VENUSTECH(002439) 信达证券·2024-09-05 08:12Investment Rating - The investment rating for the company Qimingxingchen (002439.SZ) is not explicitly stated in the provided documents, but the report indicates a focus on potential growth and strategic partnerships, suggesting a positive outlook for future performance [1]. Core Viewpoints - The company reported a revenue of 1.574 billion yuan in the first half of 2024, a year-on-year increase of 3.42%, but experienced a net loss attributable to shareholders of 182 million yuan, a shift from profit to loss compared to the previous year [1]. - The gross profit margin improved by 13.77 percentage points to 64.59% in the second quarter, indicating a recovery in profitability despite the overall loss [1]. - The company is focusing on the emerging security sector, with significant growth in cloud security and identity trust products, which saw revenue growth exceeding 150% year-on-year [1]. - The company is enhancing its collaboration with China Mobile, which became the actual controlling shareholder in January 2024, and is implementing a strategic plan to develop AI and security integration [1]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 1.574 billion yuan, with a gross profit margin of 56.51%, down 3.76 percentage points year-on-year [1]. - The company’s total revenue is projected to grow from 4.785 billion yuan in 2024 to 6.148 billion yuan in 2026, with year-on-year growth rates of 6.2%, 11.2%, and 15.6% respectively [3]. - The net profit attributable to shareholders is expected to recover from a loss of 543 million yuan in 2024 to a profit of 977 million yuan by 2026, with a significant year-on-year growth of 43.5% in 2025 [3]. - The company’s EPS is projected to be 0.45 yuan in 2024, increasing to 0.80 yuan by 2026, with corresponding P/E ratios of 28.78, 20.05, and 15.99 [2][3]. Strategic Initiatives - The company is actively pursuing the development of AI-integrated security solutions, having launched the "Jiutian·Taihe Security Model" and related applications to enhance security operations and threat detection capabilities [1]. - The focus on new security sectors, particularly in collaboration with China Mobile, is expected to drive future growth and improve financial performance [2].