Hundsun(600570) 申万宏源证券·2025-04-27 12:13Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Views - The company reported lower-than-expected revenue and profit for 2024, with total revenue of 6.581 billion yuan, down 9.6% year-on-year, and net profit of 1.043 billion yuan, down 26.8% year-on-year [6][12]. - The decline in performance is attributed to delayed demand recovery in the IT services sector due to market volatility and budget execution issues among financial institutions [6][12]. - The company is undergoing product upgrades, particularly in its AI product line, which has seen successful implementations in various financial services [6][12]. Financial Data and Profit Forecast - Total revenue forecast for 2023 is 7.281 billion yuan, with a projected decline to 6.581 billion yuan in 2024, followed by a slight recovery to 6.957 billion yuan in 2025 [2][15]. - Net profit is expected to decrease from 1.424 billion yuan in 2023 to 1.043 billion yuan in 2024, with a gradual increase to 1.142 billion yuan in 2025 [2][15]. - The company's gross margin is projected to be 72.0% in 2024, slightly down from 74.8% in 2023 [2][15]. Market Data - As of April 25, 2025, the company's closing price is 25.85 yuan, with a market capitalization of 48.902 billion yuan [3]. - The price-to-earnings (P/E) ratio is projected to be 43 for 2025 [6][12]. Business Segment Performance - The asset management technology service segment generated 1.568 billion yuan in 2024, down 8.38% year-on-year, while the wealth technology service segment saw a 17.5% decline to 1.430 billion yuan [7]. - The operational and institutional technology services segment also experienced a decline, with revenue of 1.289 billion yuan, down 10.24% year-on-year [7]. AI Product Development - The company continues to innovate in its AI product line, launching new platforms such as LightGPT and WarrenQ, which have been implemented in multiple client projects [6][12].