绿盟科技：毛利率改善明显，静待公司未来成长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.02 CNY, based on a 2.5x PS multiple for 2024 [2][3][6] Core Insights - The company reported a revenue of 800 million CNY for the first half of 2024, representing a 12.4% year-on-year increase, and a net loss attributable to shareholders of 255 million CNY, which is a 38.6% improvement [1][6] - The gross margin has significantly improved, reaching 59.4% in the first half of 2024, an increase of 8.7 percentage points year-on-year, while the total expense ratio decreased by 18.3 percentage points to 94.7% [1][6] - The company is focusing on cost reduction and efficiency improvement, with notable growth in revenue from the telecommunications and financial sectors, which saw increases of nearly 50% and 17.5% respectively [1][6] Financial Performance Summary - Revenue for 2024 is projected at 1.923 billion CNY, with growth rates of 14.4%, 12.8%, and 10.4% expected for 2025 and 2026 [2][6] - The company experienced a significant drop in revenue in 2023, with a 36.1% decline compared to 2022, but is expected to recover in the following years [2][6] - The gross margin is forecasted to improve to 54.2% in 2024, with a gradual increase to 55.3% by 2026 [2][6]