Yusys Technologies(SZ:300674) Minsheng Securities·2024-10-30 23:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a favorable outlook based on current valuation and growth prospects [2][3]. Core Insights - The company reported a significant increase in net profit for the first three quarters of 2024, achieving 262 million yuan, a year-on-year growth of 64.36%. The net profit excluding non-recurring items reached 219 million yuan, up 35.18% year-on-year [2]. - In Q3 2024, the company achieved a net profit of 99 million yuan, recovering from a loss in the same period last year. However, revenue for the quarter was 861 million yuan, reflecting a decline of 22.98% year-on-year [2]. - The company has entered a strategic partnership with Xiamen Asset Management to deepen its engagement in the non-performing asset sector, aiming to create a benchmark combination of "finance + technology" [2]. - The company successfully won a procurement project worth nearly 60 million yuan for national-level information technology equipment, which is expected to enhance its market presence and support its growth in the information technology sector [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 2.598 billion yuan, with a year-on-year growth of 3.38% in cash sales [2]. - The company's contract liabilities as of September 30, 2024, stood at 512 million yuan, marking a year-on-year increase of 24.88% [2]. - The projected net profits for 2024, 2025, and 2026 are estimated at 428 million yuan, 509 million yuan, and 579 million yuan respectively, with corresponding price-to-earnings ratios of 42, 35, and 31 [2][4].