GRG Banking(002152) 国投证券·2024-07-30 10:00Investment Rating - The report assigns a "Buy-A" investment rating for the company, with a target price of 11.33 CNY over the next six months, which corresponds to a dynamic price-to-earnings ratio of 25 times for 2024 [5][6]. Core Insights - The company is positioned as a leading player in the digital economy and financial technology sectors, with a focus on enhancing its product competitiveness in these areas. It has achieved record high revenues and profits in 2023, maintaining double-digit growth [2][4]. - The company has made significant investments to establish a comprehensive digital economy industrial chain, including becoming the largest shareholder of Guangdian Wuzhou, a computing power supplier, and acquiring third-party payment licenses [3][4]. - The financial technology business is expected to grow at a double-digit rate, driven by advancements in artificial intelligence and digitalization in finance, with projected revenues of 73.54 billion CNY in 2024, increasing to 102.00 billion CNY by 2026 [8]. Summary by Sections Company Overview - Guangdian Yuntong is a high-tech listed company controlled by the Guangzhou State-owned Assets Supervision and Administration Commission, focusing on financial technology and urban intelligence [2]. Financial Performance - In 2023, the company achieved total revenue and net profit growth, with revenue reaching 9,043.3 million CNY and net profit at 976.9 million CNY. The company expects revenues of 10,516.2 million CNY and net profit of 1,124.8 million CNY in 2024 [9][10]. Business Segments - The financial technology segment includes smart devices, financial software, and digital payment solutions, with a market presence in over 110 countries. The urban intelligence segment is expected to grow steadily, with projected revenues of 31.63 billion CNY in 2024 [4][8]. Future Projections - Revenue forecasts for 2024-2026 are 105.16 billion CNY, 120.77 billion CNY, and 137.04 billion CNY, respectively, with net profits expected to be 11.25 billion CNY, 12.63 billion CNY, and 14.27 billion CNY [5][10].