Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The e-commerce customer service outsourcing business has contributed significantly to revenue growth, but profit performance has not kept pace due to changes in business structure. Future new businesses are expected to gradually show synergy with the main business [1][2] - The company reported total revenue of 72.04 million yuan for H1 2024, a year-on-year increase of 34.1%, while net profit attributable to the parent company was 20.19 million yuan, down 5.1% year-on-year [2] - The SaaS software service and e-commerce customer service outsourcing revenues for H1 2024 were 57.14 million yuan and 13.17 million yuan, respectively, with year-on-year growth rates of 11.2% and 100% [2] Financial Summary - Revenue for 2022 was 113 million yuan, with projections of 114 million yuan for 2023, 151 million yuan for 2024, 211 million yuan for 2025, and 254 million yuan for 2026. The year-on-year growth rates are -4.8%, 0.9%, 32.0%, 40.3%, and 20.1% respectively [1] - Net profit attributable to the parent company for 2022 was 42 million yuan, with projections of 42 million yuan for 2023, 45 million yuan for 2024, 55 million yuan for 2025, and 65 million yuan for 2026, reflecting year-on-year changes of -13.4%, 1.4%, 5.7%, 22.8%, and 17.5% respectively [1] - The company maintains a high level of R&D investment, with R&D expenses for H1 2024 amounting to 13.83 million yuan, a year-on-year increase of 19.7%, representing a R&D expense ratio of 19.2% [2]
美登科技：新业务贡献收入增量，研发保持较高水平