Yusys Technologies(SZ:300674) East Money Securities·2024-04-07 16:00Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Views - The company is experiencing significant revenue growth driven by the innovation in the financial technology sector and AI-enabled product optimization. The revenue for 2023 reached 5.204 billion yuan, a year-on-year increase of 21.45%, with a net profit of 326 million yuan, up 28.76% [4][8]. Summary by Sections Revenue and Profitability - In 2023, the company's software development business generated revenue of 3.322 billion yuan, a growth of 5.54%, accounting for 63.84% of total revenue with a gross margin of 31.13% [3]. - The system integration business benefited from innovation, achieving revenue of 1.72 billion yuan, a year-on-year increase of 77.47%, representing 33.05% of total revenue with a gross margin of 10.48% [3]. - The innovative operation business saw a revenue decline of 4.53%, totaling 157 million yuan, which accounted for 3.02% of total revenue [3]. Research and Development - The company invested 568 million yuan in R&D in 2023, an increase of 13.63%, focusing on core areas such as the innovation ecosystem, large model applications, and data asset applications [1]. Market Position and Strategy - The company is a leader in the banking IT solutions market, actively expanding its innovative business and steadily advancing its overseas operations. It has formed strategic partnerships to explore the personal loan non-performing asset market [3][8]. - The overseas business is progressing well, with projects in Indonesia entering stable operation and generating revenue, while also receiving positive feedback from markets in Singapore, Cambodia, and Hong Kong [3]. Financial Forecast - The company forecasts revenues of 6.007 billion yuan, 7.025 billion yuan, and 8.266 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 436 million yuan, 516 million yuan, and 622 million yuan for the same years [8][9].