Hoperun Software(300339) Xin Lang Cai Jing·2025-05-14 00:43Core Viewpoint - The company is focusing on high growth in non-net profit for 2024 and Q1 2025 while maintaining stable expenses, aiming to develop new business models such as financial e-chain and Star Flash, and to create integrated IoT AI solutions [1] Financial Performance - The company forecasts a target price of 60 yuan with a "Buy" rating, predicting EPS for 2025-2027 to be 0.24, 0.28, and 0.33 yuan respectively, with a downward adjustment mainly due to slowing payment capacity in downstream financial sectors [2] - In 2024, the company expects revenue of 3.399 billion yuan, a year-on-year increase of 9.43%, with a net profit of 161 million yuan, a decrease of 1.64%, and a non-net profit of 86 million yuan, an increase of 53.02% [2] - For Q1 2025, revenue is projected at 832 million yuan, a year-on-year increase of 8.09%, with a net profit of 31 million yuan, an increase of 21.73%, and a non-net profit of 27 million yuan, an increase of 31.24% [2] - By product, financial technology revenue in 2024 is expected to be 1.827 billion yuan, a year-on-year increase of 7.09%, accounting for 53.75% of total revenue [2] - Domestic revenue is projected at 3.312 billion yuan in 2024, a year-on-year increase of 10.36%, accounting for 97.43% of total revenue [2] Business Strategy - The company is focusing on financial technology as a key area for breakthrough in 2024, building a financial e-chain to integrate various financial products and ensure security across all transaction scenarios [3] - The company is promoting domestic IoT solutions, providing an open-source Harmony-based HiHopeOS operating system for terminal device innovation, and an Euler-based HopeOS for edge and server sides [3] - The company aims to create a comprehensive AI solution by integrating its server, operating system, and AI platform, launching a product matrix focused on vertical industries such as finance and electricity [3] Profitability and Expenses - The overall gross margin for 2024 is expected to be 23.68%, down from 25.40% in the previous year, with Q1 2025 further declining to 22.54% [4] - The top five customers contributed 1.158 billion yuan in sales, accounting for 34.08% of total annual sales, while the top five suppliers accounted for 25.91% of total annual purchases [4] - Sales expenses for 2024 are projected at 109 million yuan, a year-on-year increase of 5.16%, while management and R&D expenses are expected to decrease by 2.08% and 3.88% respectively [4]