Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][14]. Core Insights - The company reported a revenue of 2.35 billion yuan for the first half of 2024, a year-over-year decrease of 13.94%, and a net profit attributable to shareholders of -80.82 million yuan, marking a significant decline from profitability [3][6]. - The decline in revenue is primarily attributed to non-strategic business areas, while strategic business segments have remained stable, with financial sector revenue showing a slight decrease of 0.83% year-over-year [3][6]. - The asset management software business has seen substantial growth, with a year-over-year increase of 58.74% in revenue, indicating potential future business opportunities [3][6]. - Cost control measures have been effective, with a notable decrease in employee compensation and lower expense ratios in sales, management, and R&D [3][6]. - The gross profit margin has increased due to a shift in business structure, with the financial business gross margin at 40.11% despite a year-over-year decline [3][6]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 2.35 billion yuan, with a year-over-year decline of 13.94% [3][6]. - The net profit attributable to shareholders was -80.82 million yuan, reflecting a year-over-year decrease of 233.19% [3][6]. - The company’s financial sector revenue was stable, while non-financial sector revenue decreased by 21.14% year-over-year [3][6]. - The forecast for total revenue from 2024 to 2026 is adjusted to 58.20 billion yuan, 64.11 billion yuan, and 72.07 billion yuan, respectively [4][14]. Strategic Focus - The company is focusing on its core business in financial IT, particularly in securities and asset management, while reducing its non-financial business operations [15]. - The core products are continuously being iterated, with successful implementations in the securities and asset management sectors [12][14]. - The company is leveraging its technology platform and core products to enhance its market position in the financial IT sector [12][14].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance is under short-term pressure due to industry market fluctuations In H1 2024, the company achieved revenue of 2 347 billion yuan, a year-on-year decrease of 13 94%, and a net loss attributable to the parent company of 81 million yuan, a year-on-year decrease of 223 19% [6] - Financial business revenue remained stable year-on-year, with significant growth in asset management IT and customized services In H1 2024, financial business revenue was 936 million yuan, a slight decrease of 0 83% year-on-year, while asset management IT revenue increased by 58 74% to 85 million yuan, and customized services revenue grew by 15 98% to 435 million yuan [6] - Non-financial business segments contracted overall, with IT equipment distribution revenue declining by 19 00% to 1 272 billion yuan, and digital economy revenue falling by 47 02% to 90 million yuan [6] - The company continues to invest in core technologies to ensure long-term competitiveness, with R&D expenses reaching 269 million yuan in H1 2024, a year-on-year increase of 2 15%, and an R&D expense ratio of 11 47%, up 1 81 percentage points year-on-year [7] - The company is steadily advancing the upgrade of its core products in the financial technology sector, with significant progress in the development and promotion of its next-generation trading system FS2 5 and asset management system A8 [7][9] Financial Performance and Forecast - The company's revenue is expected to grow steadily from 2024 to 2026, with projected revenues of 6 306 billion yuan, 6 448 billion yuan, and 6 622 billion yuan, representing year-on-year growth rates of 1 4%, 2 3%, and 2 7% respectively [9] - Net profit attributable to the parent company is forecasted to be 417 million yuan, 490 million yuan, and 606 million yuan for 2024-2026, with year-on-year growth rates of 12 9%, 17 5%, and 23 7% respectively [9] - The company's gross margin is expected to improve, rising from 23 8% in 2023 to 27 7% in 2026, while the net profit margin is projected to increase from 5 9% in 2023 to 9 1% in 2026 [8][11] Market Performance and Valuation - The company's stock price has experienced significant volatility, with a 52-week range of 8 85-14 15 yuan, and a closing price of 9 40 yuan on September 2, 2024 [2] - The company's market performance has underperformed the broader market, with a year-to-date decline of 37 27% as of June 2024, compared to the Haitong Composite Index [3] - The report assigns a 2024 dynamic PE range of 26-30x, with a fair value range of 11 44-13 20 yuan per share, based on comparable company valuations [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue of 2.347 billion yuan, a year-on-year decrease of 13.94%, and a net profit attributable to shareholders of -81 million yuan, a decline of 223.19% [1] - The company