安恒信息：经营质量全面提升，Q2收入增长显著

Investment Rating - Maintains a "Buy" rating, reflecting confidence in the company's growth trajectory and strategic initiatives [2][4] Core Views - The company achieved a significant improvement in operational quality, with Q2 revenue growth of 15.96% YoY and a reduction in net loss by 65.68% YoY [1] - Cost control measures have been effective, leading to a 1.23 percentage point increase in gross margin to 55.15% in H1 2024 [1] - The company has upgraded its core AI+security strategy, transitioning from Hengnao 1.0 to Hengnao 2.0, which has been well-received by clients across various sectors [1] - Core products and key industries have shown rapid growth, with data security revenue increasing over 150% YoY and commercial cryptography revenue growing over 100% YoY [2] Financial Performance - H1 2024 revenue reached RMB 698 million, a slight increase of 0.29% YoY, while net loss narrowed by 32.56% YoY to RMB -276 million [1] - Q2 2024 revenue was RMB 417 million, up 15.96% YoY, with net loss reduced by 65.68% YoY to RMB -75 million [1] - Sales expenses decreased by 22.38%, administrative expenses by 33.82%, and R&D expenses by 25.96% in H1 2024 [1] Strategic Initiatives - The company has implemented multi-dimensional cost reduction measures, including optimizing supply chain management and reducing production costs [1] - Hengnao 2.0, the upgraded AI+security system, has been deployed nationwide, securing multiple contracts and pilot projects across government, state-owned enterprises, and top private companies [1] Industry and Product Growth - Key industries such as power, transportation, and telecommunications have seen significant revenue growth, with power industry revenue increasing over 150% YoY [2] - Subscription-based revenue continues to grow positively, reflecting increased customer stickiness and repeat purchases [2] Financial Forecasts - Revenue forecasts for 2024-2026 are adjusted to RMB 2.364 billion, RMB 2.690 billion, and RMB 3.061 billion, respectively [2] - Net profit forecasts for 2024-2026 are RMB 14 million, RMB 86 million, and RMB 152 million, respectively [2]