Apex(SH:603383) Huaxin Securities·2024-12-15 03:45Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [10]. Core Insights - The company focuses on financial technology and is a leading platform-based digital service provider, primarily engaged in information technology services for the financial sector, while also expanding into non-financial sectors [1]. - The company has made significant progress in developing a new trading system, with its A5 and HTS series products strengthening its competitive advantage [5]. - The company is expected to achieve revenue growth driven by its core products A5 and HTS, with projected revenues of 839 million, 957 million, and 1.108 billion yuan for 2024, 2025, and 2026 respectively [10][12]. Financial Performance - In Q3 2024, the company reported revenue of 154 million yuan, a year-on-year decrease of 12.88%, and a net profit of 52 million yuan, down 9.74% year-on-year [4]. - The gross margin for Q3 2024 was 73.01%, and the net margin was 33.67%, showing slight improvements of 0.28 percentage points and 0.09 percentage points year-on-year respectively [4]. - The company plans to increase R&D investment based on its "1+3" foundational technology platform [4]. Product Development - The A5 core trading system has been successfully implemented for a major brokerage, marking a significant milestone in the company's product offerings [5]. - The HTS rapid series products continue to expand in terms of transaction node numbers and trading volume, leading the market in user numbers and transaction volume [5]. - The company is actively pursuing new business opportunities in the futures sector, providing product solutions for comprehensive risk control and centralized operations [1][5]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.04, 1.32, and 1.57 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 41.3, 32.6, and 27.3 [10][12].