GRG Banking(SZ:002152) Dongguan Securities·2025-04-30 11:36Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [4][9]. Core Insights - The company achieved a revenue of 10.866 billion yuan in 2024, representing a year-on-year growth of 20.16%. However, the net profit attributable to shareholders decreased by 5.84% to 920 million yuan [5][7]. - In Q1 2025, the company reported a revenue of 2.15 billion yuan, a 7.16% increase year-on-year, while the net profit decreased by 2.63% to 241 million yuan [5][7]. - The financial technology segment generated 6.404 billion yuan in revenue in 2024, growing by 6.10%, with significant growth in overseas markets [7]. - The urban intelligence business saw a remarkable revenue increase of 48.36% to 4.463 billion yuan in 2024, with notable projects in digital government and smart transportation [7]. - The company is actively expanding its capabilities in the computing power sector, with significant projects underway, including the construction of AI public computing centers [7]. Summary by Sections Financial Performance - 2024 revenue: 10.866 billion yuan, up 20.16% year-on-year - 2024 net profit: 920 million yuan, down 5.84% - Q1 2025 revenue: 2.15 billion yuan, up 7.16% year-on-year - Q1 2025 net profit: 241 million yuan, down 2.63% [5][7]. Business Segments - Financial technology revenue in 2024: 6.404 billion yuan, up 6.10% - Urban intelligence revenue in 2024: 4.463 billion yuan, up 48.36% - Significant contracts in overseas markets, including Latin America and Europe [7]. Future Projections - Expected EPS for 2025 and 2026: 0.40 yuan and 0.45 yuan, with corresponding PE ratios of 30 and 27 [8].