Hundsun(SH:600570) ZHONGTAI SECURITIES·2024-09-10 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 15.88 CNY [1]. Core Views - The company is expected to achieve revenue growth from 2024 to 2026, with projected revenues of 78.22 billion CNY, 85.46 billion CNY, and 95.57 billion CNY respectively. Corresponding net profits are forecasted to be 15.81 billion CNY, 17.74 billion CNY, and 20.11 billion CNY, with P/E ratios of 19, 17, and 15 times [5]. - The company reported a slight revenue increase of 0.32% year-on-year for the first half of 2024, but net profit saw a significant decline of 93.30% [4]. - The company is focusing on diversifying its business segments, with varying performance across different sectors, such as a 16.99% decline in wealth technology services and a 9.17% increase in asset management technology services [4]. Financial Performance Summary - Revenue for 2022 was 6,502 million CNY, with a projected increase to 7,281 million CNY in 2023, and further growth to 7,822 million CNY in 2024 [1]. - The net profit for 2022 was 1,091 million CNY, expected to rise to 1,424 million CNY in 2023, and reach 1,581 million CNY in 2024 [1]. - The gross margin for the first half of 2024 was reported at 71.32%, indicating stable profitability [4]. - The company has implemented effective cost control measures, resulting in a decrease in sales, management, and R&D expense ratios compared to the previous year [4]. Stock Performance and Market Capitalization - The total share capital of the company is 1,894 million shares, with a market capitalization of 30,079 million CNY [2]. - The stock price as of September 9, 2024, is 15.88 CNY, reflecting the company's current market valuation [2].