Haisum(002116)2024-09-12 10:03Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][20] Core Views - The company achieved a revenue of 2.73 billion yuan in the first half of 2024, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 140 million yuan, up 10.1% year-on-year [2][6] - The company experienced a significant increase in overseas orders, with a year-on-year growth of 153%, and the overall gross margin improved [2][6] - The company is expected to continue benefiting from its strong brand and customer resources, with potential for expansion in overseas markets [2][20] Financial Performance - In the first half of 2024, the company reported a gross margin of 15.84%, an increase of 1.28 percentage points from the previous year [2][12] - The operating cash flow for the first half of 2024 was 2.78 billion yuan, a year-on-year increase of 5.9% [2][18] - The company’s new contract value reached 4.622 billion yuan in the first half of 2024, a year-on-year increase of 13% [2][7] Revenue and Profit Forecast - The forecast for revenue from 2024 to 2026 is 6.694 billion yuan, 7.081 billion yuan, and 7.720 billion yuan respectively [2][20] - The net profit attributable to shareholders is projected to be 337 million yuan, 360 million yuan, and 380 million yuan for the same period [2][20] - The earnings per share are expected to be 0.72 yuan, 0.77 yuan, and 0.82 yuan for 2024 to 2026 [2][20]