Cinda Securities: Maintains "buy" rating on Hengseng Electronics, actively embracing AI opportunities.

The research report of CITIC Securities pointed out that the net profit attributable to the parent company of Hang Seng Electronics in 2024 was 1.043 billion yuan, a year-on-year decrease of 26.75%; the net profit attributable to the parent company in Q1 of 2025 was 0.31 billion yuan, a year-on-year increase of 186.70%. In 2024, some financial institutions were affected by market volatility, business transformation, and other multiple factors, resulting in slowed or even declining business revenue growth. In the industry, the company has shown a significant leading position in terms of research and development investment scale and reserve of product technology talents. The company's self-developed Photon AI middleware platform has been successfully implemented by multiple clients, fully covering core business scenarios such as financial research, investment advisory, compliance, operations, and investment banking, driving its compatibility with domestic computing power optimization, integrating industry-leading large models, and enabling multi-model deployment. Maintain a "buy" rating.