山石网科(688030) - 山石网科投资者调研纪要

Financial Performance - The company achieved operating revenue of 381 million yuan in the first half of 2024, a year-on-year increase of 2.02% [1] - Main business revenue reached 378 million yuan, growing by 2.33% year-on-year, with self-owned security product revenue increasing by approximately 16.30% [1] - Gross margin improved to 75.54%, positioning the company as a leader in the industry [1] Profitability - The net profit attributable to shareholders was a loss of 80.09 million yuan, narrowing by 28.81% year-on-year [2] - The net profit after deducting non-recurring gains and losses was a loss of 85.59 million yuan, narrowing by 27.27% year-on-year [2] - The company aims to focus on profitability recovery while maintaining stable revenue growth [2] Strategic Initiatives - The company is implementing a "Technology + Ecology" development model to enhance operational efficiency and product competitiveness [2] - The "Hundred Customers" initiative was launched to strengthen strategic partnerships with high-potential clients, covering nearly 100 clients across multiple provinces and overseas [4] - The company has introduced nearly 70 new products in the domestic innovation sector, achieving sales revenue of 62.50 million yuan, a year-on-year increase of 184.57% [4] Market Expansion - The company’s overseas revenue reached approximately 35.22 million yuan, accounting for about 9.3% of main business revenue, with a year-on-year growth of about 9% [6] - The focus for overseas expansion has shifted from broad coverage to localized deep cultivation, particularly in Brazil and Southeast Asia [6] Cost Management - The total number of employees decreased by approximately 10% to 1,683 by the end of the first half of 2024 [7] - Sales expenses decreased by 2.27% year-on-year, while R&D expenses increased by 7.93% [7] - Management expenses increased by 34.21%, primarily due to one-time costs, but normalized growth was about 9% [7] Future Outlook - The company is optimistic about achieving revenue growth and profitability recovery in the short term, with a focus on the financial, energy, and transportation sectors [5] - The company has set ambitious targets for the second half of 2024, including achieving quarterly breakeven and profitability by the fourth quarter [3]