Hundsun(600570) 光大证券·2024-08-29 09:43Investment Rating - Maintains "Overweight" rating [2][4] Core Views - The company's new equity incentive plan is expected to drive future performance growth [1] - The company continues to focus on innovation and digital transformation, with products iterating and updating [2] - Despite a decline in net profit, the company's cost control and asset management technology services performed well [1] Financial Performance - H1 2024 revenue reached 2.836 billion yuan, a year-on-year increase of 0.32% [1] - Net profit attributable to the parent company was 29.89 million yuan, a year-on-year decrease of 93.30% [1] - Non-GAAP net profit was 136 million yuan, a year-on-year decrease of 48.81% [1] - Gross profit margin of main business remained stable at 71.32% [1] - Asset management technology service revenue increased by 9.17%, while wealth technology service revenue decreased by 16.99% [1] Equity Incentive Plan - The company issued a stock option incentive plan on August 23, 2024, granting 34 million shares at 17.04 yuan per share to 1,400 core employees [1] - The exercise period is from 2024 to 2026, with a requirement for non-GAAP net profit to grow by at least 10% annually [1] Product and Technology Development - UF3.0 system continues to iterate, with milestone achievements in benchmark projects [2] - O45 system signed multiple new clients, with significant progress in the new generation investment management platform based on IBOR [2] - Warren Q, an integrated research and investment technology platform, is widely tested across the industry [2] - Light technology platform is further developed, focusing on distributed low-latency platforms and efficient data integration [2] Market Data - Total market capitalization is 29.454 billion yuan [5] - The stock price range over the past year is 15.23 yuan to 36.45 yuan [5] - The turnover rate in the past three months is 52.35% [5] Profit Forecast - Adjusted net profit forecast for 2024-2025 is 1.528 billion yuan and 1.758 billion yuan, respectively, with a new forecast for 2026 at 2.061 billion yuan [2] - The current PE ratio for 2024-2026 is 19x, 17x, and 14x, respectively [2] Financial Indicators - ROE (diluted) for 2024-2026 is expected to be 16.41%, 16.35%, and 16.55%, respectively [3] - EPS for 2024-2026 is forecasted to be 0.81 yuan, 0.93 yuan, and 1.09 yuan, respectively [3] - The company's gross profit margin is expected to remain stable at around 75% from 2024 to 2026 [6]