京北方：客户战略逐步验证，探索AI应用场景

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.63 CNY [1][5][7] Core Insights - The company is gradually validating its customer strategy and exploring AI application scenarios, with a focus on digital transformation in the financial sector [4] - Revenue for the first half of 2024 reached 2.244 billion CNY, a year-on-year increase of 10.90%, while net profit was 120 million CNY, down 20.17% year-on-year [4] - The company is actively expanding its cooperation with various financial institutions, achieving significant revenue from state-owned banks and private banks [4] Financial Performance Summary - Revenue Forecast: Projected revenues for 2024, 2025, and 2026 are 4.771 billion CNY, 5.417 billion CNY, and 6.202 billion CNY respectively, with growth rates of 12%, 14%, and 15% [1][5] - Net Profit Forecast: Expected net profits for the same years are 411 million CNY, 490 million CNY, and 590 million CNY, with growth rates of 18%, 19%, and 21% [1][5] - Earnings Per Share (EPS): Forecasted EPS for 2024, 2025, and 2026 are 0.56 CNY, 0.66 CNY, and 0.79 CNY respectively [1][5] Business Segments - The information technology services segment generated 1.436 billion CNY in revenue, a 9.50% increase year-on-year, while the business process outsourcing segment achieved 808 million CNY, a 13.50% increase [4] - The company has successfully implemented various AI applications, including natural language processing and large model algorithm services, enhancing its service offerings [4]