Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [3][8]. Core Views - The company reported a revenue of 3.958 billion yuan in 2024, a year-on-year decline of 23.94%, while net profit increased by 16.4% to 384 million yuan [4][5]. - The company is actively focusing on AI applications and has announced plans to issue H-shares for listing on the Hong Kong Stock Exchange [5]. - The company’s gross margin improved to 29.02%, an increase of 3.08 percentage points year-on-year, with operating cash flow reaching a historical high of 941 million yuan, a 110.67% increase from the previous year [5]. Financial Performance Summary - Revenue Forecast: The company’s projected revenues for 2025, 2026, and 2027 are 4.208 billion yuan, 4.552 billion yuan, and 5.010 billion yuan respectively, with growth rates of 6%, 8%, and 10% [3][5]. - Net Profit Forecast: The expected net profits for the same years are 433 million yuan, 505 million yuan, and 607 million yuan, with growth rates of 14%, 17%, and 20% respectively [3][5]. - Earnings Per Share (EPS): The projected EPS for 2025, 2026, and 2027 are 0.62 yuan, 0.72 yuan, and 0.86 yuan respectively [3][5]. Revenue Breakdown - The company’s revenue from banking IT products and solutions was 3.461 billion yuan, accounting for 87.45% of total revenue, while non-banking IT products and solutions contributed 371 million yuan, or 9.37% [5]. - Major clients include state-owned commercial banks and joint-stock banks, which contributed 52.49% of total revenue [5]. Profitability Metrics - The company’s net profit margin for 2024 was 9.7%, with a return on equity (ROE) of 8% [3][5]. - The price-to-earnings (P/E) ratio is projected to decrease from 45.2 in 2023 to 24.2 by 2027, indicating improved valuation over time [3][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a revenue of 3.958 billion yuan in 2024, a year-on-year decrease of 23.94%, while the net profit attributable to shareholders was 380 million yuan, an increase of 16.62% year-on-year [1] - The company's banking IT solutions faced significant pressure due to reduced technology investments in the banking sector, leading to a 25.78% year-on-year decline in revenue for this segment [2] - Internal management improvements have led to a notable increase in profit margins, with a comprehensive gross margin of 29.02%, up 3.08 percentage points year-on-year [3] - The company is actively optimizing its business matrix and expanding its product lines, including significant projects in non-banking IT services and overseas markets [4] - The company is embracing generative AI technology, establishing a comprehensive service system to support AI applications in banking, which is expected to drive future growth [5] - Revenue forecasts for 2025-2027 are projected at 4.592 billion, 5.234 billion, and 5.563 billion yuan, representing year-on-year growth rates of 16.03%, 13.97%, and 6.29% respectively [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.958 billion yuan, with a net profit of 380 million yuan, reflecting a 16.62% increase year-on-year [1] - The gross margin improved to 29.02%, with operating costs decreasing by 27.10% year-on-year [3] Business Development - The company is expanding its service offerings beyond banking IT, securing contracts worth nearly 130 million yuan in national projects and entering the securities market [4] - The overseas business has seen new orders close to 100 million yuan, marking a significant achievement in international expansion [4] Future Outlook - The company anticipates a recovery in revenue growth, with projections indicating a return to positive growth rates starting in 2025 [6] - The focus on generative AI is expected to create new growth avenues, enhancing the company's competitive position in the financial technology sector [5]

Group 1: Company Overview and Business Focus - Yuxin Technology is focusing on the financial industry's digital transformation and innovation, particularly in the context of national security and stability [2][3] - The company has accumulated significant capabilities in the信创 (Xinchuang) sector, with 6 major capabilities, 7 solution types, and 8 product categories [2][3] Group 2: Financial Performance and Market Trends - As of the end of 2024, the total amount of overdue credit card loans reached CNY 123.96 billion, a year-on-year increase of 26.31% [4] - The scale of non-performing assets in credit cards and consumer finance is rapidly increasing, with a total of over CNY 25.5 billion in non-performing asset packages announced by banks [4][5] Group 3: Strategic Initiatives and Future Plans - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and brand recognition [7] - AI technology is being actively embraced by banks, with significant demand for AI tools like DeepSeek, indicating a shift in budget allocation towards efficiency-enhancing technologies [8] Group 4: Risk Considerations - The content discussed in the investor relations activities does not constitute a substantive commitment from the company regarding future development plans or performance expectations, and investors should remain aware of associated risks [9]

