Investment Rating - The investment rating for the company is "Recommended" [1][4][16] Core Views - The company has made significant progress in its new trading business, integrating its products with trusted computing and AI capabilities [1][9] - The company reported a decrease in revenue and net profit for 2024, with revenue at 664 million yuan, down 10.78% year-on-year, and net profit at 194 million yuan, down 16.84% year-on-year [4][8] - The company continues to invest in R&D, maintaining a high absolute level of net profit margin despite a slight decline [8][9] Financial Performance Summary - **Revenue and Profit**: In 2024, the company achieved revenue of 664 million yuan, a decrease of 10.78% year-on-year, and a net profit of 194 million yuan, down 16.84% year-on-year [4][8] - **Future Projections**: Expected revenue growth for 2025-2027 is projected at 802 million yuan, 989 million yuan, and 1.234 billion yuan, respectively, with corresponding net profits of 239 million yuan, 297 million yuan, and 373 million yuan [7][14] - **Margins**: The gross margin for 2024 was 67.0%, with a net margin of 29.2% [8][14] R&D and Product Development - The company has increased its R&D investment to 152 million yuan in 2024, focusing on its "3+1" foundational technology platform [8][11] - The new trading system A5 has been successfully implemented with multiple brokerage firms, indicating strong market demand [9][11] Market Position and Strategy - The company is actively promoting financial innovation and has made strides in its new trading system and wealth management products, which are now integrated with AI capabilities [9][11] - The company has established a strong client base, with over 300 clients in its wealth management business [11] Valuation Metrics - The projected P/E ratios for 2025-2027 are 33.2, 26.8, and 21.3, respectively, indicating a favorable valuation outlook as earnings are expected to grow [7][14]