Foxit Software(SH:688095)2024-09-05 04:43Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 338 million yuan for the first half of 2024, representing an 18.0% year-on-year growth, and a net profit of 63 million yuan, marking a return to profitability [4] - Subscription revenue continues to grow significantly, with a 67.8% year-on-year increase in the first half of 2024, accounting for 45.8% of total revenue [4] - The company has established a robust global channel network, with significant revenue contributions from North America and Europe, showing strong growth rates in these regions [4] - The integration of AI capabilities with PDF functionalities has enhanced the company's product offerings, leading to improved brand recognition [4] - The revenue forecasts for 2024-2026 have been revised upwards due to the successful transition to a subscription model, with expected revenues of 705 million, 852 million, and 1,064 million yuan respectively [4][5] Summary by Sections Financial Performance - The company achieved a total revenue of 338 million yuan in the first half of 2024, with a net profit of 63 million yuan, compared to a loss of 91 million yuan in 2023 [5] - The subscription revenue for the first half of 2024 was 155 million yuan, with a growth rate of 67.8% year-on-year [4][5] Market Position - The company has a strong presence in North America and Europe, with revenue shares of 55% and 25% respectively, and growth rates of 12.3% and 28.1% [4] - The subscription revenue in North America grew by 64.9%, while in Europe it surged by 121% [4] Future Outlook - The company expects to achieve a subscription revenue share of over 50% by 2024, with a continued acceleration in revenue growth [4] - The revised revenue projections for 2024-2026 indicate a positive growth trajectory, with expected year-on-year growth rates of 15.4%, 20.9%, and 25.0% respectively [5]