迪普科技2024半年报点评：收入增长加快，政府端表现亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 502 million yuan for the first half of 2024, representing a year-on-year growth of 13.63%. The net profit attributable to shareholders was 52 million yuan, up 32.09% year-on-year [2] - The government sector showed strong performance, benefiting from a counter-cyclical expansion strategy, with revenue of 161 million yuan, a year-on-year increase of 13.54% [3] - The company's gross margin improved to 68.54% in the first half of 2024, an increase of 1.07 percentage points year-on-year, driven by a significant rise in the gross margin of application delivery products [4] - The company has been executing an orderly expansion strategy since 2022, with a notable increase in R&D and sales personnel, which is expected to sustain growth in 2024 [5] - Revenue projections for 2024-2026 are estimated at 1.227 billion, 1.437 billion, and 1.652 billion yuan, with corresponding net profits of 158.56 million, 191.82 million, and 237.95 million yuan, reflecting growth rates of 25.21%, 20.98%, and 24.05% respectively [6] Summary by Sections Financial Performance - The company achieved a revenue of 502 million yuan in H1 2024, with a net profit of 52 million yuan, marking a 32.09% increase year-on-year [2] - The gross margin for H1 2024 was 68.54%, up 1.07 percentage points from the previous year, attributed to improved cost advantages from self-developed hardware [4] Sector Performance - Government sector revenue reached 161 million yuan, growing 13.54% year-on-year due to increased market coverage from strategic investments [3] - The operator sector revenue was 135 million yuan, down 10.37%, influenced by project delivery delays [3] - Public utility sector revenue was 84 million yuan, up 7.94%, driven by high investment in security from key infrastructure industries [3] Strategic Initiatives - The company has been implementing a counter-cyclical expansion strategy since 2022, resulting in a 10.66% increase in R&D personnel and a 28.97% increase in sales personnel [5] - The company is expected to maintain a good growth trend in 2024 due to ongoing optimization in resource allocation, market development, and operational efficiency [5] Earnings Forecast - Projected revenues for 2024-2026 are 1.227 billion, 1.437 billion, and 1.652 billion yuan, with net profits of 158.56 million, 191.82 million, and 237.95 million yuan, indicating strong growth potential [6]