坚持降本增效及产品化战略，人效水平有进一步提升空间。前三季度销售/管理/研发费用率11.98%/14.71%/40.24%，同比变动 -0.23/+0.95/-0.60pct；24Q3 销售/管理/研发费用率同比变动+0.64/+4.04/-1.04pct，占比最高的研发费用率已呈下滑趋势，公司人员结构优化初显成效。近期，公司公告拟向慧博云通转让所持全资子公司金锐软件51%的股权，交易金额6260 万元。金锐是公司提供按需使用、专业可靠的客户化定制、本地化开发服务的主要子公司，剥离金锐控股权反映了公司聚焦产品化的发展战略，也符合公司近两年来向管理要效益、降本增效的经营战略，人效水平有望进一步提升。Companies were clearly affected by the pressure of industry demand, and growth pressure increased in Q3. We believe that in the context of increased market activity, industry beta is expected to be boosted. Driven by the wave of credit innovation, demand recovery can be expected, and the company is expected to fully benefit as an industry leader.
Incident: In the first three quarters of 2024, the company achieved revenue of 4.188 billion yuan, YoY -4.12%; net profit to mother of 0.446 billion yuan, YoY -26.57%; net profit after deducting non-attributable net profit of 0.267 billion yuan, YoY -50.28%. 24Q3 revenue was 1.352 billion yuan, YoY -12.26%; realized net profit attributable to mother 0.416 billion yuan, YoY +159.18%; realized net profit without deduction of 0.132 billion yuan, YoY -51.70%. The performance was in line with expectations.
Q3 Growth pressure increased. The combined revenue of 24Q1-3 Fortune Technology, Asset Management Technology, Operation and Institutional Technology accounted for 62.08% of total revenue, revenue YoY -20.32%/-3.40%/-6.54%, and 24Q3 revenue YoY -26.69%/-24.97%/-23.96%. The decline increased. 24Q1-3 gross profit margin 69.31%, -2.58pct year; 24Q3 gross profit margin 65.10%, year-on-year -6.59pct, performance is under pressure. Contract liabilities at the end of the period were $2.268 billion, YoY -12.64%. Against the backdrop of declining capital market activity in 24Q3 and major commission cuts, IT demand for securities & asset management declined, and the impact on the company as an industry leader was obvious.
Adhering to the strategy of reducing costs and increasing efficiency and commercialization, there is room for further improvement in the level of human efficiency. The sales/management/R&D expense ratio for the first three quarters was 11.98%/14.71%/40.24%, year-on-year change of -0.23/+0.95/-0.60pct; 24Q3 sales/management/R&D expenses rate changed +0.64/+4.04/-1.04pct year on year. The R&D expense ratio, which accounts for the highest share of R&D expenses, has shown a downward trend, and the optimization of the company's personnel structure is beginning to show results. Recently, the company announced that it plans to transfer 51% of its wholly-owned subsidiary Jinrui Software to Huibo Yuntong, with a transaction amount of 62.6 million yuan. Jinrui is the company's main subsidiary that provides on-demand, professional and reliable customized customization and localization development services. The divestment of Jinrui's holding rights reflects the company's development strategy focusing on commercialization. It is also in line with the company's business strategy of seeking efficiency, cost reduction and efficiency from management over the past two years. The level of human efficiency is expected to improve further.
The securities & asset management IT industry beta is expected to be boosted against the backdrop of increased market activity, and demand recovery can be expected to be driven by the wave of credit innovation. Since September 24, capital market trading activity has increased significantly. As the core productivity of brokerage firms, centralized counter systems benefit the most when IT expenses of downstream brokerage firms improve. Furthermore, currently in the intergenerational upgrade window for brokers' core trading systems, the superposition of the securities industry Xinchuang has moved from peripheral systems to a deep-water zone of core system innovation transformation. The recovery in industry demand is worth looking forward to under multiple waves. The basic software and hardware configuration plans for all of the company's next-generation main products, have been completed, and some products have been implemented on a large scale, which is expected to fully benefit from this round of industry development.
Maintain a “Highly Recommended” investment rating. Expected 24-26 revenue of 7.334/8.088/8.79 billion yuan, YoY +1%/10%/9%; net profit to mother of 1.501/1.738/2.028 billion yuan, YoY +5%/16%/17%, maintaining the “Highly Recommended” investment rating.
Risk warning: Financial institutions cut commissions; capital market activity declined; industry competition intensified.
