Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 48 CNY based on a current price of 33.26 CNY [2][3]. Core Insights - In the first half of 2024, the company achieved a revenue of 12.53 billion CNY, representing a year-over-year increase of 46%. However, the net profit attributable to the parent company was a loss of 154 million CNY, marking a shift from profit to loss compared to the previous year [2]. - The revenue for Q2 2024 was 7.08 billion CNY, showing a year-over-year growth of 61.7% and a quarter-over-quarter increase of 144%. The net profit for Q2 was 120 million CNY, down 13.3% year-over-year [2]. - The company has diversified its business into three main categories: 1. Software and Digital Technology Services, contributing 8.51 billion CNY (68% of total revenue) 2. Computing Products and Digital Infrastructure Services, contributing 3.91 billion CNY (31.2%) 3. Digital Energy and Intelligent Computing Services, contributing 9.6 million CNY (0.8%) [3]. - The company has improved cash flow management, with a net cash flow from operating activities of -371 million CNY for the first half of the year, a 57.89% increase year-over-year. In Q2 2024, the net cash flow reached 1.012 billion CNY, a 173.17% increase quarter-over-quarter [3]. Financial Summary - The company forecasts revenues of 30.54 billion CNY, 35.13 billion CNY, and 39.96 billion CNY for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 73.7%, 15%, and 13.7% [4]. - The projected net profit attributable to the parent company for the same years is 692 million CNY, 864 million CNY, and 1.07 billion CNY, with growth rates of 29.7%, 24.7%, and 23.9% [4]. - The company’s total revenue for 2023 was 17.58 billion CNY, with a year-over-year decline of 8% [4]. - The earnings per share (EPS) are projected to be 0.73 CNY, 0.91 CNY, and 1.12 CNY for 2024, 2025, and 2026, respectively [4].
软通动力：2024年中报点评：华为合作+AIPC，多线促业绩高速增长