Hundsun(SH:600570) GOLDEN SUN SECURITIES·2026-03-04 07:25Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 1.229 billion yuan in 2025, representing a year-on-year increase of 17.83%. The net profit after deducting non-recurring items is projected to be 1.005 billion yuan, up 20.45% year-on-year [2][4] - The total operating revenue for 2025 is estimated to be around 5.786 billion yuan, a decrease of approximately 12.08% year-on-year, primarily due to a strategic focus on improving revenue quality and optimizing the business structure [2][3] - The company has implemented cost control measures, resulting in a cost reduction of about 13.12%, which outpaced the revenue decline. This has led to an increase in net cash flow from operating activities, projected to be around 1.067 billion yuan, up 22.91% year-on-year [2][3] Business Development - The core business segments are developing steadily, with the wealth technology service sector seeing successful project signings and system implementations with major brokerage firms [3] - The asset management technology service segment experienced a decline in core product revenue due to reduced industry demand, but new investment trading systems have secured multiple clients in various financial sectors [3] - The innovative business segment is gaining traction, with new client signings and successful upgrades of core trading systems for clients in Hong Kong, indicating a positive outlook for future growth [3] Financial Projections - The projected operating revenues for 2025, 2026, and 2027 are 5.786 billion yuan, 6.205 billion yuan, and 6.898 billion yuan, respectively. The net profits for the same years are expected to be 1.229 billion yuan, 1.398 billion yuan, and 1.582 billion yuan [4][5]