Hundsun(SH:600570) Guohai Securities·2024-03-26 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue growth of over 30% in 2023, driven by the advancement of "AI+" initiatives [1] - The company reported a total revenue of 7.281 billion yuan in 2023, representing a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 1.424 billion yuan, up 30.5% year-on-year [4] - The company is focusing on high-quality product offerings and enhancing operational efficiency, which has led to improved profitability metrics [6][8] Summary by Relevant Sections Financial Performance - In Q4 2023, the company recorded a revenue of 2.914 billion yuan, a year-on-year increase of 5.36%, while the net profit attributable to shareholders decreased by 24.29% to 818 million yuan [4] - The gross margin for 2023 was 74.84%, an increase of 1.28 percentage points year-on-year, and the net profit margin was 19.82%, up 2.6 percentage points year-on-year [6] Business Segments - Wealth technology revenue reached 1.734 billion yuan, growing by 4.27% year-on-year, with a slowdown attributed to reduced market demand for existing products [5] - Asset management technology revenue was 1.712 billion yuan, up 9.27% year-on-year, with 53 new clients signed [5] - Operational and institutional revenue grew by 14.32% year-on-year to 1.436 billion yuan, with nearly 100 new clients signed [5] - Risk and platform revenue increased by 19.06% year-on-year to 509 million yuan, maintaining a strong growth trend [5] Future Outlook - The company is expected to maintain a solid position in the securities and asset management IT sector, with projected net profits of 1.763 billion yuan, 1.985 billion yuan, and 2.230 billion yuan for 2024, 2025, and 2026 respectively [8][9] - The company plans to continue investing in R&D, with total R&D expenses of 2.661 billion yuan in 2023, accounting for 36.55% of revenue [8]