Hundsun(SH:600570) Haitong Securities·2024-09-11 00:10Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes the company's stable revenue growth while facing profit pressure due to market conditions. In the first half of 2024, the company achieved operating revenue of 2.836 billion yuan, a year-on-year increase of 0.32%, but the net profit attributable to shareholders dropped by 93.30% to 30 million yuan [6][9] - The company has launched a new stock option incentive plan, reflecting confidence in its medium to long-term development. The plan involves granting 34 million stock options, accounting for 1.80% of the total share capital, with performance targets set for the years 2024-2026 [6][9] - The company is actively working on cost reduction and efficiency improvement measures, achieving a 0.66% year-on-year decrease in overall costs in the first half of 2024 [7] Summary by Sections Financial Performance - In 2024H1, the company reported a revenue of 2.836 billion yuan, with a year-on-year growth of 0.32%. However, the net profit attributable to shareholders fell to 30 million yuan, a decline of 93.30% [6] - The company’s revenue from wealth technology services decreased by 16.99% to 549 million yuan, while asset management technology services saw a growth of 9.17% to 722 million yuan [6] - The forecast for revenue from 2024 to 2026 is 7.533 billion yuan, 8.315 billion yuan, and 9.366 billion yuan, respectively, with expected growth rates of 3.5%, 10.4%, and 12.6% [8][9] Research and Development - The company continues to increase its R&D investment, with 8,913 technical personnel and R&D expenses of 1.162 billion yuan, representing a R&D expense ratio of 40.96% [9] - The company is focused on maintaining its technological leadership through continuous iteration of its core systems and platforms [9] Market Position and Strategy - The company is building a comprehensive innovation ecosystem, providing a full-stack service for financial institutions, and has successfully launched integrated solutions at industry events [7][9] - The report highlights the company's strategic adjustments in response to market changes, aiming to enhance product quality and operational efficiency [7]