Hundsun(600570) 光大证券·2025-04-07 07:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns compared to market benchmarks [6]. Core Insights - The company reported a revenue of 6.581 billion yuan for 2024, a decrease of 9.62% year-on-year, and a net profit attributable to shareholders of 1.043 billion yuan, down 26.75% year-on-year [1][4]. - The company is focusing on enhancing its core product matrix and leveraging AI technology to empower its business operations, with significant progress in various sectors including wealth management and asset management [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.581 billion yuan, with a year-on-year decline of 9.62%. The net profit attributable to shareholders was 1.043 billion yuan, reflecting a 26.75% decrease compared to the previous year [1][4]. - The wealth technology service segment generated 1.430 billion yuan in revenue, down 17.50% year-on-year, while the asset management technology service segment reported 1.568 billion yuan, a decrease of 8.38% [2]. Strategic Developments - The company is enhancing customer satisfaction through deeper collaborations and strategic partnerships, while also focusing on optimizing its product competitiveness by shutting down unprofitable product lines [3]. - The company invested 2.458 billion yuan in R&D in 2024, accounting for 37.36% of its revenue, with a workforce comprising 67% R&D personnel [3]. Profit Forecast - The profit forecast for 2025 and 2026 has been adjusted to 1.270 billion yuan and 1.453 billion yuan respectively, reflecting a downward revision of 27.8% and 29.5% [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.67 yuan, 0.77 yuan, and 0.85 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 41x, 36x, and 32x [4][5]. Valuation Metrics - The company's total assets are projected to grow from 14.729 billion yuan in 2024 to 17.539 billion yuan by 2027, while total liabilities are expected to decrease from 5.322 billion yuan to 4.456 billion yuan over the same period [10]. - The return on equity (ROE) is forecasted to decline from 12.04% in 2024 to 13.14% in 2027, indicating a gradual recovery in profitability [11].