弱市中营收维持正增，费用增加弱化盈利能力。1）2024 年上半年，财富趋势实现营业收入1.48 亿元，同比+0.14%，实现归母净利润1.00 亿元，同比-15.4%，公司整体经营稳健，受研发费用提升影响，净利润有所回落；2）盈利能力有所弱化，上半年，财富趋势ROE（加权）、毛利率、净利率分别为2.9%、82.6%、68.0%，同比分别-0.8pct、+2.0pct、-12.5pct，公司毛利率有所提升，但加权ROE 及净利润有所回落；3）分业务条线来看，软件服务、软件销售、证券信息服务实现收入0.60、0.54、0.33 亿元，同比分别+8.1%、-6.0%、-1.0%。软件服务收入维持正增，而软件销售及证券信息服务则有所承压。Description of the event
Wealth Trends released its 2024 mid-year report. During the reporting period, it achieved operating income of 0.148 billion yuan, +0.14% year over year, and realized net profit of 0.1 billion yuan to mother, or -15.4% year on year.
Incident comments
Revenue remained positive in weak markets, and increased expenses weakened profitability. 1) In the first half of 2024, the wealth trend achieved operating income of 0.148 billion yuan, +0.14%, and achieved net profit to mother of 0.1 billion yuan, or -15.4%. The company's overall operation was steady, and net profit declined somewhat; 2) Profitability weakened. In the first half of the year, wealth trends ROE (weighted), gross profit margin, and net interest rate were 2.9%, 82.6%, and 68.0%, respectively. There was an increase, but weighted ROE and net profit declined; 3) By business line, software services, software sales, and securities information services achieved revenue of 0.06, 0.054, and 0.033 billion yuan, respectively, +8.1%, -6.0%, and -1.0% year-on-year. Revenue from software services continued to increase, while software sales and securities information services were under pressure.
The B-side software sales business declined cyclically, and the C-side business reversed the market, showing growth. 1) Market popularity declined year-on-year in the first half of the year. The average daily turnover of the two markets was 862.7 billion yuan, -8.5%, and the number of new A-share accounts opened on the Shanghai Stock Exchange was 9.49 million, -27.5%; 2) The B-side software sales business of companies in weak markets was under pressure, -6.0% to 0.054 billion yuan, which is expected to be mainly affected by the decline in demand from downstream brokerage firms for front-end market system transformation; 3) However, the company's C-side securities information service business still showed strong growth in June 2024, according to Yiguan According to Qianfan data, the number of monthly active users of the company's Tongdaxin app was 2.19 million, and the estimated market share was 1.61%, +0.30pct compared to the previous year.
During the reporting period, the company increased investment in R&D, and the R&D cost rate increased markedly. On the cost side, in the first half of 2024, the company's sales, management, and R&D expenses were 0.003, 0.005, and 0.041 billion yuan, respectively, -13.2%, -1.5%, and +30.0% year-on-year, respectively. The corresponding cost rates were 2.1%, 3.3%, and 28.1%, respectively, -0.3, -0.1, and +6.5pct. The company's cost control was good, sales and management expenses declined, and the R&D expense ratio increased markedly during the reporting period. .
I am optimistic that the company will benefit from the increase in industry prosperity driven by policy, and at the same time actively embrace innovation in the application of AI technology in the financial field, enrich the product matrix, and create a new path for performance growth. The company's net profit for 2024-2025 is estimated to be $3.0 billion and 390 million, respectively, and the corresponding PE is 50.1 and 39.2 times, respectively, maintaining the purchase rating.
Risk warning
1. The turnover of the two markets dropped sharply;
2. Regulatory policies have been tightened.
