TANSUN(SZ:300872) SINOLINK SECURITIES·2025-08-26 02:05Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 1.0 billion RMB for the first half of 2025, representing a year-on-year growth of 7.3%, while the gross profit decreased by 0.6%. The net profit attributable to shareholders fell by 44.0% to 51 million RMB, primarily due to a reduction in government subsidies [2]. - The second quarter of 2025 saw a revenue of 510 million RMB, a year-on-year increase of 15.6%, with gross profit rising by 34.3% [2]. - The company is focusing on international expansion of its credit card solutions, with its flagship product, CreditXIssuing, already implemented in Hong Kong and several Southeast Asian countries. The company has also established a SaaS cloud service platform for card issuance, acquiring strategic partnerships for risk management [3]. - Revenue projections for 2025 to 2027 are estimated at 1.94 billion, 2.18 billion, and 2.44 billion RMB, with expected growth rates of 10.0%, 12.0%, and 12.0% respectively. Net profit attributable to shareholders is projected to be 80 million, 110 million, and 130 million RMB, with growth rates of 2.2%, 33.9%, and 19.5% [4]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 1.0 billion RMB, a 7.3% increase year-on-year, while gross profit saw a slight decline of 0.6%. The net profit attributable to shareholders was 51 million RMB, down 44.0% due to reduced government subsidies [2]. - The second quarter revenue reached 510 million RMB, marking a 15.6% increase year-on-year, with gross profit increasing by 34.3% [2]. Business Analysis - The company is prioritizing internationalization in its credit card solutions, with successful implementations of CreditXIssuing in Hong Kong and Southeast Asia. It has also developed a SaaS cloud service platform for various financial services and signed cooperation agreements in markets like Africa and Indonesia [3]. - The company has entered a strategic partnership with SS&C for risk management, gaining exclusive rights to use their software products in mainland China [3]. Profit Forecast and Valuation - Revenue forecasts for 2025 to 2027 are 1.94 billion, 2.18 billion, and 2.44 billion RMB, with growth rates of 10.0%, 12.0%, and 12.0%. Net profit projections are 80 million, 110 million, and 130 million RMB, with respective growth rates of 2.2%, 33.9%, and 19.5% [4].