Hundsun(SH:600570) Guoyuan Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved steady growth in 2023, with total revenue reaching 7.281 billion yuan, a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 1.424 billion yuan, up 30.50% year-on-year [4]. - The company successfully adapted all major products to the new technology environment, aiding over 70 financial institutions in upgrading their core business systems [5]. - The company has significantly increased its R&D investment, totaling 2.661 billion yuan, which accounts for 36.55% of its revenue, reflecting a 13.42% year-on-year growth [6]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 74.85%, an improvement over the past two years, maintaining market leadership and product competitiveness [4]. - The company’s operating income for 2024-2026 is projected to be 8.247 billion, 9.243 billion, and 10.221 billion yuan, respectively, with net profits expected to be 1.718 billion, 1.963 billion, and 2.189 billion yuan [7][11]. Product Development - Key products have been successfully launched, with the O45 product achieving further maturity and completion of projects for leading fund and asset management companies [5]. - The company’s SaaS business and data services have experienced rapid growth, contributing to its overall performance [5]. Research and Development - The company has invested heavily in R&D, with 9,535 technical personnel making up 72.3% of its workforce, focusing on developing advanced financial models and platforms [6]. - The LightGPT financial model was released for public testing, showcasing the company's commitment to innovation in the financial IT sector [6].