Hundsun(SH:600570) Guohai Securities·2024-11-03 12:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company experienced operational pressure in the first three quarters of 2024, but there is optimism for a recovery in 2025 [1][4] - Revenue for the first three quarters of 2024 was 4.12% lower year-on-year, with a significant decline in net profit of 26.57% [3][4] - The company is focusing on enhancing its project-based business and optimizing its talent structure to improve competitiveness [2][4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 4.188 billion yuan, down 4.12% year-on-year, and a net profit of 446 million yuan, down 26.57% year-on-year [3][4] - In Q3 2024, revenue was 1.352 billion yuan, a decrease of 12.26% year-on-year, while net profit increased significantly by 159.18% to 416 million yuan, mainly due to non-operating gains from financial asset disposals [3][4] - The gross profit margin for the first three quarters was 69.31%, a decrease of 2.58 percentage points year-on-year [2] Business Segment Performance - Wealth technology services revenue was 803 million yuan, down 20.32% year-on-year; asset management technology services revenue was 1.01 billion yuan, down 3.4%; and operational and institutional technology services revenue was 786 million yuan, down 6.54% [4] - Core financial infrastructure technology services saw a notable increase in revenue to 470 million yuan, up 16.74% year-on-year [4] Future Outlook - The report anticipates that IT spending by financial institutions will stabilize in Q4 2024 and into 2025, which could positively impact the company's performance [4] - The company is expected to maintain its leading position in the securities and asset management IT sector, focusing on high-quality products and efficiency improvements [8]