is focusing on its core financial technology business despite short-term performance pressures, with a strategic shift to enhance its core technology and product capabilities [1][2] - Significant industry-level strategic partnerships have been established, enhancing the company's AI capabilities and product offerings [2] Financial Performance Summary - For H1 2024, the company reported revenue of 2.347 billion yuan, down 13.94% year-on-year, and a net profit of -81 million yuan, down 223.19% year-on-year [1] - Revenue breakdown for H1 2024 includes: - Securities brokerage software: 241 million yuan, down 19.65% - Asset management software: 85 million yuan, up 58.74% - Banking software: 167 million yuan, down 16.67% - Comprehensive financial software: 8 million yuan, down 45.79% - Custom services: 435 million yuan, up 15.98% - Non-financial business: 1.403 billion yuan, down 21.14% [1] - R&D expenses for H1 2024 were 269 million yuan, an increase of 2.15% year-on-year, with R&D personnel constituting over 60% of the total workforce [2] Future Projections - Revenue projections for 2024 to 2026 are as follows: - 2024: 6.422 billion yuan - 2025: 6.582 billion yuan - 2026: 6.697 billion yuan - Net profit projections for the same period are: - 2024: 427 million yuan - 2025: 478 million yuan - 2026: 535 million yuan [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company focuses on its core financial technology business, maintaining stable revenue from financial IT services despite a decline in non-financial business revenue [3][6]. - The company reported a significant drop in revenue and net profit for the first half of 2024, with total revenue of 2.347 billion yuan, down 13.94% year-on-year, and a net loss of 81 million yuan [2][3]. Summary by Sections Financial Performance - In 2024 H1, the company achieved revenue of 2.347 billion yuan, a decrease of 13.94% year-on-year, and a net loss of 81 million yuan compared to a profit of 66 million yuan in the same period last year [2]. - For Q2 2024, revenue was 1.259 billion yuan, down 14.02% year-on-year, with a net loss of 1 million yuan compared to a profit of 124 million yuan in Q2 2023 [2]. Business Segments - Financial IT revenue remained stable with a slight decline, while non-financial business revenue saw a significant drop [3]. - The revenue breakdown for financial IT services includes: - Securities brokerage software: 241 million yuan, down 19.65% - Asset management software: 85 million yuan, up 58.74% - Banking software: 167 million yuan, down 16.67% - Comprehensive financial software: 8 million yuan, down 45.79% - Customized services: 435 million yuan, up 15.98% [3]. R&D and Profitability - The company's gross margin for H1 2024 was 19.60%, a decrease of 1.97 percentage points year-on-year, with specific margins for various segments: - Securities brokerage software: 84.25% - Asset management software: 67.39% - Banking software: 9.58% - Customized services: 22.08% [6]. - R&D expenses for H1 2024 were 269 million yuan, with a cumulative investment of 1.81 billion yuan from 2021 to 2023 [6]. Future Projections - Revenue projections for 2024-2026 are as follows: - 2024: 6.057 billion yuan - 2025: 6.118 billion yuan - 2026: 6.325 billion yuan - Expected net profits for the same period are: - 2024: 396 million yuan - 2025: 456 million yuan - 2026: 530 million yuan [7][9].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,347,310,768.26, a decrease of 13.94% compared to ¥2,727,389,212.77 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was -¥80,816,658.30, representing a decrease of 223.19% from ¥65,602,960.38 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥103,201,239.09, a decline of 712.22% compared to ¥16,857,016.51 in the same period last year[12]. - The basic earnings per share for the first half of 2024 was -¥0.0854, a decrease of 222.53% from ¥0.0697 in the same period last year[13]. - The weighted average return on net assets was -2.09%, a decrease of 3.84 percentage points compared to 1.75% in the previous year[13]. - The company reported a total comprehensive income of CNY 1,393,178.47 for the first half of 2024, with a net loss of CNY 80,816,658.30[97]. - The company reported a net profit margin decrease, with net profit for the first half of 2024 not specified but indicated to be lower than the previous year[86]. Cash Flow and Assets - The net cash flow from operating activities was -¥211,190,739.95, compared to -¥571,526,978.72 in the previous year, indicating an improvement in cash flow[12]. - The total assets at the end of the reporting period were ¥6,556,158,050.66, down 2.53% from ¥6,726,345,379.60 at the end of the previous year[12]. - The net assets attributable to shareholders of the listed company decreased by 3.17% to ¥3,778,979,717.77 from ¥3,902,894,866.95 at the end of the previous year[12]. - The total current assets