VENUSTECH(002439) 东吴证券·2024-08-29 03:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 met market expectations, with revenue of 1.574 billion yuan, a year-on-year increase of 3.42%, but a net profit attributable to shareholders of -182 million yuan, indicating a loss compared to the previous year [2][3] - The second quarter of 2024 saw a revenue decline of 11.30% year-on-year, with a net profit of -69 million yuan, reflecting a shift from profit to loss [3] - The company is focusing on strategic innovation and increasing R&D investment, particularly in emerging security sectors, with a 5.54% year-on-year increase in R&D spending [3] Summary by Relevant Sections Financial Performance - Total revenue for 2022 was 4.437 billion yuan, with projections of 4.507 billion yuan for 2023, 5.204 billion yuan for 2024, and 6.221 billion yuan for 2025, reflecting a growth rate of 15.47% in 2024 [2][8] - The net profit attributable to shareholders was 626.11 million yuan in 2022, with projections of 741.14 million yuan for 2023 and 845.89 million yuan for 2024, indicating a year-on-year growth of 14.13% [2][8] Margin and Cost Management - The gross margin for the first half of 2024 was 56.51%, a decrease of 3.75 percentage points year-on-year, but the second quarter saw a recovery with a gross margin of 64.59%, an increase of 13.77 percentage points from the previous quarter [3] - The company has successfully reduced its operating expenses, with a 2.69% year-on-year decrease in total operating expenses for the first half of 2024 [3] Strategic Focus - The company is enhancing its collaboration with China Mobile and focusing on technological innovation, particularly in cloud security and IoT security, with revenues in these areas growing over 150% year-on-year [3] - The company has adjusted its earnings per share (EPS) forecasts for 2024-2026 to 0.69 yuan, 0.88 yuan, and 1.12 yuan respectively, down from previous estimates, but maintains a positive outlook for future order recovery [3]