IMS(600556) 国信证券·2024-08-26 12:40Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][9] Core Views - The company experienced a 5% decline in revenue in the first half of 2024, primarily due to customer structure adjustments and weak demand [1][4] - The company's net profit attributable to shareholders decreased by 28.2% year-on-year, impacted by credit impairment losses and foreign currency translation differences [1][4] - Despite the revenue decline, the company continues to strengthen its position in the influencer economy sector through various innovative business initiatives [1][4][9] Financial Performance Summary - For the first half of 2024, the company's operating revenue was 2.0 billion yuan, down 5.0% year-on-year, with a net profit of 0.45 billion yuan [1][4] - The second quarter revenue was 1.04 billion yuan, reflecting a 9.9% decline year-on-year, with a net profit of 0.3 billion yuan, down 30.3% [1][4] - The gross margin decreased by 1.7 percentage points to 17.6%, while the overall expense ratio fell by 1.2 percentage points to 9.4% [1][4][7] Business Development Summary - The company has seen an increase in active customers and influencers, with over 200,000 registered merchant customers and 3.2 million influencer accounts as of June 2024 [1][4][8] - New business initiatives include influencer vocational education, trendy content platforms, and various data-driven services aimed at enhancing marketing efficiency [1][4][8] - The company is positioned as a "super connector" in the entrepreneur economy, leveraging its extensive data and media resources to enhance its market position [1][4][8]