迪普科技：Q2业绩加速增长，研发、市场双向扩张

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] 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, while the net profit excluding non-recurring items was 46 million yuan, also up 32.34% year-on-year. The gross margin stood at 68.54%, an increase of 1.06 percentage points year-on-year [2][5] - In Q2 2024, the company achieved a revenue of 248 million yuan, a year-on-year increase of 17.42%. The net profit attributable to shareholders was 15 million yuan, a significant increase of 127.23% year-on-year, and the net profit excluding non-recurring items was 13 million yuan, up 266.38% year-on-year. The gross margin for this quarter was 67.66%, up 2.62 percentage points year-on-year [2][5] Financial Performance Summary - For the first half of 2024, government client revenue was 161 million yuan, a year-on-year increase of 13.54%, while operator client revenue was 135 million yuan, a year-on-year decrease of 10.37%. Public utility client revenue was 84 million yuan, up 7.94% year-on-year [6] - The company’s sales expenses for the first half of 2024 were 192 million yuan, an increase of 3.71% year-on-year, while management expenses were 21 million yuan, up 18.95% year-on-year. R&D expenses were 128 million yuan, a growth of 5.33% year-on-year [6] - The company is expected to achieve revenues of 1.259 billion yuan, 1.563 billion yuan, and 1.928 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21.76%, 24.18%, and 23.35% [6][10] Valuation Metrics - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.26 yuan, 0.34 yuan, and 0.44 yuan respectively, with a three-year compound annual growth rate (CAGR) of 30.49% [6][10] - The price-to-earnings (P/E) ratio is expected to decrease from 50.6 in 2022 to 27.0 by 2026, indicating a more favorable valuation over time [10]