Apex(SH:603383) Xinda Securities·2025-04-12 10:23Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue for 2024 was 664 million, a decrease of 10.8% year-on-year, with a net profit attributable to shareholders of 194 million, down 16.8% year-on-year. The gross margin was 67.05%, a decline of 2.11 percentage points [1][2] - The company is advancing its core product business and expanding its Xinchuang (信创) initiatives, which are expected to bring incremental growth. The A5 system has been implemented in multiple institutions, and the company has won a project with Everbright Securities for a new core trading system [2] - The integration of AI capabilities into products has been significant, with enhancements in LiveData and the launch of LiveBOS AI, which includes various intelligent components [2] - Cost control measures have been effective, with sales, management, and R&D expenses showing reductions compared to the previous year [2] - The company is expected to benefit from its dual-driven technology ecosystem of AI and Xinchuang, with projected EPS for 2025-2027 being 1.07, 1.31, and 1.63 respectively, corresponding to P/E ratios of 36.25, 29.63, and 23.70 [2][3] Financial Summary - Total revenue for 2023 was 744 million, with a projected increase to 746 million in 2025, reflecting a growth rate of 12.5% [3] - The net profit attributable to shareholders is expected to recover to 219 million in 2025, after a decline in 2024 [3] - The gross margin is projected to stabilize around 67.7% in 2025 [3] - The company’s total assets were 1,886 million in 2023, with a slight decrease to 1,821 million in 2024, and expected growth in subsequent years [4]