Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance is under pressure due to industry downturns, but there is anticipation for demand recovery [1][20]. - The company is focusing on core product lines while actively developing new products to maintain its leading position in financial technology [22][24]. Financial Performance Summary - In 2024, the company achieved revenue of 6.581 billion yuan, a year-on-year decrease of 9.62%, and a net profit attributable to shareholders of 1.043 billion yuan, down 26.75% year-on-year [12][19]. - The decline in revenue is attributed to reduced technology investments from financial institutions due to market fluctuations and business transformations [19][20]. - The company has reduced its workforce by 17.2% to 10,927 employees by the end of 2024, which is expected to improve productivity in the coming years [21][12]. Earnings Forecast and Investment Recommendations - The earnings per share (EPS) for 2025 is projected to be 0.73 yuan, with a reasonable value estimated at 29.16 yuan per share based on a 40x price-to-earnings (P/E) ratio [26][33]. - Revenue is expected to grow to 6.873 billion yuan in 2025, with a compound annual growth rate (CAGR) of 4.4% from 2024 to 2027 [28][32]. Business Segment Analysis - The company is focusing on its core product lines, including wealth technology services, asset management technology services, and risk management platforms, with expected revenue growth in these areas from 2025 to 2027 [27][28]. - The wealth technology service revenue is projected to recover gradually, with expected growth rates of 2%, 5%, and 7% for 2025, 2026, and 2027, respectively [26][28].