Hundsun(600570) 东吴证券·2024-11-01 17:39Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a decline in performance due to capital market fluctuations, with total operating revenue decreasing by 4.12% year-on-year to 4.188 billion yuan and net profit attributable to shareholders dropping by 26.57% to 446 million yuan [1] - The company is focusing on upgrading its service systems and has seen a slight decline in asset management technology service revenue, while investment income increased significantly due to changes in the fair value of non-current financial assets [1] - The company is committed to research and development, with a stable gross margin of 69% and a slight decrease in overall costs [1] - Continuous system upgrades are expected to accelerate business development, including the launch of an intelligent customer service system and an upgraded intelligent investment research platform [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total operating revenue of 4.188 billion yuan, a year-on-year decrease of 12.26%, and net profit attributable to shareholders of 446 million yuan, a decrease of 26.57% [1] - Investment income for the first three quarters increased by 47% to 125 million yuan [1] - The company expects net profit attributable to shareholders for 2024-2026 to be 1.5 billion, 1.7 billion, and 2 billion yuan respectively, with year-on-year growth rates of 2%, 16%, and 17% [1] Business Segments - Wealth technology service revenue decreased by 20% to 800 million yuan, while asset management technology service revenue slightly declined by 3.4% to 1.01 billion yuan [1] - Revenue from corporate finance, insurance core, and financial infrastructure technology services increased by 16.74% to 470 million yuan [1] - Other business segments, including risk and platform technology services, showed slight declines in revenue [1] Cost Management - The overall cost of operations decreased by 1% to 4.124 billion yuan, with a focus on maintaining a stable gross margin [1] - The company’s expense ratio improved, with sales, management, and R&D expenses showing varied changes [1] Future Outlook - The company is enhancing its service quality through the introduction of intelligent customer service and continuous upgrades to its investment research platform [1] - The company aims to lead the digital transformation in the financial industry through collaborations and innovative projects [1]