Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.32 CNY per share based on a 35x PE ratio for 2024 [17][70]. Core Insights - The company's innovative business is steadily advancing, with expectations for overseas operations to gain momentum in 2024. The innovative operational business has established a dual-driven ecosystem platform and joint operation empowerment [2][34]. - The company's performance met expectations, with revenue of 5.2 billion CNY in 2023, a year-on-year increase of 21.5%, and a net profit of 330 million CNY, up 28.8% year-on-year. The rapid growth of the Xinchuang business, which increased by 77.47% to 1.72 billion CNY, contributed significantly to this growth [3][50]. - The financial Xinchuang business has shown significant data business highlights, with over half of new orders related to Xinchuang, indicating a strengthening ecosystem collaboration [5][33]. - The banking industry is accelerating its digital transformation, with AI expected to continuously help the company reduce costs and increase efficiency through the development of generative AI applications and solutions [5][61]. Financial Performance - In 2023, the company achieved a revenue of 5.2 billion CNY, with a year-on-year growth of 21.5%. The net profit attributable to shareholders was 330 million CNY, reflecting a year-on-year increase of 28.8% [50][56]. - The company’s operating cash flow was 450 million CNY at the end of 2023, compared to 180 million CNY in 2022, indicating improved cash flow management [28]. - The company’s gross margin was 25.94%, slightly down from the previous year, but the gross margins for software and integration businesses improved [56][32]. Revenue and Profit Forecast - The company forecasts net profits of 369 million CNY, 472 million CNY, and 584 million CNY for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 13.1%, 28.1%, and 23.8% [5][69]. - Revenue is expected to decline by 10.9% in 2024, followed by growth of 8.8% in 2025 and 11.9% in 2026, with total revenues projected at 4.638 billion CNY, 5.046 billion CNY, and 5.646 billion CNY for those years [69][70]. Business Segments - The software development and services segment is projected to grow at rates of 5%, 9%, and 12% from 2024 to 2026, with a gross margin forecasted to improve gradually [40][90]. - The innovative operational business is expected to recover with revenue growth rates of 30%, 32%, and 35% from 2024 to 2026, driven by the recovery of the macro economy and the expansion of overseas operations [64][69].

关于会计政策变更的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何 虚假记载、误导性陈述或者重大遗漏。 证券代码：300674 证券简称：宇信科技 公告编号：2024-039 北京宇信科技集团股份有限公司 北京宇信科技集团股份有限公司（以下简称"公司"）根据财政部于 2022 年 11 月发布的《关于印发<企业会计准则解释第 16 号>的通知》（财会〔2022〕 31 号）（以下简称"解释第 16 号"）的要求变更会计政策。本次会计政策变更 是公司根据法律法规和国家统一的会计制度的要求进行的变更，不会对公司财 务状况、经营成果和现金流量产生重大影响。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》等有关规定，公司本次会计政策变更无需提交董事会、股东大会审 议。现将具体情况公告如下： 一、会计政策变更概述 1、会计政策变更的原因 解释第 16 号中"关于单项交易产生的资产和负债相关的递延所得税不适用初 始确认豁免的会计处理"会计政策内容进行了明确规定，该规定自 2023 年 1 月 1 日起施行。公司依据前述规定对会计政策作出相应变更，并于 2023 年 1 ...

证券代码：300674 证券简称：宇信科技 公告编号：2024-040 北京宇信科技集团股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何 虚假记载、误导性陈述或者重大遗漏。 北京宇信科技集团股份有限公司（以下简称"公司"）于2024年2月1日召开第 三届董事会第二十二次会议、第三届监事会第二十一次会议分别审议通过了《关 于以集中竞价方式回购股份方案的议案》，基于对公司未来发展前景的信心和对 公司内在价值的高度认可，为充分维护公司和广大投资者的利益，增强投资者信 心，并进一步健全公司长效激励机制，促进公司可持续经营、健康和长远稳定发 展，综合考虑公司自身财务状况、经营和业务发展状况、未来盈利能力和和合理 估值水平等因素，同意公司使用自有资金及自筹资金以集中竞价交易方式回购公 司股份，用于实施员工持股计划或者股权激励；回购金额不低于人民币8000万元 且不超过人民币15000万元（均含本数），回购价格不超过人民币22.26元/股，回 购期限自董事会审议通过回购股份方案之日起不超过12个月。具体回购股份的数 量以回购结束时实际回购的股份数量为准。2024年2月 ...

