恒生电子：市场原因导致收入端持续承压

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 4.188 billion yuan for the first three quarters of 2024, a year-over-year decrease of 4.12%. The net profit attributable to shareholders was 446 million yuan, down 26.57% year-over-year. The non-recurring net profit was 267 million yuan, down 50.28% year-over-year [6][7]. - In Q3 2024, the company achieved a revenue of 1.352 billion yuan, a year-over-year decline of 12.26%. The net profit attributable to shareholders was 416 million yuan, an increase of 159.18% year-over-year, while the non-recurring net profit was 132 million yuan, down 51.70% year-over-year [6][7]. - The company aims for steady revenue growth in 2024, with a focus on improving revenue quality and maintaining a stable financial structure and operating cash flow [8]. Revenue Breakdown - The core business showed stable development, with asset management technology services generating 1.010 billion yuan in revenue, down 3.40% year-over-year. Wealth technology services generated 803 million yuan, down 20.32% year-over-year. Operations and technology services generated 786 million yuan, down 6.54% year-over-year [7]. - Other business segments, including risk and platform technology services, data services, innovation business, corporate finance, insurance core, and financial infrastructure technology services, generated revenues of 309 million, 248 million, 374 million, 470 million, and 187 million yuan respectively, with year-over-year changes of -2.77%, -0.33%, -0.01%, 16.74%, and 44.87% [7]. Financial Metrics - The gross margin for the first three quarters of 2024 was 69.31%, down from 71.89% in the same period last year, a decrease of 2.58 percentage points. Research and development expenses amounted to 1.685 billion yuan, with a research expense ratio of 40.24%, slightly down by 0.60 percentage points from the previous year [7]. - The company forecasts revenues of 7.365 billion, 8.192 billion, and 9.058 billion yuan for 2024, 2025, and 2026 respectively, with net profits attributable to shareholders of 1.456 billion, 1.658 billion, and 1.977 billion yuan for the same years, corresponding to PE ratios of 38.78, 34.06, and 28.58 [8].