收入拆分看，核心业务发展稳定。资管科技服务2024 年前三季度公司实现收入10.10 亿元，yoy-3.40%；财富科技服务2024 年前三季度公司实现收入8.03 亿元，yoy-20.32%；运营机构与科技服务2024 年前三季度公司实现收入7.86 亿元，yoy-6.54%。其余业务情况看，风险与平台科技服务/数据服务业务/创新业务/企金、保险核心与金融基础设施科技服务/ 其他分别实现营收3.09/2.48/3.74/4.70/1.87 亿元， yoy-2.77%/-0.33%/-0.01%/16.74%/44.87%。Description of the event
The company released its 2024Q3 financial report. The details are as follows: in the first three quarters of 2024, the company achieved operating income of 4.188 billion yuan, yoy -4.12%; realized net profit of 0.446 billion yuan, yoy -26.57%; realized deduction of 0.267 billion yuan, yoy -50.28%. Looking at a single quarter, 24Q3 achieved operating income of 1.352 billion yuan, yoy -12.26%; realized net profit to mother of 0.416 billion yuan, yoy +159.18%; realized deduction of 0.132 billion yuan, yoy -51.70%.
Incident comments
Looking at revenue splitting, the core business is developing steadily. Asset Management Technology Services achieved revenue of 1.01 billion yuan, yoy -3.40% in the first three quarters of 2024; Fortune Tech Services achieved revenue of 0.803 billion yuan, yoy -20.32% in the first three quarters of 2024; operating institutions and technology services achieved revenue of 0.786 billion yuan, yoy -6.54% in the first three quarters of 2024. Looking at the rest of the business situation, risk and platform technology services/data service business/innovative business/enterprise finance, insurance core and financial infrastructure technology services/ others achieved revenue of 3.09/2.48/0.374/0.47/0.187 billion yuan, YOY -2.77%/-0.33%/-0.01%/16.74%/44.87%, respectively.
In terms of gross margin and R&D expense ratio, 24Q1-Q3's gross profit margin was 69.31%, compared to 71.89% in the same period last year, down 2.58 pcts year on year. On the cost side, 24HQ1-Q3 invested 1.685 billion yuan in R&D expenses, and the R&D rate was 40.24%, a slight decrease of 0.60 pct compared to the same period last year.
The company released an equity incentive plan which is expected to motivate the team. The company announced an equity incentive plan on August 24. It plans to grant 34 million stock options to incentive recipients at an exercise price of 17.04 yuan/share. This time, a total of 1,400 incentive recipients are involved. The performance assessment requirements are based on net profit for 23-25, respectively, and the net profit growth rate for 24-26 is not less than 10%.
The company's business goals for 2024 are to maintain steady revenue growth, continuously improve the quality of the company's revenue, keep expenses below revenue growth, continue to improve operating efficiency, and maintain a steady financial structure and operating cash flow. Under pressure from downstream customers, the company's operating resilience was basically maintained in the first three quarters. We expect the company's revenue for 2024-2026 to be 7.365/8.192/9.058 billion yuan, and net profit to mother of 1.456/1.658/1.977 billion yuan, respectively, corresponding to 38.78/34.06/28.58 times PE, respectively, to maintain the “buy” rating.
Risk warning
1. Downstream demand falls short of expectations due to declining capital market prosperity; 2. Industry competition intensifies risks.