Core Viewpoint - The industry downturn combined with the company's enhanced project selection has led to a decline in revenue. The company reported a revenue of 3.958 billion yuan for 2024, a year-on-year decrease of 23.94%, while the net profit attributable to shareholders reached 380 million yuan, an increase of 16.62% year-on-year. The revenue decline is attributed to cautious IT investments by banks due to operational pressures, alongside the company's proactive optimization of its business structure and project management. Consequently, the company achieved refined project and product management, significantly improving operational efficiency, with a gross margin of 29.02%, an increase of 3.08 percentage points year-on-year. The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses both showed substantial growth [1]. Group 1 - The company secured multiple large-scale orders for credit products in 2024, including new contracts in intelligent post-loan management, integrated collection management, and digital non-performing asset management. The launch of the "Star Link" data element SAAS operational service platform is expected to assist clients in rapid product innovation in precise marketing and risk operations [2]. - The company's regulatory business saw a year-on-year doubling of new order amounts. The innovative "One Table Pass"信BOX series integrated machine has completed productization. The application of AI in marketing operational tools has significantly improved labor efficiency and business metrics [2]. - By the end of 2024, the company had 11,539 employees, a decrease of 8% year-on-year, with per capita profit returning to growth at 32,900 yuan, an increase of 26.81% year-on-year [2]. Group 2 - The company plans to list in Hong Kong, demonstrating confidence in its long-term development. On March 30, the company announced its intention to issue overseas listed foreign shares (H shares) and apply for listing on the main board of the Hong Kong Stock Exchange [2]. - As a leading player in bank IT, the company is expected to achieve earnings per share (EPS) of 0.60, 0.69, and 0.82 yuan per share for 2025-2027. Based on comparable company valuations, a price-to-earnings (PE) ratio of 45 times for 2025 is anticipated, leading to a reasonable value of 26.79 yuan per share, maintaining a "buy" rating [2].

根据披露的机构调研信息2025年3月31日，泉果基金对上市公司宇信科技进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为160.40亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果思源三年持有期混合A （018329），近一年收益录得16.73%。 红利约人民币1.79亿元（含税），合每10股派发现金红利2.60元（含税），回馈广大股东和投资人。 三、问答环节 1、公司AI业务进展及2024年订单情况？ 答：公司从2023年开始布局生成式AI产品和解 决方案，和多个通用大模型公司建立了深度合作，并在2023年年底推出4个应用级产品和1个开发平台。 2024年，公司基于自身产品策略，为客户解决战略和业务痛点，在宇信拳头产品所在领域，如信贷、数 据监管、营销等场景积极进行AI应用落地。 2024年，我们中标了某消费金融公司的智能营销服务项 目，运用AI技术帮助该客户实现更精准的用户洞察和营销管理，提升运营效率的同时，促进获客与转 化；与多家银行创新实验室合作并落地成功案例，在信贷流程管理和信审过程嵌入AI能力，以提高整 体信贷审核流程的效率 ...

海外及信创业务里程碑，AI 开启新时代。2024 年公司海外市场迈入新里程，全系产品全面出海，新签 订单近亿元规模，成功中标某跨国银行香港及国际分行新一代核心银行系统项目，创下公司历史上最大 单一软件订单纪录。信创方面，持续中标某国家部委累积近 1.3 亿元信创项目，数家大型央国企信创产 品服务项目。AI 方面，明确聚焦 AI 应用领域，构建了完整的大模型全栈服务体系，覆盖从算力层、基 础大模型层、应用基础能力层到业务场景能力层的各个关键环节。公司率先推出面向银行业务场景的 AI 一体机，通过"硬件+软件"一体化方式，为金融机构的业务场景赋能。 维持"强烈推荐"投资评级。预计25-27 年收入45.33/50.91/56.32 亿元，归母净利润4.44/5.40/6.17 亿元， 维持强烈推荐。 主业银行IT 收入承压、盈利能力提升。2024 年银行IT 收入34.61 亿元，YoY-25.78%；非银IT 收入3.71 亿元，YoY-1.98%；创新运营收入1.22 亿元，YoY-22.36%。毛利率方面，银行IT 毛利率28.10%，同比 提升4.73pct，主要得益于产品标准化程度提升、低码平台扩展至需 ...

投资者关系活动记录表 证券代码：300674 证券简称：宇信科技 北京宇信科技集团股份有限公司 投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | 特定对象调研 | 分析师会议 | 媒体采访 | | | --- | --- | --- | --- | --- | | 类别 |  业绩说明会 | 新闻发布会 | 路演活动 | | | | 现场参观 | | 其他（券商策略会、电话会议） | | | | 机构名称 | 机构名称 | 机构名称 | 机构名称 | | | 太平国发(苏州) | 循远资管 | 德睿恒丰 | 鹏华基金 | | | 鸿竹资管 | 鸿运私募 | 九祥资管 | 美银证券 | | | 百川财富(北京) | 兴业银行 | RowPlant Capital 方正证券 | | | | 中泽控股 | 招商证券 | 华西证券 | 申万宏源 | | | 陆宝投资 | 峰辰资管 | 中汇守正 | 磐安资管 | | | 雅戈尔 | 中荷人寿 | 陆家嘴信托 | 摩根士丹利亚洲 | | | 中金公司 | 中电科投资 | 禾永投资 | 天风证券 | | | 富瑞金融 | 海通证券 | ...

