sunline(SZ:300348) ZHONGTAI SECURITIES·2024-09-11 05:59Investment Rating - The report maintains a "Buy" rating for the company with a market price of 7.76 yuan [1][2][7] Core Views - The company has shown a continuous improvement in gross margin and has secured significant overseas contracts, indicating strong growth potential [1][4] - Despite a short-term revenue decline due to project implementation cycles, the company has a robust order performance, particularly in its digital finance and big data application sectors [4] - The company has successfully reduced costs, leading to a notable increase in gross margin, which reached 38.07% in H1 2024, up 1.73% year-on-year [4] - The company is committed to expanding its overseas business, having signed a significant contract worth 49.6 million USD with a Thai bank, showcasing its competitive edge in Southeast Asia [4] Financial Summary - Revenue projections for 2024-2026 are estimated at 22.30 billion, 26.45 billion, and 31.93 billion yuan respectively, with corresponding net profits of 0.94 billion, 1.31 billion, and 1.77 billion yuan [4][6] - The company experienced a revenue of 7.04 billion yuan in H1 2024, a decrease of 5.99% year-on-year, while net profit increased by 118.44% to 0.02 billion yuan [4] - The company’s net asset return is projected to improve from 2% in 2023 to 11% by 2026, indicating enhanced profitability [1][6]