恒实科技：24H1业绩承压，注重研发蓄力长期发展

Investment Rating - The report maintains an "Accumulate" rating for 恒实科技 (300513.SZ) [2] Core Views - The company experienced a revenue decline of 5.56% year-on-year in H1 2024, with total revenue reaching 565 million yuan. The net profit attributable to shareholders was -51 million yuan, a significant drop of 254.97% year-on-year [4] - Despite the overall decline, Q2 2024 showed a revenue increase of 8.14% year-on-year, amounting to 453 million yuan, although the net profit still fell by 444.90% year-on-year [4] - The company is focusing on R&D to strengthen its long-term competitive advantage, with R&D expenses increasing by 9.69% year-on-year [4] Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 565 million yuan, down 5.56% year-on-year, and a net profit of -51 million yuan, down 254.97% year-on-year. The adjusted net profit also saw a decline of 262.39% [4] - The revenue breakdown for H1 2024 includes system integration at 305 million yuan (up 6.27% year-on-year), design services at 106 million yuan (down 19.13%), and technical services at 70 million yuan (up 6.06%) [4] - The overall gross margin for H1 2024 was 17.62%, a decrease of 2.11 percentage points year-on-year [4] R&D and Competitive Position - The company is committed to a technology-leading strategy, with a focus on developing proprietary products in the energy IoT sector. It has developed several new platforms and applications, enhancing its core competitiveness in the digital energy business [4] - As of H1 2024, the company holds 68 invention patents, 130 utility model patents, and 535 software copyrights [4] Business Development - The company has made progress in various business areas, including digital energy projects with State Grid and communication technology services with provincial operators [5] - Specific projects include the development of a new power load management system and digital transformation projects for power supply systems [5] Investment Projections - The report adjusts the profit forecast, estimating revenues of 1.297 billion yuan, 1.385 billion yuan, and 1.479 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of -3.7%, 6.8%, and 6.8% [5] - The projected net profits for the same years are -6 million yuan, 20 million yuan, and 38 million yuan, with growth rates of -113.9%, 442.4%, and 93.4% [5]