宇信科技：利润端超预期，布局个贷不良业务

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has reported a significant increase in net profit despite a decline in overall revenue, indicating strong performance on the profit side [2][3] - The company is expanding into the individual loan non-performing asset management business, which is expected to open new growth opportunities [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 2.351 billion yuan, a year-on-year decrease of 23.05%, with net profit attributable to shareholders of 262 million yuan, a year-on-year increase of 64.36% [2] - The gross profit margin improved to 32.67%, up 4.98 percentage points from the same period last year, while expenses remained stable [2] - Revenue projections for 2024-2026 are estimated at 5.725 billion, 6.329 billion, and 7.027 billion yuan respectively, with net profits of 361 million, 407 million, and 469 million yuan [3] Valuation Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 45, 40, and 34 respectively, indicating a favorable valuation trend [3] - The projected return on equity (ROE) is expected to improve from 8% in 2023 to 9% by 2026 [4]