TANSUN(SZ:300872) Xin Lang Cai Jing·2025-06-15 04:40Core Insights - The company focuses on core business and strategic clients, leading in bank IT sectors such as credit and credit card services, while leveraging AI and internationalization as growth engines [1] - The company maintains an "overweight" rating despite a competitive market, adjusting EPS forecasts for 2025-2026 to 0.20/0.27 yuan, with a new 2027 EPS forecast of 0.35 yuan, and raising the target price to 23.21 yuan per share [2] - The company has solidified its core business barriers, ranking in the top three in credit card and credit management, with a market share in credit cards leading for five consecutive years [3] Financial Performance - In 2024, the company achieved revenue of 1.766 billion yuan, a decrease of 8.76% year-on-year, and a net profit of 78 million yuan, down 33.60% year-on-year [2] - In Q1 2025, the company reported revenue of 487 million yuan, a slight decline of 0.19% year-on-year, and a net profit of 26 million yuan, down 71.88% year-on-year [2] - The decline in revenue is attributed to business restructuring and longer settlement cycles for major client projects, while profit decline is due to increased convertible bond interest expenses and goodwill impairment [2] Growth Drivers - The company added over 20 credit-related projects in 2024, generating approximately 500 million yuan in credit-related revenue [3] - In the AI sector, the company generated nearly 70 million yuan in revenue in 2024, collaborating with Hunan University to develop significant products and integrating with DeepSeek [3] - The company is exploring international development opportunities, having established strategic partnerships with three multinational banking groups and leading in the stablecoin sector with a credit card product that allows stablecoin recharge [3]