VENUSTECH(002439) 开源证券·2024-08-29 14:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company is expected to continue its robust growth in revenue while actively expanding into emerging security sectors. The long-term development outlook remains positive, supported by strategic collaborations, particularly with China Mobile [3][5]. Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 1.574 billion yuan, representing a year-on-year growth of 3.42%. However, the net profit attributable to shareholders was -182 million yuan, primarily due to fluctuations in the stock prices of associated listed companies, leading to a decline in investment income and fair value changes [4]. - The gross profit margin for the first half of 2024 was 56.51%, a decrease of 3.76 percentage points year-on-year, but the second quarter saw a quarter-on-quarter increase of 13.77 percentage points to 64.59% [4]. - The company has effectively managed expenses, with total operating expenses (selling, administrative, and R&D) decreasing by 2.69% year-on-year. Additionally, cash collection improved, with a year-on-year increase of 13.69% in cash receipts [4]. Strategic Initiatives - The company is enhancing its strategic integration with China Mobile, focusing on new security fields such as AI+security, cloud network security, data element security, identity trust and cryptography applications, and industrial internet security. Revenue from cloud security, identity trust products, and 5G+industrial internet security detection products grew by over 150% year-on-year [5]. Financial Forecasts - The revised net profit forecasts for 2024-2026 are 535 million yuan, 771 million yuan, and 1.038 billion yuan, respectively, with corresponding EPS of 0.44 yuan, 0.63 yuan, and 0.85 yuan per share. The current stock price corresponds to P/E ratios of 43.8, 30.4, and 22.6 times for the respective years [3][6].