GRG Banking(002152) 华龙证券·2024-09-09 03:20Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1]. Core Views - The company's revenue growth is driven by acquisitions and the expansion of urban intelligence business, with significant new contracts signed in international markets [1]. - The financial technology business achieved a revenue of 3.028 billion yuan, reflecting a year-on-year growth of 29.30%, maintaining its leading position in the domestic intelligent financial equipment market for 16 consecutive years [1]. - The urban intelligence business reported a revenue of 1.678 billion yuan, with a year-on-year growth of 29.71%, focusing on digital government and smart transportation sectors [1]. - The company has become the controlling shareholder of Guangdian Wuzhou, enhancing its computing power layout and optimizing revenue structure [1]. Financial Performance Summary - For the first half of 2024, the company achieved a total operating revenue of 4.707 billion yuan, a year-on-year increase of 29.45%, and a net profit attributable to shareholders of 498 million yuan, up 5.20% [1]. - The net profit excluding non-recurring gains and losses was 440 million yuan, reflecting a growth of 6.73% [1]. - The company expects stable revenue growth in its financial technology business, with projected net profits for 2024-2026 being 1.102 billion, 1.256 billion, and 1.437 billion yuan respectively [2]. Market Data - The company's stock price is currently 9.42 yuan, with a 52-week price range of 8.38 to 13.44 yuan, and a total market capitalization of approximately 23.39 billion yuan [1]. - The company has a projected P/E ratio of 20.6 for 2024, which is lower than the average P/E of comparable companies [2]. Revenue Forecast - The company is expected to achieve operating revenues of 11.002 billion, 12.838 billion, and 14.897 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 21.66%, 16.68%, and 16.04% [3].