Hundsun(600570) 海通证券·2024-11-09 09:54Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company's Q3 performance remains under pressure, with a year-on-year revenue decline of 12.26% and a non-recurring net profit decrease of 51.70%. However, the net profit for Q3 shows a significant increase of 159.18% compared to the previous year, primarily due to gains from the fair value changes of non-current financial assets [5][6]. - The overall gross margin for the first three quarters is 69.31%, a decrease of 2.58 percentage points year-on-year. The company has implemented various measures to reduce costs and improve efficiency, resulting in a 1.10% decrease in overall costs [6][7]. - The company is focusing on enhancing product competitiveness and has developed a comprehensive financial technology solution that integrates consulting, design, implementation, and maintenance services. This strategic focus is expected to position the company favorably as the capital market recovers [7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 4.188 billion yuan, a year-on-year decline of 4.12%. The net profit attributable to the parent company was 446 million yuan, down 26.57% year-on-year [5]. - The company forecasts operating revenues of 75.33 billion yuan, 83.15 billion yuan, and 93.66 billion yuan for 2024, 2025, and 2026 respectively, with expected growth rates of 3.5%, 10.4%, and 12.6% [9][11]. - The projected net profit for the same years is 14.56 billion yuan, 17.48 billion yuan, and 20.02 billion yuan, with growth rates of 2.3%, 20.0%, and 14.6% respectively [9][11]. Business Segment Performance - The wealth technology service revenue decreased by over 20%, significantly impacting overall revenue. The company reported a 20.32% decline in wealth technology service revenue, while other segments also experienced declines, except for the core financial infrastructure technology services, which grew by 16.74% [6][7]. Valuation and Market Comparison - The company is valued with a dynamic PE ratio of 38-41 times for 2025, with a reasonable value range of 34.96 to 37.72 yuan per share [9][10].