GRG Banking(002152) 华龙证券·2024-12-25 09:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.46 yuan, corresponding to 2024-2026 P/E ratios of 28.1x, 24.6x, and 21.5x respectively [141] Core Views - The company benefits from its leading position in domestic smart financial equipment and accelerated overseas expansion, with stable revenue growth expected in its financial technology business [141] - In the urban intelligence sector, the company has made forward-looking layouts in multiple areas, with some sub-segments expected to further release performance elasticity [141] - The company's valuation is lower than the average P/E ratios of comparable companies (65.7x, 48.6x, 36.0x for 2024-2026), supporting the "Buy" rating [141] Financial Technology Business - The company maintains a leading position in the domestic smart financial equipment market, ranking first in market share for 16 consecutive years [5] - Overseas business revenue accounted for 17.92% in 2023, up from 9.96% in 2019, with a year-on-year growth of over 50% [5] - In H1 2024, the company signed new overseas contracts exceeding 1 billion yuan, covering five major regions globally [5] - The company has actively embraced domestic substitution, with its products and solutions certified by domestic operating systems like Kirin, Tongfang, and Tongxin [5] Urban Intelligence Business - The company has actively participated in the construction and operation of the Guangzhou AI Public Computing Power Center and established the Digital Investment Platform [18] - It has acquired equity in Guangzhou Data Exchange and completed the acquisition of Zhongshu Zhihui, comprehensively laying out data element business [18] - The company has won multiple computing power projects in 2024 and deepened cooperation with Huawei Ascend based on its self-developed "Wangdao" native large model [18] - Its subsidiary, Guangzhou Wuzhou, achieved revenue of 1.298 billion yuan in 2023 and has become an important strategic partner of Huawei Kunpeng and Ascend [18] Financial Performance - In the first three quarters of 2024, the company achieved total operating revenue of 7.118 billion yuan, a year-on-year increase of 23.93% [29] - Net profit attributable to the parent company was 673 million yuan, a year-on-year decrease of 10.58%, mainly due to temporary pressure on the profit side [29] - The company's expense control was good, with sales/management/R&D expense ratios of 6.94%/5.79%/8.82% respectively, all showing year-on-year declines [36] Development Strategy - The company has gone through three major development stages: ATM core technology innovation (1999-2014), financial security business expansion (2014-2017), and AI strategic upgrade (2017-present) [11] - It focuses on two main lines: financial technology and urban intelligence, with AI elements empowering business expansion [17] - The company has established a "124" development strategy, focusing on financial technology and urban intelligence while promoting AI full-element development [82]