Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price adjusted to 42.97 CNY, down from the previous forecast of 46.95 CNY [4][16]. Core Insights - The company has achieved rapid revenue growth, with a significant contribution from the acquisition of hardware businesses. The net profit turned positive in the second quarter, indicating a potential for exceeding expectations under the integrated software and hardware advantage [3][4]. - For the first half of 2024, the company reported revenue of 12.526 billion CNY, a year-on-year increase of 45.98%, while the net profit attributable to shareholders was -154 million CNY, a decline of 176.17% year-on-year [8][14]. - The traditional software business remains stable, and the newly acquired hardware business has significantly bolstered revenue. The company completed acquisitions in February 2024, enhancing its hardware capabilities [3][14]. Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 30.9 billion CNY in 2024, 34.56 billion CNY in 2025, and 38.47 billion CNY in 2026, reflecting growth rates of 75.8%, 11.8%, and 11.3% respectively [8][14]. - The net profit attributable to shareholders is expected to be 631 million CNY in 2024, 823 million CNY in 2025, and 1.107 billion CNY in 2026, with corresponding EPS of 0.66 CNY, 0.86 CNY, and 1.16 CNY [8][14]. - The company’s total assets are projected to reach 21.225 billion CNY by 2024, with total liabilities of 10.265 billion CNY, resulting in a debt-to-equity ratio of approximately 48.4% [10][14]. Business Segments - The software and digital technology services segment includes general technology services, digital technology services, consulting solutions, and digital operation services. Revenue growth is expected to stabilize and recover in 2024 after a decline in 2023 due to budget constraints from major clients [13][14]. - The computing products and digital infrastructure services segment, bolstered by recent acquisitions, is expected to maintain rapid growth, with projected revenue of 120.41 billion CNY in 2024 [14]. - The emerging business in digital energy and intelligent computing services is anticipated to grow rapidly, with expected revenue of 2.5 billion CNY in 2024, driven by increasing demand for AI computing and digital energy solutions [14].
软通动力：公司更新报告：二季度环比扭亏，筑牢软硬一体化优势