Investment Rating - The investment rating for the company is "Buy" [4][12]. Core Views - The company has achieved significant revenue growth of 45.98% year-on-year, reaching 12.526 billion yuan in the first half of 2024, primarily due to the acquisition of Tongfang Computer [4]. - The company has outlined a growth strategy focusing on four major business areas, emphasizing the integration of software and hardware, and aims to expand its international market presence [4][7]. - The company is currently in a transitional phase, focusing on product planning, business integration, and management improvement, with expectations for enhanced operational efficiency in the future [8]. Financial Performance - In the first half of 2024, the company reported a net profit attributable to shareholders of -154 million yuan, a decrease of 176.17%, while the net cash flow from operating activities was -371 million yuan, an increase of 57.89% [4]. - The company expects revenues of 29.821 billion yuan, 33.038 billion yuan, and 37.196 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 679 million yuan, 773 million yuan, and 1.029 billion yuan [8][9]. - The company's asset-liability ratio at the end of the reporting period was 53.58%, an increase of 21.45 percentage points compared to the previous year, mainly due to the acquisition of Tongfang Computer [4][6]. Business Strategy - The company is enhancing its product and business innovation investments to build a "soft and hard collaborative + self-controllable" industrial ecosystem, focusing on AI and data elements [7]. - The company has established several research institutes, including a Robotics Research Institute and an AI PC Research Institute, to drive innovation and product development [7]. - The company aims to strengthen its manufacturing capabilities and supply chain management through strategic partnerships and the establishment of smart manufacturing bases in key regions [7].
软通动力：2024半年报点评：新业务架构完成首次亮相，构建“软硬协同+自主可控”产业闭环