Hundsun(SH:600570)2024-10-27 08:15Investment Rating - The investment rating for the company is "Buy" [1] - The previous rating was also "Buy" [1] Core Views - The company is expected to benefit significantly from the accelerated digital transformation in finance, as highlighted by the recent statements from the Vice Chairman of the CSRC regarding the promotion of fintech applications in the capital market [2][3] - The company maintains a leading position in financial IT, which positions it well to capitalize on the ongoing digital transformation [3] - Continuous product iteration is expected to sustain the company's core competitiveness, with new systems and platforms being developed and signed with multiple new brokerage firms [3] - A recent stock incentive plan demonstrates the company's confidence in long-term growth, with performance targets set for net profit growth [3] Financial Summary - The company’s projected revenue for 2024 is estimated at RMB 7,568 million, with a growth rate of 3.9% [4] - The projected net profit for 2024 is RMB 1,472 million, reflecting a growth rate of 3.4% [4] - The estimated EPS for 2024 is RMB 0.78, with a downward adjustment of 30.1% from previous forecasts [4] - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 34X, 29X, and 24X respectively [3][4] Shareholder Information - The total market capitalization of the company is approximately RMB 49,816 million [2] - The major shareholder is Hangzhou Hengsheng Electronic Group Co., Ltd., holding 20.79% of the shares [2]