Hundsun(SH:600570) ZHONGTAI SECURITIES·2024-11-03 11:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The report highlights that the company's revenue for the third quarter of 2024 reached 4.188 billion yuan, showing a year-on-year decline of 0.33%, but the profit decline has narrowed [1]. - The company is focusing on AI product upgrades and digital transformation, which is expected to enhance its research and investment capabilities [1][2]. Financial Performance Summary - Revenue Forecasts: - 2022A: 6,502 million yuan - 2023A: 7,281 million yuan (growth rate: 12%) - 2024E: 7,822 million yuan (growth rate: 7%) - 2025E: 8,546 million yuan (growth rate: 9%) - 2026E: 9,557 million yuan (growth rate: 12%) [1]. - Net Profit Forecasts: - 2022A: 1,091 million yuan - 2023A: 1,424 million yuan (growth rate: 31%) - 2024E: 1,581 million yuan (growth rate: 11%) - 2025E: 1,774 million yuan (growth rate: 12%) - 2026E: 2,011 million yuan (growth rate: 13%) [1]. - Earnings Per Share (EPS): - 2022A: 0.58 yuan - 2023A: 0.75 yuan - 2024E: 0.83 yuan - 2025E: 0.94 yuan - 2026E: 1.06 yuan [1]. - Price-to-Earnings (P/E) Ratio: - 2022A: 44.8 - 2023A: 34.4 - 2024E: 31.0 - 2025E: 27.6 - 2026E: 24.3 [1]. - Price-to-Book (P/B) Ratio: - 2022A: 7.2 - 2023A: 6.1 - 2024E: 5.3 - 2025E: 4.6 - 2026E: 4.0 [1]. Market Comparison - The company's stock price as of November 1, 2024, is 25.83 yuan, with a market capitalization of approximately 48.93 billion yuan [1]. - The report indicates that the company's revenue and profit have been impacted by a decline in wealth technology service income, which has affected overall performance [1].