Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for the stock price over the next 6-12 months [2][5]. Core Insights - The company has shown significant revenue growth, achieving 12.56% gross margin in the first half of 2024, despite facing challenges such as increased competition and rising labor costs [1][3]. - The acquisition of Tongfang Computer has contributed to a revenue increase of 39.10 billion yuan, accounting for 31.22% of total revenue in the first half of 2024 [1]. - The company is deepening its collaboration with Huawei in both hardware and software ecosystems, which is expected to drive future performance [1][4]. Financial Performance - For the first half of 2024, the company reported revenue of 125.26 billion yuan, a year-on-year increase of 45.98%, while the net profit attributable to shareholders was -1.54 billion yuan, a decrease of 176.17% [3]. - The second quarter of 2024 saw revenue of 70.76 billion yuan, a year-on-year increase of 61.66%, with a net profit of 1.23 billion yuan, down 13.25% year-on-year [3]. - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.72, 0.90, and 1.11 yuan, respectively, with corresponding P/E ratios of 46.53, 37.22, and 30.10 [5][6]. Strategic Developments - The company is focusing on cost reduction and efficiency improvements, with a decrease in total expense ratio by 3.42 percentage points compared to the previous year [1]. - New product launches based on Huawei's Kunpeng and Ascend processors are part of the company's strategy to enhance its hardware offerings [1]. - The company is also involved in the development of open-source software solutions, contributing to the OpenHarmony project and launching its own operating systems [1].
软通动力：收购同方驱动收入高增，华为合作持续深化