amounted to ¥5,042,377,356.96, down from ¥5,157,128,221.70, indicating a decrease of about 2.22%[80]. - The company's cash and cash equivalents decreased to ¥1,237,851,112.83 from ¥1,589,226,763.33 at the end of 2023, representing a decline of approximately 22.08%[80]. - The ending cash and cash equivalents balance was CNY 1,186,418,550.27, up from CNY 929,976,268.67 in the first half of 2023[93]. Research and Development - Research and development expenses for the first half of 2024 amounted to 269 million, with cumulative R&D investment from 2021 to 2023 reaching 1.81 billion[21]. - Research and development expenses increased to ¥224.59 million, up 48.0% from ¥151.72 million year-over-year[89]. - The company has achieved CMMI Level 5 certification, indicating high levels of process organization, software development, and quality management capabilities[21]. - The company holds over 1,300 registered software copyrights, with more than 60% of its workforce dedicated to R&D[21]. Strategic Focus and Market Position - The company has focused its strategy on financial IT business, leading to a decline in non-financial business revenue due to market changes and longer collection periods[14]. - The company is positioned in the "financial technology + digital economy" sectors, providing comprehensive solutions to clients in securities, funds, banks, and other financial institutions[17]. - The financial technology industry is experiencing growth due to policy support and technological advancements, with a focus on digital transformation and AI integration[18]. - The company aims to develop integrated investment management and risk control solutions for fixed-income self-operated businesses in 2024[17]. - The company is actively promoting the application of its new generation investment trading system A8 in the asset management sector[31]. Investment and Shareholder Returns - The total amount of cash dividends declared or distributed is ¥1,948,913.55, reflecting the company's commitment to returning value to shareholders[45]. - The company has made additional investments totaling ¥6,700,000.00 during the reporting period, indicating ongoing growth initiatives[45]. - The company has established a long-term incentive mechanism, including stock options and restricted stock plans, to align the interests of core personnel with those of shareholders[23]. - The company approved the stock option incentive plan on June 30, 2022, with independent directors and the supervisory board providing their consent[54]. - As of September 30, 2023, 3.18 million shares were exercised under the stock option incentive plan, representing 58.24% of the total options available for the first exercise period[56]. Regulatory Compliance and Risk Management - The company did not report any significant risk events during the reporting period, and potential risks and countermeasures are detailed in the management discussion and analysis section[2]. - The company emphasizes the importance of regulatory compliance and operational standardization to support its growth strategy[72]. - There are no significant litigation or arbitration matters during the reporting period[61]. - The company has committed to not using raised funds for financial business directly or indirectly within 36 months of fund arrival[60]. Financial Liabilities and Equity - The total guarantee amount (including guarantees to subsidiaries) is 139,900,000 RMB, which accounts for 37.02% of the company's net assets[66]. - The total amount of raised funds is 100,133.82 million CNY, with a net amount after issuance costs of 99,867.34 million CNY[67]. - The company’s total liabilities and equity at the end of the period reached 3,908,788,593.98 RMB[102]. - The company’s total liabilities decreased to CNY 1,976,142,520.13 from CNY 2,080,683,596.54, showing improved financial leverage[85]. Accounting Policies and Financial Reporting - The financial statements were prepared in accordance with the relevant accounting standards and reflect the company's financial position accurately[110]. - The company recognizes significant accounts receivable when the amount exceeds 0.5% of total assets[114]. - The company applies a fair value measurement for identifiable assets and liabilities in non-controlling mergers[117]. - The company recognizes revenue based on the nature of performance obligations, with specific principles for product sales, system integration, and software development[193].

证券代码：600446 证券简称：金证股份 公告编号：2024-052 深圳市金证科技股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准深圳市 金证科技股份有限公司非公开发行股票的批复》（证监许可【2020】3158 号）文 件核准，深圳市金证科技股份有限公司（以下简称"公司"、"金证股份"）以 12.34 元/股的价格向 15 名特定对象非公开发行人民币普通股 81,145,721 股，募 集资金总额 1,001,338,197.14 元，扣除发行费用 16,550,943.39 元，实际募集资金 净额为 984,787,253.75 元。 截至 2021 年 3 月 5 日，保荐人（联席主承销商）平安证券股份有限公司（以 下简称"平安证券"）指定的收款银行账户收到 15 名发行对象缴纳的申购金证 股份本次非公开发行人民币普通股的资金。上述募集资金到位情况业经大华 ...

