金证股份：战略业务进一步聚焦，信创案例券商、资管持续落地

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][14]. Core Insights - The company reported a revenue of 2.35 billion yuan for the first half of 2024, a year-over-year decrease of 13.94%, and a net profit attributable to shareholders of -80.82 million yuan, marking a significant decline from profitability [3][6]. - The decline in revenue is primarily attributed to non-strategic business areas, while strategic business segments have remained stable, with financial sector revenue showing a slight decrease of 0.83% year-over-year [3][6]. - The asset management software business has seen substantial growth, with a year-over-year increase of 58.74% in revenue, indicating potential future business opportunities [3][6]. - Cost control measures have been effective, with a notable decrease in employee compensation and lower expense ratios in sales, management, and R&D [3][6]. - The gross profit margin has increased due to a shift in business structure, with the financial business gross margin at 40.11% despite a year-over-year decline [3][6]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 2.35 billion yuan, with a year-over-year decline of 13.94% [3][6]. - The net profit attributable to shareholders was -80.82 million yuan, reflecting a year-over-year decrease of 233.19% [3][6]. - The company’s financial sector revenue was stable, while non-financial sector revenue decreased by 21.14% year-over-year [3][6]. - The forecast for total revenue from 2024 to 2026 is adjusted to 58.20 billion yuan, 64.11 billion yuan, and 72.07 billion yuan, respectively [4][14]. Strategic Focus - The company is focusing on its core business in financial IT, particularly in securities and asset management, while reducing its non-financial business operations [15]. - The core products are continuously being iterated, with successful implementations in the securities and asset management sectors [12][14]. - The company is leveraging its technology platform and core products to enhance its market position in the financial IT sector [12][14].