GRG Banking(002152) 海通证券·2024-09-26 00:07Investment Rating - The report assigns an "Outperform" rating to the company [1][7]. Core Views - The company focuses on financial technology and urban intelligence, achieving rapid revenue growth in H1 2024. It has established a digital economy ecosystem through the integration of AI elements such as algorithms, computing power, data, and scenarios, centered around the aiCore System [4][5]. - In H1 2024, the company reported 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% year-on-year [4][6]. - The financial technology segment remains a leader in the market, with H1 2024 revenue of 3.028 billion yuan, a 29.30% increase year-on-year, while the urban intelligence segment achieved revenue of 1.678 billion yuan, growing 29.71% year-on-year [4][5]. Summary by Sections Financial Performance - The company expects total revenue to reach 10.702 billion yuan in 2024, with a year-on-year growth of 18.3%, and net profit to be 1.098 billion yuan, growing 12.4% [6][10]. - The projected earnings per share (EPS) for 2024 is 0.44 yuan, with a price-to-earnings (P/E) ratio of 27-30 times, indicating a reasonable value range of 11.88-13.20 yuan [7][9]. Business Segments - Financial Technology: The company has maintained its leading position in the smart financial equipment market for 16 consecutive years, with a total of over 310,000 technical service devices as of H1 2024. It is expanding into new domestic and overseas markets [4][5]. - Urban Intelligence: The company has secured significant construction projects, including a 575 million yuan digital government project in Guangzhou, contributing to its revenue growth in this segment [5][6]. Mergers and Acquisitions - The company has been actively pursuing quality acquisition targets to enhance its business depth and breadth. Notable acquisitions include Zhongjin Payment in April 2023 and Zhongshuzhihui in December 2023, aimed at expanding its internet payment and data element business [5][6].