恒生电子：业绩短期承压，股权激励彰显信心

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 2.836 billion yuan for the first half of 2024, a year-on-year increase of 0.32%. However, the net profit attributable to shareholders was only 30 million yuan, reflecting a significant year-on-year decline of 93.30% [5][6]. - The company has introduced an equity incentive plan, granting 34 million stock options to 1,400 employees, which is expected to enhance team motivation and performance [6][7]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 28.36 billion yuan, with a net profit of 0.30 billion yuan and a non-recurring net profit of 1.36 billion yuan, showing declines of 93.30% and 48.81% year-on-year, respectively [5][6]. - In the second quarter of 2024, the company reported a revenue of 16.48 billion yuan, down 2.88% year-on-year, and a net profit of 0.66 billion yuan, down 70.56% year-on-year [5][6]. - The gross margin for the first half of 2024 was 71.32%, slightly down by 0.68 percentage points year-on-year, but improved in the second quarter to 73.13% from 68.80% in the first quarter [6][7]. - The company’s research and development expenses for the first half of 2024 were 1.162 billion yuan, accounting for 40.96% of revenue, a slight decrease of 0.46 percentage points year-on-year [6][7]. Revenue Breakdown - The asset management technology segment showed a revenue of 722 million yuan, a year-on-year increase of 9.17%. However, the wealth technology services segment saw a decline of 16.99% year-on-year, with revenue of 549 million yuan [6][7]. - The operational and institutional technology services segment reported a slight increase of 3.51% year-on-year, with revenue of 552 million yuan [6][7]. - Other business segments maintained steady growth, with revenues of 218 million yuan, 167 million yuan, 251 million yuan, 237 million yuan, and 138 million yuan, reflecting year-on-year growth rates of -0.25%, -3.51%, +3.03%, -3.96%, and +71.77%, respectively [6][7]. Future Outlook - The company aims to achieve steady revenue growth and improve revenue quality while keeping expenses below revenue growth. The projected revenues for 2024 to 2026 are 7.71 billion yuan, 8.45 billion yuan, and 9.33 billion yuan, with net profits of 1.46 billion yuan, 1.71 billion yuan, and 2.04 billion yuan, respectively [7].