I2SOFT(830799) 中国银河·2025-03-04 07:30Investment Rating - The report has downgraded the investment rating to "Cautious Recommendation" [2][5]. Core Insights - The company, Airong Software, reported a slight increase in revenue for 2024, achieving 611 million yuan, a year-on-year growth of 0.80%, but the net profit attributable to shareholders decreased by 4.12% to 67.56 million yuan due to rising labor costs and increased operational expenses [5]. - The company has made significant progress in customer coverage, achieving full coverage of 20 systemically important banks and 31 out of 34 commercial banks with assets exceeding 1 trillion yuan, which is expected to enhance future revenue [5]. - The acquisition of Beijing Xinli Hechuang has strengthened the company's capabilities in the credit and financial innovation sectors, and the company is actively advancing its work in commercial bank financial innovation [5]. - The company plans to increase its R&D efforts in artificial intelligence and virtual reality technologies, and aims to gradually enter the business middle platform sector to expand its market space [5]. Financial Forecast Summary - Revenue projections for 2024, 2025, and 2026 are 611 million yuan, 719 million yuan, and 861 million yuan respectively, with corresponding growth rates of 0.80%, 17.60%, and 19.72% [2][5]. - Net profit forecasts for the same years are 68 million yuan, 79 million yuan, and 93 million yuan, with growth rates of -4.11%, 16.35%, and 18.61% respectively [2][5]. - The projected diluted EPS for 2024, 2025, and 2026 are 0.32 yuan, 0.37 yuan, and 0.44 yuan, with P/E ratios of 183.79, 157.96, and 133.18 respectively [2][5].