金证股份：半年报点评：半年报业绩符合预期，模型能力提升加速产品AI化落地

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue of 2.347 billion yuan, a year-on-year decrease of 13.94%, and a net profit attributable to shareholders of -81 million yuan, a decline of 223.19% [1] - The company is focusing on its core financial technology business despite short-term performance pressures, with a strategic shift to enhance its core technology and product capabilities [1][2] - Significant industry-level strategic partnerships have been established, enhancing the company's AI capabilities and product offerings [2] Financial Performance Summary - For H1 2024, the company reported revenue of 2.347 billion yuan, down 13.94% year-on-year, and a net profit of -81 million yuan, down 223.19% year-on-year [1] - Revenue breakdown for H1 2024 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% - Custom services: 435 million yuan, up 15.98% - Non-financial business: 1.403 billion yuan, down 21.14% [1] - R&D expenses for H1 2024 were 269 million yuan, an increase of 2.15% year-on-year, with R&D personnel constituting over 60% of the total workforce [2] Future Projections - Revenue projections for 2024 to 2026 are as follows: - 2024: 6.422 billion yuan - 2025: 6.582 billion yuan - 2026: 6.697 billion yuan - Net profit projections for the same period are: - 2024: 427 million yuan - 2025: 478 million yuan - 2026: 535 million yuan [2][3]