Runjian (SZ:002929) GOLDEN SUN SECURITIES·2024-09-23 23:36Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite short-term challenges [2][3]. Core Views - The company experienced a 3.7% decline in revenue to 4.424 billion yuan in the first half of 2024, with a net profit drop of 17.2% to 236 million yuan [1]. - The communication operation business remains stable, with a 0.9% revenue increase to 2.077 billion yuan, supported by AI-driven innovations [1]. - The computing power network business saw significant growth, with a 32.8% revenue increase to 225 million yuan, driven by strategic investments and partnerships [1]. - The renewable energy business faced short-term pressure, with a 19.3% revenue decline to 780 million yuan, although the order backlog remains strong [1]. Financial Performance Summary - Revenue projections for 2024-2026 are estimated at 9.278 billion yuan, 10.116 billion yuan, and 11.097 billion yuan respectively, with corresponding net profits of 474 million yuan, 577 million yuan, and 689 million yuan [2]. - The company’s earnings per share (EPS) is projected to grow from 1.68 yuan in 2024 to 2.44 yuan in 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 14.6x in 2024 to 10.1x in 2026, indicating potential value appreciation [2].