Core Viewpoint - The company reported a decline in revenue and net profit for the fiscal year 2024, with expectations for improved order demand and cash flow in 2025 and beyond [1][2][4] Financial Performance - The company achieved total revenue of 1.736 billion yuan in 2024, a year-on-year decrease of 9.5%, with net profit attributable to shareholders at 19 million yuan, down 42.2% [1] - In Q4 2024, revenue was 701 million yuan, a decline of 5.34% year-on-year, and net profit attributable to shareholders was 15 million yuan, down 52.1% [1] - The company's gross margin slightly decreased to 32.78%, a drop of 1.22 percentage points year-on-year, while the net profit margin was 1.07%, down 0.60 percentage points [3] Revenue and Order Trends - For 2024, the company expects revenue from digital financial solutions, big data solutions, and comprehensive value management solutions to be 1.043 billion yuan, 574 million yuan, and 119 million yuan respectively, reflecting year-on-year declines of 9.2%, 7.4%, and 20.3% [2] - The company secured over 40 bids in digital financial business and successfully won contracts in the big data product line with more than 10 large banks, with a 30% year-on-year increase in contract amounts in comprehensive financial value chain management [2] Cash Flow and Liabilities - The cash flow from sales of goods and services for 2024 was 2.052 billion yuan, an increase of 9.1% year-on-year, while contract liabilities rose to 445 million yuan, a growth of 96.7% compared to the end of 2023 [2] Strategic Developments - The company launched a new core solution in collaboration with Huawei Cloud and expanded its client base in the asset management company sector [3] - The partnership with Thailand's Kasikorn Bank for modernizing core banking systems indicates the company's strengthening competitiveness in the Southeast Asian financial market [3] Profit Forecast and Valuation - The company maintains a positive outlook on order growth and has adjusted the target price upward by 35% to 13.5 yuan, indicating a potential upside of 7.7% from the current stock price [4] - The earnings forecast for 2026 is set at 2.24 billion yuan in revenue and 183 million yuan in net profit attributable to shareholders, with a P/E ratio of 60 times for 2026 [4]