2024 年 04 月 01 日 信创助力集成营收高增，24 年发力三方面 ➢ 信创助力系统集成业务营收高增 公司自主研发推出了首批金融行业大模型应用产品和解决方案，包括 4 个 应用级产品和 1 个开发平台，即：开发助手 CodePal、金融数据安全分级分 类助手 DataSherpa、AI+信贷助手（客户尽调）、AI+营销助手、大模型应用 开发平台。公司将持续基于更多场景推出 AI+产品，整合软硬件一体产品。 公司与厦门资管签订战略合作协议，拟在个贷不良资产市场发展提供综合 业务解决方案,进一步打开公司发展空间,与现有业务形成有效协同。海外 业务方面，2023 年稳步推进，既有项目完成上线验收，二期、三期订单签 订；2024 年将继续发展以东南亚市场为主的海外市场，加强与长期合作伙 伴的紧密协同，增加客户的粘性和服务模式的延展。 考虑到收入构成占比变化，我们预计公司 2024-2026 年营业收入分别为 61.49/71.09/80.95 亿元，同比增速分别为 18.17%/15.61%/13.87%，归母 净 利 润 分 别 为 4.01/4.99/6.15 亿 元 ， 同 比 增 速 分 别 为 23 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 投资评级 买入-A 维持评级 6 个月目标价 16.96 元 股价 (2024-04-01) 13.91 元 交易数据 总市值(百万元) 9,356.92 流通市值(百万元) 9,347.40 总股本(百万股) 704.06 流通股本(百万股) 703.34 12 个月价格区间 10.33/22.08 元 赵阳 分析师 行业应用软件 相对收益 -3.5 -21.5 -18.1 相关报告 不良资产新市场 2023-12-25 与 AI 带来新增量 2023-09-04 力金融创新 2023-04-10 新业务开启新增长 2022-05-12 2023 年业绩表现良好，多点开花未来可期 公司近期发布 2023 年年报，2023 年实现营业收入 52.04 亿元，同比 增长 21.45%，实现归母净利润 3.26 亿元，同比增长 28.76%。公司 2023 年业绩整体表现良好，利润增速超过收入增速，控费效果显现。 展望 2024 年，在金融信创、AI、海外、创新业务都多重布局的带动 下，有望继续实现业务的良性增长。 收入端来看，公司 2023 年实现营业收入同 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% within the next six months [20]. Core Insights - The company achieved a revenue of 5.204 billion yuan in 2023, representing a year-on-year growth of 21.45%, and a net profit attributable to shareholders of 326 million yuan, up 28.76% year-on-year [2][3]. - The company is focusing on deepening its strategic partnerships in the financial IT sector, particularly in the context of domestic innovation and transformation (信创) [5][15]. - The company has a strong market position in the banking IT sector, with a clear growth path and ongoing strategic collaborations, including advancements in generative AI [5][15]. Financial Performance Summary - The company's revenue growth rate for 2023 was 21.4%, with a projected revenue of 5.936 billion yuan for 2024, reflecting a growth rate of 14.1% [8][14]. - The net profit margin for 2023 was 6.3%, with a projected increase to 6.4% in 2024 [8][14]. - The company's gross margin decreased slightly to 25.9% in 2023, attributed to a higher proportion of lower-margin system integration business [25]. - Research and development expenses increased by 14% in 2023, amounting to 568 million yuan, which is 10.92% of total revenue [25]. Business Segment Performance - Software development and services generated 3.322 billion yuan in revenue, accounting for 64% of total revenue, with significant contributions from state-owned and joint-stock banks [3]. - The system integration segment saw a remarkable growth of 77%, generating 1.720 billion yuan, driven by increased demand for banking IT solutions [3]. - The innovative operation business reported a slight decline in revenue, totaling 157 million yuan, down 5% year-on-year [3]. Future Projections - The company expects net profits to reach 381 million yuan in 2024, 446 million yuan in 2025, and 528 million yuan in 2026, with corresponding EPS of 0.54 yuan, 0.63 yuan, and 0.75 yuan respectively [5][14]. - The projected P/E ratios for the next three years are 24.6, 21.0, and 17.7, indicating a favorable valuation trend [5][14].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark [15]. Core Insights - The company achieved a revenue of 5.204 billion yuan in 2023, representing a year-on-year growth of 21.45%. The net profit attributable to the parent company was 326 million yuan, up 28.76% year-on-year [2][5]. - The report highlights a focus on software, innovation, and overseas business, with AI technology expected to enhance efficiency and quality in the future [2][3]. Financial Performance Summary - **Revenue and Profit**: In 2023, the company reported a total revenue of 5.204 billion yuan, a 21.45% increase from the previous year. The net profit attributable to the parent company was 326 million yuan, marking a 28.76% increase