Investment Rating - The report maintains an "Outperform" rating for the company [2][16]. Core Insights - The company achieved a total revenue of 664 million yuan in 2024, with a year-on-year decline of 10.8%, and a net profit attributable to shareholders of 194 million yuan, down 16.8% year-on-year. The first quarter of 2025 saw a revenue of 142 million yuan, reflecting a 3.2% year-on-year increase, while net profit rose by 31.6% to 21 million yuan [6][7]. - The report indicates that the company's performance in 2024 was below previous expectations due to a slowdown in IT spending from financial industry clients, which extended project timelines. However, the first quarter of 2025 showed a recovery in net profit, attributed to improved gross margins and effective cost control [7][8]. - The company’s core trading system, A5, is noted as the only fully domestically replaced core trading system in the securities industry, with a significant increase in market trading volume since its launch [7][8]. - The report forecasts a revenue increase to 763 million yuan in 2025, with a projected net profit of 214 million yuan, reflecting a 10.4% increase year-on-year. The company is expected to continue expanding its market share and client base [6][16]. Financial Summary - The company’s projected financials for 2025 include total revenue of 763 million yuan, with a gross margin of 67.1% and a return on equity (ROE) of 13.7%. The earnings per share (EPS) is expected to be 1.04 yuan [6][21]. - The report revises down the revenue forecasts for 2025 and 2026 to 763 million yuan and 914 million yuan, respectively, and adjusts net profit estimates to 214 million yuan and 275 million yuan for the same years [7][15].