VENUSTECH(SZ:002439) Huachuang Securities·2024-09-23 05:09Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 18.9 yuan [1]. Core Views - The company reported a revenue of 1.574 billion yuan for the first half of 2024, representing a year-on-year growth of 3.42%. However, it incurred a net loss of 182 million yuan, compared to a profit of 185 million yuan in the same period last year [1]. - The company is rapidly integrating into the mobile ecosystem, focusing on building a large-scale cybersecurity sector, and has received over 100 million yuan in collaborative R&D funding [1]. - The company is enhancing its technological innovation in various fields, including AI security and cloud security, with significant revenue growth in its emerging security business segments, particularly cloud security, which saw over 200% growth year-on-year [1]. Financial Summary - For 2024, the company expects revenues of 5.2 billion yuan, with a growth rate of 15.4%. The net profit is projected to be 773 million yuan, reflecting a growth rate of 4.2% [2]. - The earnings per share (EPS) are forecasted to be 0.63 yuan for 2024, with a price-to-earnings (P/E) ratio of 21 [2]. - The company’s gross margin for the first half of 2024 was 56.51%, a decrease of 3.76 percentage points year-on-year, but improved to 64.59% in Q2, showing a quarter-on-quarter increase of 13.77 percentage points [1].