Hundsun(600570) 兴业证券·2024-09-17 01:39Investment Rating - The report maintains a "增持" (Overweight) rating for the company, indicating an expected relative performance of 5% to 15% compared to the relevant market index [5][4] Core Views - The company achieved H1 2024 revenue of 2.836 billion yuan, a slight increase of 0.32% YoY, but net profit attributable to shareholders dropped significantly by 93.30% to 29.89 million yuan [1] - Wealth technology services revenue declined by 16.99% to 549 million yuan due to slowing demand for existing products and intensified competition, while asset management technology services grew by 9.17% to 722 million yuan [1] - The company's gross margin remained stable at 71.32% in H1 2024, with a slight decrease of 0.68 percentage points YoY [1] - The company has made progress in AI and Xinchuang (信创) products, with Warren Q gaining industry-wide trial adoption and 8 main products receiving exchange test certifications [4] Financial Performance - The company's total assets stood at 13.13595 billion yuan as of H1 2024, with net assets of 7.79832 billion yuan and net assets per share of 4.12 yuan [1] - For 2024-2026, the report forecasts revenue growth of 0.1%, 10.3%, and 10.7% respectively, with net profit attributable to shareholders expected to be 1.270 billion, 1.595 billion, and 1.761 billion yuan [3] - The company's ROE is projected to be 14.1%, 15.3%, and 14.7% for 2024-2026, with EPS of 0.67, 0.84, and 0.93 yuan respectively [3] Business Segments - Wealth technology services: 549 million yuan (-16.99% YoY) [1] - Asset management technology services: 722 million yuan (+9.17% YoY) [1] - Operation and institutional technology services: 552 million yuan (+3.51% YoY) [1] - Risk and platform technology services: 218 million yuan (-0.25% YoY) [1] - Data services: 167 million yuan (-3.51% YoY) [1] - Innovation business: 251 million yuan (+3.03% YoY) [1] - Enterprise finance, insurance core, and financial infrastructure technology services: 237 million yuan (-3.96% YoY) [1] - Other businesses: 138 million yuan (+71.77% YoY) [1]