year-on-year [2][5]. - **Quarterly Performance**: For Q4 2023, the company achieved a revenue of 2.149 billion yuan, a 30.61% increase year-on-year, and a net profit of 166 million yuan, up 18.36% year-on-year [2]. - **Gross Margin**: The overall gross margin for 2023 was 25.94%, a decrease of 1.07 percentage points compared to the previous year. The software business gross margin was 31.13%, an increase of 1.71 percentage points year-on-year [2][5]. - **Cash Flow**: The net operating cash flow reached 447 million yuan, a significant increase of 155.08% year-on-year [2]. Business Segments - **Software Business**: The software segment generated 3.322 billion yuan in revenue, a 5.54% increase year-on-year, with state-owned large commercial banks and joint-stock banks contributing 51.04% of the software revenue [2]. - **Integration Business**: The integration business, driven by the promotion of financial innovation, achieved revenue of 1.720 billion yuan, a substantial growth of 77.47% year-on-year [2]. - **Innovation Business**: The innovation segment reported revenue of 157 million yuan, a decline of 4.53% year-on-year [2]. Future Outlook - **Earnings Forecast**: The report projects EPS for 2024, 2025, and 2026 to be 0.61, 0.74, and 0.91 yuan respectively, with corresponding PE ratios of 22.71, 18.69, and 15.36 [3]. - **Market Expansion**: The company is actively expanding its overseas business, with successful project implementations in markets such as Singapore, Indonesia, and Hong Kong [2].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 19.26 CNY, down from the previous target of 24.43 CNY [2][3]. Core Views - The company has experienced significant revenue growth driven by its integration business, but this growth may not be sustainable in the long term. The overseas business is expected to be a key growth driver in the future [2][3]. - The company reported total revenue of 5.204 billion CNY in 2023, a year-on-year increase of 21.45%, with a net profit of 326 million CNY, reflecting a 17% increase [2][3]. - The cash flow from operations improved significantly, with a net cash flow increase of 155%, reaching 447 million CNY [2][3]. Summary by Sections Financial Performance - The company achieved total revenue of 5.204 billion CNY in 2023, up 21.45% year-on-year, and a net profit of 326 million CNY, up 17% [2][3]. - The integration business saw a revenue increase of 77.47% year-on-year, primarily due to large orders from clients like CITIC Bank [2][3]. - The company forecasts earnings per share (EPS) of 0.53 CNY for 2024, 0.70 CNY for 2025, and 0.81 CNY for 2026 [2][3]. Business Outlook - The integration business is expected to face challenges in sustaining its growth, which may impact apparent revenue growth in the future. However, profitability is not expected to be significantly affected [2][3]. - The company is actively expanding its overseas business, which is anticipated to become a major growth point due to higher profit margins compared to the domestic market [2][3]. Valuation Metrics - The company’s price-to-earnings (PE) ratio is projected to decrease from 28.73 in 2023 to 24.93 in 2024, indicating a more attractive valuation [2][3]. - The net asset return (ROE) is expected to improve from 7.9% in 2023 to 8.6% in 2024, reflecting enhanced profitability [2][3].

来源：公司年报、国金证券研究所 业绩简评 2024 年 3 月 29 日，公司发布 2023 年报。公司 2023 年全年实现 营收 52.0 亿元，同比增长 21.4%；公司毛利润同比增长 16.6%， 毛利率为 25.9%、同比下滑 1.1pct，主要系毛利率较低的系统集 成业务占比提升。公司扣非后归母净利润为 3.2 亿元，同比增长 29.3%；剔除股份支付影响的扣非净利润为 3.6 亿元，同比增长 65.5%。 2023 年第四季度公司营收为 21.5 亿元，同比增长 30.6%，主要 系第四季度系统集成业务批量验收；毛利润同比增长 23.9%，毛 利率为 23.5%、同比下滑 1.3pct；扣非后归母净利润为 1.5 亿 元，同比增长 16.4%。 经营分析 分业务而言：1）软件开发业务 2023 年营收为 33.2 亿元，同比增 长 5.5%，全年新签订单同比增长 5%；Q4 营收同比下滑 11.2%， 主要系部分客户验收延迟。其中数据业务线发展较好，23 年新签 订单超过半数均为信创相关业务。2）系统集成业务 2023 年营收 为 17.2 亿元，同比增长 77.5%；Q4 营收为 9.1 亿元 ...

