Apex(SH:603383) Shenwan Hongyuan Securities·2025-08-31 06:46Investment Rating - The report maintains an "Outperform" rating for the company [2][14]. Core Insights - The company experienced a cautious IT investment environment in the financial sector, leading to short-term revenue pressure, with a reported revenue of 246 million yuan in H1 2025, down 7.97% year-on-year [7]. - The A5 core trading system achieved another breakthrough, marking its 11th successful implementation, reinforcing the company's leading position in the domestic securities industry [7]. - The integration of AI technology across various business lines is ongoing, enhancing product intelligence and operational efficiency [7]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 have been revised down to 632 million, 757 million, and 870 million yuan respectively, with corresponding net profit estimates adjusted to 189 million, 249 million, and 299 million yuan [6][13]. - The company's gross margin is expected to remain stable, with a slight increase in 2025 to 67% [6][13]. - The company's cash flow showed a decline of 38.9% year-on-year in Q2 2025, indicating potential collection pressures due to extended IT implementation cycles [8][10].