Hundsun(SH:600570) Soochow Securities·2025-03-29 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The overall performance of the company has declined due to market fluctuations affecting financial institutions' technology investments, leading to a decrease in revenue and net profit [1] - Despite the downturn, the company continues to focus on cost reduction and efficiency improvements while enhancing R&D for core products [1] - The capital market is expected to recover, but the technology investments from financial institutions have not shown a clear positive growth trend yet [1] Revenue and Profit Summary - The company reported total revenue of 6.581 billion yuan in 2024, a year-on-year decrease of 9.62% [1] - The net profit attributable to shareholders was 1.043 billion yuan, down 26.75% year-on-year [1] - The company's net assets increased by 8% to 8.67 billion yuan compared to the end of 2023 [1] Business Segment Performance - Wealth technology service revenue decreased by 17% to 1.4 billion yuan, with a gross margin of 76% [1] - Asset management technology service revenue fell by 8% to 1.6 billion yuan, with a gross margin of 77% [1] - Operating and institutional technology service revenue declined by 10% to 1.3 billion yuan, with a gross margin of 81.5% [1] - Other business segments, including risk and platform technology services, data services, and innovation services, also experienced revenue declines [1] Cost Management and R&D Investment - Operating costs increased by 1% to 1.8 billion yuan, with no significant changes [1] - Sales expenses decreased by 8% to 543 million yuan, while management expenses fell by 5% to 905 million yuan [1] - R&D expenses decreased by 8% to 2.458 billion yuan, representing 37% of total revenue [1] Technological Innovation and Product Upgrades - The company has upgraded its overseas investment trading system GAMS3.0, enhancing integration with IT systems and improving digital capabilities [1] - The application of large models has accelerated customer demand analysis by three times and reduced local deployment resource consumption by 50% [1] - New systems and trading modes have been successfully implemented, significantly improving transaction performance [1] Future Earnings Forecast - The company has adjusted its earnings forecast, expecting net profits of 1.2 billion yuan in 2025, 1.4 billion yuan in 2026, and 1.7 billion yuan in 2027 [1] - The corresponding P/E ratios are projected to be 46, 40, and 33 times respectively [1]