Financial Performance - The company's total revenue reached 5.204 billion yuan in 2023, representing a year-on-year growth of 21.45%[102]. - The net profit attributable to shareholders, after deducting non-recurring gains and losses, was 316.0877 million yuan, an increase of 29.34% compared to the previous year[102]. - The net cash flow from operating activities was 447 million yuan, showing a significant increase of 155.08% compared to the previous year[116]. - The company's operating revenue for 2023 was ¥5,203,702,275.14, representing a 21.45% increase compared to ¥4,284,805,653.01 in 2022[152]. - The net profit attributable to shareholders for 2023 was ¥325,720,181.22, up 28.76% from ¥252,970,025.78 in 2022[152]. - The basic earnings per share for 2023 was ¥0.47, which is a 27.03% increase from ¥0.37 in 2022[153]. - The diluted earnings per share for 2023 was also ¥0.47, marking a 27.03% increase from ¥0.37 in 2022[153]. - The weighted average return on equity for 2023 was 8.19%, up from 6.73% in 2022[153]. Revenue Growth and Segments - Revenue from the system integration business grew rapidly, increasing its proportion from 22.62% to 33.05% of total revenue[19]. - The company achieved a revenue of approximately ¥4.05 billion from the banking sector, with a year-on-year growth of 9.57%[25]. - The software development and services segment generated revenue of approximately ¥3.32 billion, with a year-on-year increase of 5.54%[25]. - The North China region accounted for approximately ¥3.42 billion in revenue, reflecting a substantial year-on-year growth of 55.07%[25]. - The company's total revenue for Q4 was approximately 2.15 billion yuan, with a year-on-year increase of 77.47% in system integration sales and services, reaching 1.72 billion yuan, accounting for 33.05% of total revenue[191]. Research and Development - The company is investing 300 million RMB in R&D for new technologies and product enhancements in the upcoming year[81]. - The gross margin of the software development business increased by 1.71 percentage points year-on-year to 31.13% due to enhanced R&D investment and the adoption of generative AI technologies[192]. - The company emphasizes R&D and technology accumulation, continuously investing in product development to cover all aspects of financial IT systems[169]. - The company has launched the first batch of financial industry large model application products and solutions, including 4 application-level products and 1 development platform[118]. Strategic Initiatives - The company has established a strategic investment layout to enrich its product line and enhance market competitiveness[23]. - The company is actively integrating hardware and software products to adapt to the trends of big data and large models[22]. - The company is considering strategic acquisitions to enhance its technology portfolio, with a budget of 500 million RMB allocated for potential deals[81]. - The company plans to strengthen its overseas market development as part of its "one body, two wings" strategy, aiming for long-term sustainable growth[106]. Corporate Governance and Management - The company has established deep cooperation with one bank and seven non-bank institutions during the reporting period[37]. - The remuneration for directors, supervisors, and senior management is determined based on the company's profitability and performance completion[64]. - The company emphasizes compliance with laws and regulations, ensuring the board's decisions are fair and objective[69]. - The independent directors actively communicated with other board members and management to understand the company's operations and financial status[69]. Employee and Compensation - Employee compensation totaled ¥2.25 billion, making up 58.39% of the company's total costs[32]. - A 1% increase in technical staff compensation is expected to decrease net profit by 8.41% under constant conditions[32]. - The company has a competitive compensation system and effective incentive mechanisms to attract and retain talent, supporting its future growth needs[189]. - The company implemented a training system based on competency models to support employee growth and development[50]. Market and User Growth - User data indicates a growth in active users by 20% year-over-year, reaching 5 million active users by the end of 2023[81]. - The company has maintained a leading position in the banking IT solutions market for over a decade, with a comprehensive product line covering various financial institutions, including major state-owned banks and regional commercial banks[186]. - The company has established long-term stable relationships with over 200 financial institutions, including major banks and non-bank financial institutions, enhancing its market presence[164]. Future Outlook - The company has provided guidance for 2024, expecting revenue growth to be between 10% and 12%[81]. - New product launches are anticipated to contribute an additional 200 million RMB in revenue in 2024[81]. - The company is focusing on the integration of generative AI technology and data economy policies to drive new market opportunities[105]. - The company aims to enhance its product line and integrated operational capabilities through investment and integration of niche products and ecosystem companies[118].