Hundsun(600570) 中泰证券·2025-05-14 12:38Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [3][6]. Core Insights - The company reported a revenue of 6,581 million yuan in 2024, a year-on-year decline of 9.62%, and a net profit of 1,043 million yuan, down 26.75% year-on-year. However, in Q1 2025, the revenue was 1,026 million yuan, a decrease of 13.62% year-on-year, while net profit increased by 186.70% to 31 million yuan [3][4]. - The company's gross margin for its main business was 72.05% in 2024, maintaining a leading position in the market. The R&D investment reached 2,458 million yuan, accounting for 37.36% of revenue, with a technical team of 7,348 people, representing 67% of the total workforce [3][4]. - The company is actively embracing AI opportunities, having successfully implemented its self-developed Photon AI middleware platform across various core business scenarios in finance, enhancing its competitive edge [3][4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6,637 million yuan, 6,983 million yuan, and 7,836 million yuan respectively, with corresponding net profits of 1,147 million yuan, 1,347 million yuan, and 1,577 million yuan [3][5]. - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 44, 37, and 32 respectively, indicating a potential for valuation improvement [3][5]. - The report highlights a high level of R&D investment and a strong talent pool, positioning the company favorably within the industry [3][4].