迪普科技：业绩增长良好，经营质量改善

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 15.47 CNY, while the current stock price is 11.87 CNY [1][6]. Core Insights - The company has shown robust revenue growth, achieving 502 million CNY in revenue for the first half of 2024, representing a year-on-year increase of 13.63%. The second quarter alone saw a revenue increase of 17.42% [2][3]. - The net profit attributable to shareholders for the first half of 2024 reached 52 million CNY, up 32.09% year-on-year, with Q2 net profit soaring by 127.23% [2][3]. - The company has successfully implemented a counter-cyclical expansion strategy, particularly in the government sector, which grew by 13.54% despite external pressures [3][4]. - The overall gross margin improved to 74.24%, an increase of 5.04 percentage points year-on-year, reflecting enhanced management capabilities and operational quality [3][4]. - The company is focusing on high-value clients in sectors such as telecommunications, finance, and energy, while also expanding into government and enterprise markets [6]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 74.24%, with a decrease in the expense ratio across sales, management, and R&D [3]. - The cash flow from operating activities turned positive, with a net operating cash flow of 58 million CNY, indicating improved cash collection and operational quality [3]. - Revenue projections for 2024, 2025, and 2026 are estimated at 1.23 billion CNY, 1.47 billion CNY, and 1.77 billion CNY respectively, with net profits expected to reach 166 million CNY, 210 million CNY, and 266 million CNY [6][9].