Apex(SH:603383) ZHESHANG SECURITIES·2024-09-05 08:03Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a decrease in revenue and net profit for the first half of 2024, with revenue at 267 million yuan, down 4.93% year-on-year, and net profit at 49 million yuan, down 21.11% year-on-year [3][4] - Despite the revenue decline due to slower project acceptance, the company increased its R&D investment, which is expected to support long-term growth [4][6] - The new generation core trading system A5 is progressing well, with multiple projects underway at various securities firms [5][6] - The company is actively expanding its asset management IT services, leveraging AI technology to enhance product capabilities [6] Financial Summary - For the first half of 2024, the gross margin was 69.18%, showing a slight increase from the previous year [4] - The company expects revenue to reach 808 million, 939 million, and 1.082 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.61%, 16.19%, and 15.24% [7][10] - The forecasted net profit for the same years is 238 million, 296 million, and 359 million yuan, with growth rates of 2.07%, 24.21%, and 21.23% respectively [7][10]