钜泉科技：公司2024年半年度报业绩点评：营收同比微增，积极回购彰显经营信心

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [1][2]. Core Insights - The company, Jiuquan Technology, has shown a slight year-on-year revenue increase, achieving an operating income of 3.07 billion yuan, which represents a 46.45% growth [1]. - The company is a leading supplier of metering chips in China, benefiting from the ongoing smart grid transformation and a significant increase in demand for smart grid terminal device chips [1][2]. - The company has announced a share buyback plan, reflecting management's confidence in the business and its future prospects [1][2]. Financial Performance Summary - Revenue: The company reported an operating income of 3.07 billion yuan for the first half of the year, with a gross profit margin of 29.98% [1]. - Net Cash Flow: The net cash flow from operating activities improved significantly to 553.61 million yuan, attributed to reduced payments to suppliers and increased sales collections [1]. - R&D Investment: The company has increased its R&D expenditure, which has contributed to a rise in operational costs [1][2]. Financial Forecast - Revenue Projections: Expected revenues for 2024 are projected at 693.71 million yuan, with a growth rate of 15.03% [2]. - Net Profit: The forecasted net profit for 2024 is 145.05 million yuan, reflecting a 10.36% increase [2]. - Return on Equity: The projected return on equity for 2024 is 6.78% [2]. Market Position - The company is positioned as a key player in the smart grid terminal chip market, with a strong focus on independent research and technological innovation [1][2]. - The company is also expanding its product offerings in the power line carrier communication chip sector, enhancing its market competitiveness [1].