京北方：金融IT头部企业，软件信创可期

Investment Rating - The report assigns an "Outperform" rating to the company [1][4]. Core Views - The company is continuously transforming its business and product structure while consolidating and expanding its core customer market share. It is focusing on the small and medium-sized banks and non-bank financial institutions, which have shown rapid development. Additionally, the company is building a second growth curve around software products and solutions, increasing R&D investment to enrich its product matrix [2][4][24]. Financial Forecast and Investment Recommendations - The company has a stable growth outlook, with projected revenues of 4.774 billion, 5.422 billion, and 6.236 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 12.5%, 13.6%, and 15.0%. The net profit attributable to the parent company is expected to be 415 million, 480 million, and 562 million yuan for the same years, with growth rates of 19.4%, 15.6%, and 17.2% respectively. The EPS is projected to be 0.67, 0.78, and 0.91 yuan [4][17][39]. Business Segmentation - The company's business process outsourcing includes data processing and business processing, as well as customer service and digital marketing. The latter is a new focus area expected to grow faster than traditional outsourcing services, which are projected to grow at a single-digit rate [6][16]. - The software products and solutions segment is anticipated to be the second growth curve, particularly in expanding into the small and medium-sized banking sector, with expected growth rates higher than the overall revenue growth [31][27]. Market Position and Competitive Landscape - The company has established a strong position in the financial IT service sector, providing a range of solutions including operational management systems, asset management systems, and risk management systems tailored for banks, insurance, and securities industries [12][24]. - The company has accumulated rich project experience in serving large banks, which lays a foundation for expanding its services to small and medium-sized banks [13][27]. Recent Performance - In 2023, the company achieved a revenue of 4.242 billion yuan, a year-on-year increase of 15.48%, and a net profit of approximately 348 million yuan, reflecting a growth of 25.44% [38]. The first quarter of 2024 showed a revenue of 1.115 billion yuan, a year-on-year increase of 11.55% [38].