Hoperun Software(300339) 兴业证券·2024-09-19 01:41Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Insights - The company is actively participating in the Huawei ecosystem, enhancing its collaboration and positioning within the "Hongmeng + Euler" ecosystem [7]. - The company's performance shows steady growth, with a revenue of 1.58 billion yuan in H1 2024, representing a year-on-year increase of 10.10% [7]. - The innovative business segment is accelerating, with a revenue of 338 million yuan in H1 2024, a significant year-on-year growth of 95.84%, accounting for 21.38% of total revenue [8]. Financial Performance Summary - Revenue Forecast: Expected revenues for 2024-2026 are projected at 3.76 billion, 4.53 billion, and 5.42 billion yuan, with year-on-year growth rates of 21.1%, 20.4%, and 19.6% respectively [6]. - Net Profit Forecast: The forecasted net profits for the same period are 239 million, 328 million, and 427 million yuan, with growth rates of 45.9%, 37.3%, and 30.2% respectively [6]. - Gross Margin: The gross margin is expected to stabilize at 26.1% from 2024 to 2026 [6]. - Return on Equity (ROE): Projected ROE is expected to increase from 6.6% in 2024 to 9.8% in 2026 [6]. Business Segment Performance - Financial Technology: Revenue of 839 million yuan in H1 2024, with a growth rate of 6.69% [7]. - Smart IoT: Revenue of 489 million yuan in H1 2024, with a growth rate of 15.50% [7]. - Smart Energy Information: Revenue of 191 million yuan in H1 2024, with a growth rate of 22.74% [7].