Investment Rating - The report assigns a rating of "Hold" for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark index [9]. Core Views - The company, Jiufang Zhitu Holdings, reported a revenue of 8.98 billion RMB for the first half of 2024, reflecting a year-on-year increase of 4.11%, but a net profit of -1.74 billion RMB [1]. - The total order amount for the first half of 2024 was approximately 9.31 billion RMB, a decrease of about 26.2% compared to the same period last year [1]. - The company has increased its R&D investment to approximately 1.54 billion RMB, which accounts for about 17.2% of total revenue, showing a year-on-year growth of 6.2% [1]. - The company has expanded its research team, now comprising 654 professionals, which is about 22.7% of the total workforce, an increase of approximately 13% year-on-year [1]. - The company has accelerated its digital transformation, with AI services reaching approximately 257,000 clients and cumulative services totaling 15.83 million times [1]. Financial Summary - The projected revenue for 2024 is estimated at 19.65 billion RMB, with a growth rate of 6% from the previous year [2]. - The forecasted net profit for 2024 is -4 million RMB, indicating a significant decline of 102% compared to the previous year [2]. - The earnings per share (EPS) for 2024 is projected to be -0.01 RMB, with a recovery expected in subsequent years [2]. - The company’s gross margin is expected to be 79.9% in 2024, slightly down from 83.61% in 2023 [5]. - The return on equity (ROE) is projected to be -0.28% in 2024, with a recovery to 6.47% by 2025 [5].
九方智投控股：资本市场波动导致利润承压，数智化转型夯实发展基础