24Q1金融软服业务保持增长

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 17.01 CNY, which corresponds to a 50 times dynamic price-to-earnings ratio for 2024 [7][8]. Core Views - The company reported a revenue of 1.768 billion CNY in Q1 2024, representing a year-on-year decline of 9.88%, while the net profit attributable to shareholders was -56 million CNY, a significant drop of 594.31% year-on-year. However, the financial software service business achieved a revenue of 708 million CNY, showing a growth of 19.80% year-on-year, indicating strong performance in core business areas [1][7]. - The company is focusing on financial technology strategies and has a solid foundation for future growth, particularly in the financial software sector, which has seen a total contract value of 714 million CNY, up 8.87% year-on-year, and a backlog of 2.164 billion CNY, up 22.44% year-on-year [20][7]. Summary by Sections Financial Performance - In Q1 2024, the financial software service business maintained growth, with a revenue of 708 million CNY, up 19.80% year-on-year. The total contract value for financial software services was 714 million CNY, an increase of 8.87% year-on-year, and the backlog reached 2.164 billion CNY, up 22.44% year-on-year [1][20]. - The company expects revenues of 12.838 billion CNY, 13.701 billion CNY, and 14.594 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 332 million CNY, 467 million CNY, and 625 million CNY for the same years [7][26]. Business Development - The company is actively involved in various financial data application projects, including partnerships with Jinzhou Bank and Zhengzhou Bank, and has published a report on financial data asset valuation and trading [2][6]. - In the financial innovation sector, the company successfully delivered data center relocation services for a major commercial bank and has had its solutions recognized in the financial innovation ecosystem [6][7]. Future Outlook - The company is expected to achieve long-term stable growth driven by demand in financial technology and AIGC, with a forward-looking layout in the quantum information industry [7][20]. - The company is enhancing its overseas business capabilities, focusing on projects with HSBC China and other international banks to improve its digital financial service offerings [21].