TANSUN(SZ:300872) Haitong Securities International·2025-06-19 08:57Investment Rating - Maintain "Outperform" rating with a target price of RMB 23.21 per share, representing a potential upside of 28% [4][8]. Core Insights - The company focuses on core business and strategic clients, leading in banking IT sectors such as credit and credit card services, while also advancing in AI and internationalization as growth engines [1][8]. - Revenue for 2024 is projected at RMB 1.77 billion, a decrease of 8.76% year-on-year, with net profit attributable to shareholders expected to be RMB 78 million, down 33.60% year-on-year [4][8]. - The company has strengthened its core business barriers, ranking in the top 3 in credit card, loan management, and risk management segments, with a market share in credit cards that has been first for five consecutive years [4][8]. Financial Summary - Revenue and profit forecasts show a recovery trend post-2024, with expected revenues of RMB 2.03 billion in 2025 and RMB 2.39 billion in 2026, reflecting growth rates of 15.4% and 17.1% respectively [3][4]. - The net profit attributable to shareholders is expected to rise to RMB 93 million in 2025 and RMB 122 million in 2026, indicating a rebound from the 2024 decline [3][4]. - R&D investment for 2024 is projected at RMB 327 million, representing an R&D investment rate of 18.53%, highlighting the company's commitment to innovation in digital finance [4][8]. Business Development - The company has launched over 20 new loan-related projects in 2024, generating nearly RMB 500 million in related revenue [4][8]. - AI-related revenue is expected to reach nearly RMB 70 million in 2024, with significant product developments in collaboration with Hunan University [4][8]. - The company is exploring international opportunities, having established strategic partnerships with three multinational banks and leading in the stablecoin market by launching credit card products that allow stablecoin recharge [4][8].