Hundsun(SH:600570) Bank of China Securities·2025-05-13 07:45Investment Rating - The investment rating for the company is "Buy" [1][6] - The previous rating was also "Buy" [1] Core Views - The company's performance is expected to decline in 2024, but this short-term pressure does not alter its long-term growth trend [1][4] - As a leading provider of financial technology products and services in China, the company is poised to benefit from the digital transformation of finance and the release of incremental demand from the "Xinchuang" initiative [1][4] - The company maintains a strong focus on AI technology, enhancing its product competitiveness [4][6] Financial Summary - In 2024, the company achieved revenue of RMB 6.581 billion, a decrease of 9.6% year-on-year [4][9] - The net profit attributable to shareholders was RMB 1.043 billion, down 26.8% year-on-year [4][9] - The company plans to generate revenues of RMB 6.840 billion, RMB 7.504 billion, and RMB 8.346 billion in 2025, 2026, and 2027 respectively [6][8] - The net profit for 2025 is projected to be RMB 1.220 billion, with an expected growth rate of 16.9% [6][8] - The company’s R&D expenses in 2024 amounted to RMB 2.458 billion, representing 37.36% of its revenue [9][10] Market Performance - The company's stock price is currently at RMB 26.08, with a market capitalization of RMB 49.337 billion [1][4] - The stock has shown a relative performance of -3.7% over the past month and +22.7% over the past year compared to the Shanghai Composite Index [3][4]