大丰实业：公司信息更新报告：2024H1传统主业承压，文旅运营转型显效

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's traditional main business is under pressure, while the transformation into cultural tourism operations is showing positive results [1] - Revenue for H1 2024 was 660 million yuan, down 41.8% year-on-year, with a net profit attributable to shareholders of 48 million yuan, down 60.6% year-on-year [2] - The company is expected to benefit from policies related to the update of cultural and sports equipment, alongside the successful transformation in cultural tourism operations, leading to improved performance in the future [2] Financial Performance Summary - For H1 2024, the company achieved revenues of 660 million yuan, with a year-on-year decline of 41.8%, and a net profit of 48 million yuan, down 60.6% year-on-year [2] - The revenue breakdown for H1 2024 shows cultural tourism equipment generating 379 million yuan (down 58.6%), digital art technology 83 million yuan (down 30.5%), and rail transportation 77 million yuan (up 107%) [2] - The gross margin for H1 2024 was 33.4%, an increase of 7.3 percentage points year-on-year, while the net profit margin was 7.3%, a decrease of 3.5 percentage points year-on-year [2] - The company has a strong order backlog, with an unfulfilled contract amount of 3.115 billion yuan as of H1 2024, reflecting a healthy pipeline for future revenue [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 115 million yuan, 163 million yuan, and 214 million yuan respectively, with year-on-year growth rates of -17.2%, +20.9%, and +22.7% [2][3] - The expected earnings per share (EPS) for the same period is projected to be 0.28 yuan, 0.40 yuan, and 0.52 yuan, with corresponding price-to-earnings (P/E) ratios of 32.5, 23.0, and 17.5 [2][3] Business Segmentation - The company is firmly advancing its integrated transformation in cultural and sports tourism, with C-end operational service revenue reaching 104 million yuan in H1 2024, a growth rate of approximately 60% year-on-year [2] - The number of operational venues expanded to over 20 in H1 2024, up from 13 in 2023, indicating a successful scaling of its venue management system [2]