值得买：24H1营收稳健增长，AI业务&出海有望贡献业绩增量

Investment Rating - The investment rating for the company is "Buy" with an expectation of returns exceeding 10% relative to the CSI 300 index over the next six months [1]. Core Views - The company has shown steady revenue growth in the first half of 2024, with a revenue of 716 million yuan, a year-on-year increase of 5.69%. However, the net profit attributable to shareholders decreased by 72.81% to 8 million yuan due to increased R&D expenses in AI and overseas business [1][7]. - The company is focusing on AI-driven business models and expanding its overseas market presence, which is expected to contribute positively to future performance [6][7]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 716 million yuan, up 5.69% year-on-year, while the net profit attributable to shareholders was 8 million yuan, down 72.81% [1]. - The gross margin was 46.97%, a decrease of 2.15 percentage points year-on-year, and the net margin was 1.29%, down 3.18 percentage points [1]. - For Q2 2024, the company reported a revenue of 420 million yuan, a slight decrease of 0.99% year-on-year, with a net profit of 30 million yuan, an increase of 5.25% [1]. Business Development - The company is enhancing its marketing services and has made significant investments in AI and overseas expansion. It has established three overseas companies to facilitate this growth [6][7]. - The average monthly active users for the company's platform reached 37.79 million, a year-on-year increase of 1.62%, indicating stable user engagement [1][6]. Future Projections - The company is projected to achieve net profits of 105.31 million yuan, 143.15 million yuan, and 181.21 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.53, 0.72, and 0.91 yuan [7][9]. - The expected PE ratios for these years are 34, 25, and 20 times, respectively, suggesting a favorable valuation outlook [7].