Yusys Technologies(SZ:300674) Guolian Securities·2024-09-02 06:03Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a revenue of 1.49 billion yuan in the first half of 2024, a year-on-year decrease of 23.09%, while the net profit attributable to the parent company was 163 million yuan, down 1.03% year-on-year [2][6] - The gross profit margin improved to 33.74%, an increase of 4.97 percentage points year-on-year [2][6] - The company is focusing on enhancing operational quality and expanding its overseas business as a new growth point [6] Financial Performance Summary - In the first half of 2024, the company's system integration business revenue was 221 million yuan, down 42.07% year-on-year, but the gross margin increased to 10.62% [6] - The software development and service business generated 1.21 billion yuan, a decrease of 18.09% year-on-year, with a gross margin recovery to 35.38% [6] - The innovative operation business saw a revenue of 52 million yuan, down 26.52% year-on-year, but the gross margin further increased to 92.33% [6] Future Projections - Revenue projections for 2024-2026 are 3.945 billion yuan, 4.237 billion yuan, and 4.625 billion yuan, with year-on-year growth rates of -24.18%, 7.38%, and 9.17% respectively [6][7] - Net profit projections for the same period are 317 million yuan, 385 million yuan, and 475 million yuan, with year-on-year growth rates of -2.53%, 21.16%, and 23.59% respectively [6][7] - The company is expected to maintain a three-year CAGR of 13.43% for EPS, projected at 0.45 yuan, 0.55 yuan, and 0.68 yuan per share for 2024, 2025, and 2026 respectively [6][7]