Hundsun(SH:600570) Haitong Securities·2024-03-27 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [2][10]. Core Views - The company has maintained steady growth, with a revenue of 7.281 billion yuan in 2023, representing a year-on-year increase of 11.98%. The net profit attributable to shareholders was 1.424 billion yuan, up 30.50% year-on-year [7][10]. - The company is focusing on the development of AI products, particularly the LightGPT financial model and WarrenQ intelligent investment platform, which are expected to lead the digital transformation in the financial industry [10][12]. Financial Performance Summary - In 2023, the company achieved a revenue of 72.81 billion yuan, with a gross profit margin of 74.85%, an increase of 1.29 percentage points year-on-year [7][9]. - The operating cash flow was 12.61 billion yuan, a year-on-year increase of 10.82% [7]. - The company reported a decrease in contract liabilities to 2.766 billion yuan, down 8.49% year-on-year [7]. Business Segment Performance - Wealth Technology Services generated revenue of 1.734 billion yuan, a growth of 4.27% year-on-year, accounting for 23.81% of total revenue [8][12]. - Asset Management Technology Services achieved revenue of 1.712 billion yuan, up 9.27% year-on-year, contributing 23.51% to total revenue [8][12]. - Operations and Institutional Technology Services reported revenue of 1.436 billion yuan, a growth of 14.32% year-on-year, making up 19.73% of total revenue [8][12]. - Other business segments, including Risk and Platform Technology Services and Data Services, also showed strong performance with revenue growth of 19.06% and 19.27% respectively [8][12]. Future Financial Projections - The company is projected to achieve revenues of 8.054 billion yuan in 2024, 9.016 billion yuan in 2025, and 10.190 billion yuan in 2026, with respective year-on-year growth rates of 10.6%, 11.9%, and 13.0% [9][13]. - Net profit is expected to reach 1.743 billion yuan in 2024, 2.152 billion yuan in 2025, and 2.586 billion yuan in 2026, with growth rates of 22.4%, 23.5%, and 20.2% respectively [9][13].