宇信科技：聚焦高质量软件业务，加速海外拓展步伐

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Views - The company reported a revenue of 1.49 billion RMB in the first half of 2024, a year-on-year decline of 23.1%. The gross profit was 500 million RMB, down 9.8% year-on-year. The net profit attributable to the parent company after deducting non-recurring items was 140 million RMB, also down 9.8% year-on-year [1]. - The software development and service segment generated 1.21 billion RMB in revenue, a decrease of 18.1% year-on-year, while the gross profit only fell by 6.0%, indicating a focus on project profitability. New orders in the business implementation category increased by 12% year-on-year, totaling 2.32 billion RMB [2]. - The company is accelerating its overseas market expansion, securing a significant software project order with a multinational bank, marking the largest single software project order in its history [2]. Summary by Sections Performance Review - In Q2 2024, the company achieved a revenue of 890 million RMB, down 22.3% year-on-year, with a gross profit of 340 million RMB, down 10.1% year-on-year. The net profit attributable to the parent company after deducting non-recurring items was 110 million RMB, down 8.2% year-on-year [1]. Business Analysis - The system integration business saw a revenue of 220 million RMB, a decline of 42.1% year-on-year, primarily due to reduced procurement from key clients. The innovative operations segment generated 50 million RMB, down 25.2% year-on-year, attributed to a contraction in existing retail business scale [2]. Profit Forecast and Valuation - Revenue projections for 2024 to 2026 are 3.60 billion RMB, 3.61 billion RMB, and 3.77 billion RMB, with year-on-year growth rates of -30.9%, 0.4%, and 4.5% respectively. The net profit attributable to the parent company is forecasted at 260 million RMB, 320 million RMB, and 400 million RMB for the same period, with corresponding growth rates of -21.0%, 25.5%, and 22.3% [3].