宇信科技：经营质量持续优化，拓展非银及海外客户-20250331

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - In 2024, the company achieved revenue of 3.958 billion RMB, a year-on-year decrease of 23.94%, while the net profit attributable to shareholders was 380 million RMB, an increase of 16.62% [2]. - The company is actively expanding its non-bank and overseas client base, securing significant projects and partnerships, including a 130 million RMB project with a national ministry and a joint venture with Xiamen Asset Management [3][4]. - The company has launched multiple AI Agent products, integrating AI technology into financial services, which has improved revenue and service levels for clients [4]. Financial Performance - The company forecasts revenues of 4.477 billion RMB, 4.998 billion RMB, and 5.510 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.12%, 11.63%, and 10.23% [5][10]. - The projected net profit for the same years is 454 million RMB, 536 million RMB, and 612 million RMB, with growth rates of 19.54%, 18.00%, and 14.21% [5][10]. - The operating cash flow reached a historical high of 941 million RMB in 2024, reflecting a significant year-on-year increase of 110.67% [2]. Business Segmentation - Revenue from bank IT solutions was 3.461 billion RMB, down 25.8% year-on-year, while non-bank IT solutions generated 371 million RMB, a decrease of 2.0% [3]. - The customer base is increasingly concentrated among large state-owned banks and non-bank institutions, with contributions of 52.49% from major banks and 20.62% from non-bank institutions [3]. Profitability Metrics - The gross margin for bank IT solutions improved to 28.10%, an increase of 4.73 percentage points year-on-year, while the overall gross margin reached 29.02%, up 3.08 percentage points [3]. - The diluted earnings per share are projected to be 0.645 RMB, 0.761 RMB, and 0.869 RMB for 2025, 2026, and 2027, respectively [10]. Market Positioning - The company is enhancing its capabilities in securities exchange core business system upgrades and has made strides in international markets, including securing contracts with multinational banks [3][4]. - The integration of AI technology into various business scenarios is expected to further strengthen the company's market position and operational efficiency [4].