Summary of Yuxin Technology Conference Call Company Overview - **Company**: Yuxin Technology - **Year Established**: 1999 - **Key Milestone**: 25th anniversary in 2024 Financial Performance - **Total Profit**: 391 million CNY in 2024, up 19.33% YoY [3][35] - **Gross Margin**: 29.02%, an increase of 3.08 percentage points YoY [3][35] - **Operating Cash Flow**: 941 million CNY, the highest in history, up 110% YoY [3][37] - **Net Profit**: Approximately 380 million CNY, up 16.6% YoY [5][37] - **Dividend**: Expected to distribute 178 million CNY to shareholders [3][39] Business Segments - **Bank IT Solutions**: Remains the primary revenue source with a gross margin increase of 4.8% [3][38] - **Non-Bank IT Solutions**: Revenue stable compared to last year, focusing on expanding into non-bank financial institutions [3][38] - **Innovative Business**: Maintains high gross margin characteristics despite some fluctuations [5][38] Client Base - **Major Clients**: Large commercial banks and joint-stock banks contribute 50% of revenue, indicating a focus on large asset clients [6][39] - **Client Satisfaction**: Improved operational efficiency and customer satisfaction reflected in reduced sales expense ratio and stable management expense ratio [7][39] Research and Development - **R&D Investment**: Maintained at approximately 11% of revenue, focusing on AI, data assets, and overseas expansion [9][40] - **AI Development**: Collaborations with major model companies, launching four application-level products and one development platform [10][44] Market Expansion - **Overseas Market**: New orders close to 100 million CNY from multinational banks, with plans to replicate domestic innovations abroad [3][4][36] - **Future Growth**: Expected revenue scale-up in the next 2-3 years through investment and acquisitions [25][60] Challenges and Opportunities - **Banking Sector**: Facing budget cuts and operational pressures, banks are expected to increase IT investments strategically [30][62] - **AI Integration**: Demand for AI capabilities is rising, particularly in business operations, though actual applications are still in the testing phase [50][51] Strategic Outlook - **2025 Focus**: Emphasis on AI technology development, innovative business expansion, and overseas market penetration [36][67] - **Listing Plans**: Preparing for a potential listing in Hong Kong to enhance business development and attract international talent [14][47] Conclusion Yuxin Technology has demonstrated resilience and growth in a challenging market environment, with a strong focus on innovation, client satisfaction, and strategic expansion into overseas markets. The company is well-positioned to leverage AI and technology advancements to drive future growth.

长江商报消息 中国金融科技服务领军企业宇信科技（300674.SZ）将扬帆征战海外。 3月30日晚间，宇信科技发布年报。2024年，公司实现营业收入39.58亿元，同比减少23.94%；归属于上 市公司股东的净利润（净利润，下同）3.8亿元，同比增长16.62%；扣除非经常性损益的净利润（扣非 净利润，下同）3.49亿元，同比增长10.48%。 长江商报记者注意到，尽管营收规模有所下降，但得益于公司主动优化业务结构、积极选择和管理项 目，实现项目、产品精细化管理，其运营效率取得了显著提升。2024年，宇信科技的综合毛利率达 29.02%，同比增加3.08个百分点。 不仅如此，报告期内，宇信科技实现经营活动产生的现金流量净额9.41亿元，较上年增加4.94亿元，同 比增长110.67%，创历史最高水平。 综合毛利率升至29.02% 资料显示，宇信科技主营业务为银行科技解决方案、非银科技解决方案、创新运营服务三大类，产品和 解决方案全面覆盖业务类、渠道类、运营类和管理类等，并始终保持在网络银行、信贷管理、商业智 能、风险管理和监管报送等多个细分解决方案领域的领先地位。 经过二十余年的发展，宇信科技已经为中国人民银 ...

现金流与资产状况 经营活动产生的现金流量净额为9.41亿元，同比增长110.67%，显示出公司在现金流管理上的改善。货 币资金为27.1亿元，同比增长32.96%，表明公司现金储备充足。然而，应收账款为7.86亿元，同比下降 32.67%，应收账款与利润的比例高达206.81%，需密切关注其回收情况。 成本与费用 销售费用、管理费用、财务费用总计3.72亿元，三费占营收比为9.39%，同比增加了9.85%。其中，销售 费用减少了23.21%，财务费用减少了155.96%，主要原因是业务招待费减少、利息收入增加及利息费用 减少。 近期宇信科技（300674）发布2024年年报，证券之星财报模型分析如下： 营收与利润 宇信科技在2024年的营业总收入为39.58亿元，较2023年的52.04亿元下降了23.94%。尽管营收下滑，公 司的归母净利润却达到了3.8亿元，同比增长16.62%。扣非净利润为3.49亿元，同比增长10.48%。第四 季度的表现尤为明显，营业总收入为16.07亿元，同比下降25.2%，但归母净利润为1.18亿元，同比下降 29.2%。 盈利能力 公司盈利能力有所提升，毛利率为29.02%，同 ...