerships in the technology education sector, collaborating with institutions like China Children's Center and Shenzhen Ubtech Robotics [1][2] Business Segments - Printing services revenue decreased by 14.9% YoY to 830 million, accounting for 82.4% of total revenue [2] - Technology education services revenue decreased by 4.1% YoY to 180 million, accounting for 17.6% of total revenue [2] - The company upgraded its "Lebo Lebo 4.0" curriculum system and launched new technology education programs, attracting over 20,000 participants in national competitions [2] Financial Forecast - Adjusted net profit forecast for 2024-2026 to 3.37 million, 50 million, and 120 million respectively, with EPS of 0.01, 0.09, and 0.23 yuan per share [1][3] - PE ratios for 2024-2026 are projected at 765X, 56X, and 21X respectively [1][3] Industry and Market Position - The company is positioned in the light manufacturing and packaging printing industry, with a focus on expanding its technology education services [4] - The company's market value is 2.58 billion, with a current stock price of 4.79 yuan [4]