eGOVA(300075) 海通国际·2024-09-05 00:30Investment Rating - The report maintains an "Outperform" rating for the company, with a 6-month target price of RMB 16.97, based on a 2024 PE of 70x [5][14]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and net profit in 2024H1, but management remains confident in achieving positive year-on-year growth for key operating indicators in 2024 [9][14]. - The low-altitude economy business is progressing steadily and is expected to become a significant performance driver, with strategic cooperation agreements signed with over 10 cities [10][14]. - The company is actively exploring data element business, transitioning from data operation to becoming a data product service provider, enhancing its competitive edge in urban governance [11][14]. - The introduction of unmanned grid vehicles aligns with the trend of vehicle-road-cloud integration, enhancing municipal facility inspection and environmental monitoring capabilities [12][14]. - The "One Network Unified Management" initiative supports smart city development, with successful projects implemented across various provinces, enhancing the company's industry competitiveness [13][14]. Financial Summary - In 2024H1, the company reported revenue of RMB 539 million, down 27.03% year-on-year, and a net profit attributable to shareholders of RMB 71.96 million, down 48.58% year-on-year [9][14]. - The forecast for net profit attributable to shareholders is RMB 151 million, 190 million, and 232 million for 2024, 2025, and 2026, respectively, with EPS projected at RMB 0.24, 0.31, and 0.37 [14]. - The company's revenue is expected to recover in the coming years, with a projected growth rate of 10.2% in 2024 and 24.3% in 2025 [3][14]. Business Development - The company is implementing the "Star Plan" in various cities, which is expected to bring new growth points in the low-altitude economy sector [10][14]. - The focus on data value realization and the development of a comprehensive low-altitude airspace management system are key strategies for future growth [11][14]. - The successful deployment of unmanned grid vehicles in multiple cities demonstrates the company's commitment to innovation and efficiency in urban management [12][14].