宇信科技(300674)：非银与海外业务增长亮眼 利润端优化

Core Insights - Company reported 1H25 revenue of 1.415 billion yuan, a year-on-year decrease of 5.0%, while net profit attributable to shareholders increased by 35.3% to 220 million yuan due to expanded business scope and improved profitability [1] - The company is focusing on optimizing its business structure, with significant growth in non-bank and innovative businesses [1][2] Revenue Breakdown - Revenue from bank IT products and solutions was 1.202 billion yuan, down 8.9% year-on-year, primarily due to a decrease in system integration business [1] - Revenue from non-bank IT products and solutions increased by 28.2% year-on-year to 149 million yuan, leveraging the company's product capabilities in the financial sector [1] - Innovative operations revenue reached 61 million yuan, up 17.7% year-on-year, driven by growth in joint operations in the Indonesian market [1] - The company achieved overseas revenue of 16 million yuan in 1H25, a significant increase of 121.3% year-on-year [1] Profitability Enhancement - The company's gross margin improved to 34.8%, an increase of 1.05 percentage points year-on-year, with a higher proportion of high-margin software business [2] - Gross margin for bank IT products and solutions was 33.7%, up 2.77 percentage points year-on-year, while non-bank IT products and solutions saw a gross margin of 34.5%, down 4.33 percentage points [2] - The company reduced sales and management expenses by 39.2% and 5.6% year-on-year, respectively, as part of its cost-cutting and efficiency-enhancing initiatives [2] Market Expansion and Innovation - In the domestic market, the company won a project for a large financial institution's regulatory reporting and assisted a state-owned enterprise in digital transformation, improving analysis efficiency by 50% [3] - Internationally, the company became a founding member of the Digital Economy International Cooperation Alliance and secured a data platform project for a large bank's London branch [3] - The "Starlink" financial data element platform was launched for trial use, offering nearly a thousand data products and covering around 50 data suppliers, meeting over 90% of financial institutions' application needs [3] Profit Forecast and Valuation - The company is expected to benefit from improved profit margins due to business structure optimization, maintaining its profit forecast and outperforming industry ratings [4] - The target price has been raised by 14.8% to 31 yuan, based on a P/E ratio of 42.5x for 2025 and 37.3x for 2026, indicating an upside potential of 18.4% from the current stock price [4]