Core Insights - The rapid development of financial technology, particularly AI large models, is profoundly reshaping the banking industry's operational models [2] - DeepSeek, as a representative of large language models, is being applied in three main areas within banking: credit assessment, data extraction, and marketing [3] Group 1: AI Applications in Banking - In credit business, AI is transforming the process from manual review to intelligent review, enhancing efficiency in information processing [3][4] - AI technology allows for batch uploading and automatic recognition of various customer documents, significantly improving the efficiency of handling dynamic data [3] - The generation of reports in credit processes has become automated, ensuring standardization and traceability while providing valuable insights for decision-making [4] Group 2: Data Utilization and Efficiency - Many banks face efficiency bottlenecks in data analysis, as business personnel often lack familiarity with underlying database structures [5] - AI applications can streamline data extraction processes, reducing response times and human resource expenditure [5] - The introduction of the Star-Digital Management Platform by Yuxin Technology aims to enhance data interaction and analysis efficiency for banks [5] Group 3: Marketing Innovations - AI plays a crucial role in transforming marketing strategies from a one-size-fits-all approach to personalized marketing [6] - The use of AI in generating marketing materials has increased production efficiency and reduced costs associated with A/B testing [6] - AI can provide tailored responses based on customer inquiries, enhancing the customer experience [6] Group 4: Competitive Landscape - The emergence of DeepSeek is reshaping the competitive landscape, potentially allowing smaller banks to bridge the gap with larger banks [7] - While smaller banks can leverage DeepSeek to enhance their capabilities, they still face challenges related to professional talent and data resources [8] - The core difference between banks lies in their data assets, which is becoming a key determinant of their AI application levels [9]

Group 1 - The company, Yuxin Technology, provides software products and solutions to banking and non-banking financial clients, emphasizing the importance of security, stability, efficiency, and autonomy in the financial industry [2] - The company's overseas business focuses on Southeast Asia, expanding around the "Belt and Road" initiative to offer software solutions to international financial clients [2] - Yuxin Technology has established deep cooperation with several major banks in digital currency system construction, covering front, middle, and back office operations [2][3] Group 2 - The company collaborates with major banks in promoting the use of digital currency through its marketing and operational capabilities [3] - Yuxin Technology participates in various financial clearing and payment system projects, accumulating best practices in financial infrastructure construction [3] - The company has developed a unified payment platform for interbank transfer services, leveraging its long-standing expertise in financial infrastructure and banking payment solutions to respond to market changes [3]

Group 1: Business Impact and Strategy - The company's business is not affected by U.S. tariffs as it provides software products and solutions to banks and non-bank financial clients, which are not subject to such tariffs [2] - The company is expanding its overseas business primarily in Southeast Asia, leveraging the "Belt and Road" initiative to offer software products and solutions to international financial clients [2] Group 2: Digital Currency and Cross-Border Payment Progress - The company has established deep cooperation with several major banks in digital currency, focusing on comprehensive collaboration across front, middle, and back office systems [4] - The company is actively involved in multiple financial clearing and payment system construction projects, enhancing its capabilities in cross-border payment systems [4] Group 3: Future Development and Risk Awareness - The investor relations activity covered the company's future development plans and performance expectations, emphasizing that these do not constitute substantial commitments [4] - Investors and related parties are advised to maintain a full awareness of associated risks [4]

Investment Rating - The report maintains an "Outperform" rating and raises the target price to RMB 28.19 per share, reflecting a 92% upside potential from the current price [4][7]. Core Insights - The company has significantly improved its profitability quality due to strategic adjustments, with a projected increase in EPS for 2025 and 2026 to RMB 0.63 and RMB 0.74 respectively, and a new forecast for 2027 at RMB 0.89 [4][7]. - In 2024, the company achieved a revenue of RMB 3.96 billion, down 23.94% year-on-year, while net profit attributable to shareholders increased by 16.62% to RMB 380 million [4][7]. - The overall gross profit margin (GPM) improved by 3.08 percentage points to 29.02% due to business optimization [4][7]. Financial Data and Forecasts - Revenue and net profit forecasts for the upcoming years are as follows: - 2023A: Revenue RMB 5,204 million, Net Profit RMB 326 million - 2024A: Revenue RMB 3,958 million, Net Profit RMB 380 million - 2025E: Revenue RMB 4,348 million, Net Profit RMB 441 million - 2026E: Revenue RMB 4,879 million, Net Profit RMB 524 million - 2027E: Revenue RMB 5,429 million, Net Profit RMB 629 million [3][6]. - The company’s net asset return rate is projected to increase from 7.9% in 2023 to 12.3% in 2027 [3][6]. Sector Performance - The banking IT sector generated revenue of RMB 3.46 billion in 2024, down 25.78% year-on-year, but with a GPM increase of 4.73 percentage points [4][7]. - The non-banking IT sector reported revenue of RMB 371 million, down 1.98% year-on-year [4][7]. Strategic Initiatives - The company is capitalizing on AI transformation opportunities in banking by launching an AI appliance tailored for banking scenarios, which has already been implemented in a large state-owned bank [4][7]. - The company has expanded its product line for overseas markets, securing nearly RMB 100 million in new overseas orders, including a significant core banking system project for a multinational bank [4][7].

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 ...