Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a significant growth in performance for the first half of 2024, with revenue reaching 340 million yuan, a year-on-year increase of 18.32%, and a net profit attributable to shareholders of 78 million yuan, up 55.20% year-on-year [5] - The gross margin improved to 35.38%, an increase of 4.08 percentage points year-on-year, while the net profit margin rose to 22.77%, up 5.41 percentage points year-on-year, indicating enhanced profitability driven by effective project management and cost control [5] - The company has implemented an equity incentive plan aimed at boosting long-term development, granting a total of 1.496 million restricted shares, which is approximately 0.62% of the total share capital [6] - Earnings forecasts for the company project net profits of 161 million yuan, 203 million yuan, and 250 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.66 yuan, 0.84 yuan, and 1.03 yuan [6][10] Financial Performance Summary - For the second quarter of 2024, the company achieved revenue of 182 million yuan, a year-on-year increase of 16.73% and a quarter-on-quarter increase of 15.35%, with a net profit of 42 million yuan, up 41.72% year-on-year and 18.49% quarter-on-quarter [5] - The company’s total revenue for 2023 is projected at 591 million yuan, with a year-on-year growth of 10.6%, and is expected to reach 804 million yuan in 2024, reflecting a growth of 35.9% [7][10] - The gross margin is expected to improve to 34.1% in 2024, with net profit margins projected at 20.0% [10] Equity Incentive Plan - The equity incentive plan includes a total of 1.496 million restricted shares, with a grant price of 6.88 yuan per share, aimed at enhancing employee motivation and supporting long-term stability [6] Valuation and Investment Suggestion - The company is assigned a reasonable valuation range of 15.84 to 18.48 yuan based on a PE ratio of 24-28 times for 2024, maintaining the "Outperform the Market" rating [6][9]
肇民科技：上半年业绩高速增长，盈利能力显著提升