大华股份：业绩或将持续温和改善，数字化发展长坡厚雪

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to see a moderate improvement in performance, driven by digital transformation opportunities and a focus on multi-dimensional sensing, intelligent computing, and data communication [4][5] - The company achieved revenue of 14.867 billion yuan in the first half of 2024, a year-on-year increase of 1.59%, while the net profit attributable to shareholders was 1.810 billion yuan, a year-on-year decrease of 8.42% [4] - The company is focusing on enhancing its distribution system and exploring operations with tier-three customers, which has led to continued growth in overseas business [4] Financial Performance Summary - Revenue for 2024 is projected to be 34.201 billion yuan, with a growth rate of 6.15% [3] - The net profit attributable to shareholders is expected to be 3.806 billion yuan in 2024, with a net profit growth rate of -48.30% [3] - Earnings per share (EPS) is projected to be 1.16 yuan in 2024, with a price-to-earnings (PE) ratio of 11.34 [3] - Return on equity (ROE) is expected to be 10.31% in 2024 [3] Business Segment Performance - The company's domestic business revenue was 7.381 billion yuan, a year-on-year decrease of 5.01%, while overseas business revenue was 7.485 billion yuan, a year-on-year increase of 9.08% [4] - In the B-end market, the company achieved stable growth with revenue of 3.901 billion yuan, a year-on-year increase of 1.11% [4] - The G-end market faced challenges with revenue of 1.768 billion yuan, a year-on-year decrease of 15.07% [4] Future Outlook - The company is expected to continue launching competitive software and hardware products, with revenue projections of 34.201 billion yuan in 2024, 37.680 billion yuan in 2025, and 42.561 billion yuan in 2026 [5] - The net profit is projected to reach 3.806 billion yuan in 2024, 4.331 billion yuan in 2025, and 5.058 billion yuan in 2026 [5]