GLODON(002410) 海通国际·2024-09-01 08:03Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 15.16, reflecting a significant adjustment from the previous target of RMB 97.07 after a stock split [5]. Core Insights - The company reported a revenue of RMB 2.96 billion for H1 2024, a decrease of 3.61% year-on-year, while the net profit attributable to shareholders was RMB 192 million, down 22.70% year-on-year. However, Q2 showed a recovery with a net profit of RMB 186 million, up 44.66% year-on-year, driven by effective cost control measures [2][12]. - The digital cost business demonstrated resilience with a revenue of RMB 2.46 billion, an increase of 4.23% year-on-year, attributed to enhanced product value and increased renewal rates. Conversely, the digital construction business faced a decline of 37.46% year-on-year, prompting a strategic shift towards quality over scale [3][12]. - The company launched an AI platform, AecGPT, aimed at transforming the construction industry through automation and decision-making capabilities across various sectors [3][12]. Summary by Sections Financial Performance - H1 2024 revenue was RMB 2.96 billion, down 3.61% YoY; net profit was RMB 192 million, down 22.70% YoY; Q2 revenue was RMB 1.66 billion, down 5.61% YoY, but net profit increased to RMB 186 million, up 44.66% YoY [2][12]. - The company expects revenue growth for 2024-2026 to be RMB 6.81 billion, RMB 7.25 billion, and RMB 7.79 billion, respectively, with net profits projected at RMB 614 million, RMB 860 million, and RMB 1.09 billion [5][12]. Business Segments - Digital cost business revenue was RMB 2.46 billion, up 4.23% YoY, while digital construction revenue was RMB 288 million, down 37.46% YoY. The digital design segment saw a revenue of RMB 35 million, down 22.03% YoY, and overseas business revenue was RMB 106 million, up 11.29% YoY [3][12]. - The company is focusing on enhancing its product structure and increasing the share of self-developed software and hardware in its construction business [3][12]. Future Outlook - The report anticipates a significant recovery in net profit for 2024, projecting a growth of 429.6% year-on-year, followed by 40.2% and 26.7% in the subsequent years [5][12]. - The introduction of AI-driven solutions is expected to enhance operational efficiency and market competitiveness, positioning the company favorably for future growth [3][12].