IMIC(000516) 中邮证券·2024-09-04 09:30Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company reported a steady revenue growth of 9.53% year-on-year for H1 2024, with operating income reaching 2.42 billion yuan. The net profit attributable to shareholders was -174 million yuan, showing a 21.89% improvement, while the net profit excluding non-recurring items improved by 45.50% to -139 million yuan [4] - The company is expected to turn profitable in the upcoming quarters, with Q2 2024 showing a significant reduction in net losses compared to previous periods [4] - The company is actively optimizing its specialized service offerings and enhancing management efficiency, which is expected to improve operational effectiveness [5] Financial Performance Summary - For H1 2024, the company had an operating income of 2.42 billion yuan, with a Q2 revenue of 1.25 billion yuan, reflecting an 8.42% increase [4] - The company’s gross margin for Q2 2024 was 11.04%, showing a quarter-on-quarter increase of 3.2 percentage points [4] - The company’s cash flow from operations for H1 2024 was 526 million yuan, up 28% year-on-year [4] - The company’s revenue projections for 2024-2026 are 5.24 billion yuan, 5.97 billion yuan, and 6.82 billion yuan respectively, with net profits expected to improve significantly by 2026 [7][8]