金证股份：2024年半年报点评：资管IT收入高增，持续聚焦金融科技主业

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].