证券代码：600446 证券简称：金证股份 公告编号：2024-049 深圳市金证科技股份有限公司第八届董事会 2024 年第五次会议决议公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 因部分银行综合授信到期，公司重新向银行申请综合授信，授信金额合计 44,000万元，具体如下： 根据公司业务发展需要，公司向招商银行股份有限公司深圳分行申请金额不 超过人民币10,000万元（含）、期限不超过壹年的综合授信额度（实际币种、金 额、期限、用途以银行的最终审批结果为准），担保方式为信用。 根据公司业务发展需要，公司向中国邮政储蓄银行股份有限公司深圳分行申 请金额不超过人民币14,000万元（含）、期限不超过壹年的综合授信额度（实际 币种、金额、期限、用途以银行的最终审批结果为准），担保方式为信用。 根据公司业务发展需要，公司向中国民生银行股份有限公司深圳分行申请金 额不超过人民币20,000万元（含）、期限不超过壹年的综合授信额度（实际币种、 金额、期限、用途以银行的最终审批结果为准），担保方式为信用。 特此公告。 深圳市 ...

截至本公告披露日，公司已将在上述授权额度内使用的闲置募集资金临时补 充流动资金全部归还至募集资金专用账户，使用期限未超过 12 个月。同时，公 司将上述归还情况通知了保荐机构及保荐代表人。 特此公告。 证券代码：600446 证券简称：金证股份 公告编号：2024-047 深圳市金证科技股份有限公司 关于使用闲置募集资金临时补充流动资金还款的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 深圳市金证科技股份有限公司（以下简称"公司"）于 2023 年 8 月 28 日召 开第七届董事会 2023 年第六次会议及第七届监事会 2023 年第四次会议，审议通 过了《关于使用部分闲置募集资金临时补充流动资金的议案》，同意公司在保证 募集资金投资项目建设资金需求的前提下，使用不超过 21,000 万元闲置募集资 金临时补充流动资金，使用期限自公司董事会审议批准之日起不超过 12 个月。 上述事项详见公司于 2023 年 8 月 29 日刊登在《中国证券报》《证券时报》《上海 证券报》和上海证券交易所网站（www.sse.co ...

董事会 深圳市金证科技股份有限公司（以下简称"公司"）收到公司高级副总裁王 海航先生的辞职报告。因工作调整，王海航先生申请辞去公司高级副总裁职务。 王海航先生确认与公司董事会及经营管理团队之间并无重大意见分歧，亦无任何 与辞职有关的事项需提请公司或公司股东注意。王海航先生辞去上述职务后，仍 在公司担任其他职务。 根据《中华人民共和国公司法》和《公司章程》相关规定，王海航先生的辞 职报告自送达公司董事会之日起生效。 特此公告。 深圳市金证科技股份有限公司 证券代码：600446 证券简称：金证股份 公告编号：2024-046 深圳市金证科技股份有限公司 关于高级管理人员辞职的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 二〇二四年八月二日 ...

公司于 2024 年 7 月 22 日召开了第八届董事会 2024 年第四次会议，审议通过 了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金 以集中竞价交易方式回购公司股份，回购价格不超过 12 元/股，回购资金总额不低 于人民币 2,000 万元（含），且不超过人民币 3,000 万元（含），回购期限为自公司 董事会审议通过回购股份方案之日起 6 个月内。具体内容详见公司于 2024 年 7 月 23 日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方 式回购公司股份方案的公告》（公告编号：2024-040）及于 2024 年 7 月 24 日披露 的《关于以集中竞价交易方式回购公司股份的回购报告书》（公告编号：2024-042）。 二、 回购股份的进展情况 证券代码：600446 证券简称：金证股份 公告编号：2024-045 深圳市金证科技股份有限公司 | 回购方案首次披露日 | 2024/7/23 | | --- | --- | | 回购方案实施期限 | 2024/7/22~2025/1/21 | | 预计回购金额 | 2,000 万元~3,00 ...