产品创新与市场拓展同步推进。上半年，面对下游需求波动以及去年同期高基数效应，公司聚焦主业，提升经营质量，1H24 收入同比基本持平，单2 季度收入同比增长16.0%。在产品方面，上半年，公司数据安全深度融合恒脑·安全垂域大模型能力，收入同比增长超150%；商用密码整机及系统类产品出货量、商用密码客户数及产品收入均实现同比超100%增长；政府领域收入同比增长超80%，根据公司公告，未来计划向央国企行业不断推进，我们认为有望维持高速增长态势。在行业方面，上半年，公司全面深化市场拓展，电力/央国企/电信板块分别实现150%/60%/ 60%以上的增长；政府端收入稳步增长，其中大数据局收入实现高速增长。从订单额看，上半年公司在电力、交通、网信等重点行业订单额实现较快增长，公安、油气等行业在二季度订单额也实现了快速增长，我们认为在手订单的快速增长有望为未来成长夯实基础。Anheng Information's 2Q24 revenue increased 16.0%, which is basically in line with market expectations. The company announced 1H24 results: revenue increased 0.3% year over year to 0.7 billion yuan; net loss to mother narrowed 32.6% year over year to 0.28 billion yuan; net loss after deducting non-net loss narrowed 32.1% year over year to 0.29 billion yuan. Single quarter 2:
Revenue increased 16.0% year-on-year to 0.42 billion yuan, up 48.4% month-on-month; net loss to mother narrowed 65.7% yoy to 0.075 billion yuan, or 62.5% month-on-month; deducted non-net loss narrowed 63.9% yoy to 0.082 billion yuan, or 59.8% month-on-month, which is basically in line with market expectations.
Development trends
Product innovation and market expansion are progressing at the same time. In the first half of the year, in the face of fluctuations in downstream demand and the high base effect of the same period last year, the company focused on the main business to improve the quality of operations. 1H24 revenue remained basically flat year on year, and revenue for the second quarter increased 16.0% year on year. On the product side, in the first half of the year, the company's data security was deeply integrated with the power of the Everbrain and security vertical model, and revenue increased by more than 150% year on year; shipments of commercial cryptographic machines and system products, number of commercial cryptographic customers and product revenue all achieved a year-on-year increase of more than 100%; government revenue increased by more than 80% year on year. According to company announcements, future plans continue to advance towards the central state-owned enterprise industry, and we believe it is expected to maintain a rapid growth trend. On the industry side, in the first half of the year, the company comprehensively deepened its market expansion, and the electricity/central state-owned enterprise/telecom sector achieved growth of 150%/60%/60% respectively; government revenue grew steadily, with revenue from the Big Data Bureau growing rapidly. Looking at order value, the company achieved a relatively rapid increase in order volume in key industries such as electricity, transportation, and Internet communication in the first half of the year, and the public security, oil and gas industries also achieved rapid growth in order volume in the second quarter. We believe that the rapid increase in on-hand orders is expected to lay a solid foundation for future growth.
Gross margin has improved, and cost reduction and efficiency have been very effective. Benefiting from the company's continuous optimization of hardware and labor costs, gross margin was gradually restored. 1H24 gross margin was +1.2ppt to 55.1% year over year; gross margin for the second quarter was +7.1ppt to 58.7% year on year, +8.8 ppt month-on-month. The company continued to promote cost reduction and efficiency. The total three fees for 1H24 were -25.0% to 0.66 billion yuan, and sales/management/R&D expenses decreased by 14.5/4.9/12.6ppt to 49.8%/9.6%/35.7%, respectively; the sales, management, and R&D expenses rate for the second quarter decreased by 21.8/7.8/21.0ppt to 43.5%/6.7%/27.4% year-on-year, down 15.5/7.3/20.7ppt year-on-year. Benefiting from improved operating efficiency and effective control of expenses, 1H24's net loss narrowed by 65.7% year on year to 0.075 billion yuan, and net interest rate/net interest rate decreased by 19.2/19.6ppt to -39.5%/-41.0% year on year, respectively. 1H24 net cash outflow from operating activities decreased by 0.15 billion yuan to 0.43 billion yuan; net cash outflow from operating activities decreased by 0.29 billion yuan to 0.07 billion yuan year-on-year in the second quarter.
Profit forecasting and valuation
Considering that the company has been very effective in reducing costs and increasing efficiency, it is expected that it will gradually repair and maintain its outperforming industry rating. Keep profit forecasts largely unchanged. Due to the decline in the valuation center of the industry, the target price was lowered by 35% to 40 yuan (corresponding to 1.7/1.5 times 2024/25e P/S) after considering the diluted share capital. The current stock price corresponds to 1.2/1.0 times 2024/25e P/S, with 44% upward space.
risks
Downstream customer demand falls short of expectations; new product expansion falls short of expectations.
