宇信科技：银行IT领军企业，24H1经营质量显著提升

Investment Rating - The investment rating for the company is "Outperform the Market" [1][8]. Core Insights - The company is a leading player in the banking IT sector, with significant improvements in operational quality in H1 2024. Despite a decline in revenue, profitability has increased due to effective management and cost control measures [5][6]. - The company focuses on key areas such as AI large models, financial innovation, and overseas business expansion, aiming to enhance its competitive edge and market presence [6][8]. - Revenue for H1 2024 was CNY 1.49 billion, a year-on-year decrease of 23.09%, while net profit attributable to shareholders was CNY 163 million, a slight decrease of 1.03% [5][8]. Financial Performance Summary - In H1 2024, the software development and services segment generated CNY 1.214 billion in revenue, down 18.09% year-on-year, but with a gross margin increase of 4.57 percentage points to 35.38% [5][9]. - The system integration and sales segment saw revenue drop to CNY 221 million, a decrease of 42.07%, with a gross margin of 10.62%, up 1.06 percentage points [5][9]. - The innovative operations segment reported revenue of CNY 52 million, down 26.52%, but with a high gross margin of 92.33%, an increase of 3.24 percentage points [5][9]. Revenue and Profit Forecast - The company expects total revenue to decline to CNY 3.798 billion in 2024, followed by a recovery to CNY 4.177 billion in 2025 and CNY 4.674 billion in 2026, reflecting a year-on-year change of -27.0%, +10.0%, and +11.9% respectively [8][12]. - Net profit is projected to remain stable at CNY 326 million in 2024, with slight increases to CNY 343 million in 2025 and CNY 375 million in 2026, indicating a growth of 0.2%, 5.1%, and 9.5% respectively [8][12]. Business Segment Breakdown - Software development and services are expected to see revenue growth of -23.0% in 2024, followed by modest increases in subsequent years [8][9]. - System integration and sales are forecasted to decline by 35.0% in 2024, with a rebound expected in 2025 and 2026 [8][9]. - Innovative operations are anticipated to face a revenue drop of 25.0% in 2024, with recovery projected in the following years [8][9].