国投智能：巩固基石业务，加大发展新兴板块

Investment Rating - The report has downgraded the investment rating to "Accumulate" with a target price of 11.48 yuan, reflecting a revised profit forecast for the company [2][5]. Core Views - The company reported a significant revenue growth of 20.54% year-on-year, achieving total revenue of 549 million yuan in the first half of 2024, while the net profit attributable to shareholders improved by 54.13% to a loss of 128 million yuan [1]. - The company is actively controlling costs, with a notable reduction in various expense ratios, including a sales expense ratio of 32.55%, a management expense ratio of 30.08%, and a research and development expense ratio of 34.77% [1]. - The company continues to focus on technological iteration and product development, particularly in electronic data forensics and public safety big data, while also increasing strategic investments in new areas such as cybersecurity and digital governance [1]. Financial Performance Summary - For the first half of 2024, the company achieved electronic data forensics revenue of 233 million yuan, up 15.48% year-on-year, and public safety big data revenue of 204 million yuan, up 10.83% year-on-year [1]. - The company’s gross profit margin for the first half of 2024 was 43.65%, a decrease of 4.66 percentage points compared to the previous year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 173 million yuan, 241 million yuan, and 335 million yuan respectively, with corresponding EPS of 0.20 yuan, 0.28 yuan, and 0.39 yuan [2][5].