Hundsun(600570) 国盛证券·2024-03-26 16:00Investment Rating - Maintains a "Buy" rating [3] Core Views - The company demonstrated strong operational resilience in 2023, with revenue reaching 7.281 billion yuan, a year-on-year increase of 11.98%, and net profit attributable to the parent company reaching 1.424 billion yuan, a year-on-year increase of 30.50% [1] - The company is fully embracing the AI and IT innovation trends, with significant advantages in the capital market IT sector [1] - The company's R&D investment in 2023 was 2.661 billion yuan, accounting for 36.55% of its revenue, and it has 9,535 product technical personnel, representing 72.3% of the total workforce [2] - The company's main products have completed IT innovation adaptation, assisting over 70 financial institutions in upgrading their core business systems [2] Financial Performance - Revenue in 2023 was 7.281 billion yuan, a year-on-year increase of 11.98%, with a gross profit margin of 74.85% [2] - Net profit attributable to the parent company was 1.424 billion yuan, a year-on-year increase of 30.50%, and non-GAAP net profit was 1.448 billion yuan, a year-on-year increase of 26.51% [2] - Revenue from wealth technology services was 1.734 billion yuan, a year-on-year increase of 4.27%, while asset management technology services revenue was 1.712 billion yuan, a year-on-year increase of 9.27% [2] - Revenue from operations and institutional technology services was 1.436 billion yuan, a year-on-year increase of 14.32%, and revenue from risk and platform technology services was 509 million yuan, a year-on-year increase of 19.06% [2] Future Projections - Expected revenue for 2024-2026 is 8.324 billion yuan, 9.453 billion yuan, and 10.354 billion yuan, respectively [3] - Expected net profit attributable to the parent company for 2024-2026 is 1.656 billion yuan, 1.830 billion yuan, and 2.002 billion yuan, respectively [3] - The P/E ratio for 2024-2026 is projected to be 26.9x, 24.3x, and 22.2x, respectively [3] Industry Trends - The securities and fund industries saw overall revenue growth in 2023, with financial institutions deepening their digital transformation [2] - The total scale of China's asset management industry reached 67.06 trillion yuan by the end of 2023, with public funds accounting for 27.60 trillion yuan, or 41.15% of the total [2] - The implementation of major policies such as the comprehensive registration system and the acceleration of IT innovation in the capital market have provided favorable conditions for financial institutions to increase their technology investments [2]