中邮证券研报指出，恒银科技前三季度实现归母净利润1780万元，Q3实现归母净利润349万元。大力调 整产品服务结构，营收较为稳健。在国密算法方面，公司通过优化算法加密逻辑，强化密钥管理系统， 使金融自助设备数据加密传输成功率提升至99.9%，成为金融行业信创安全领域的标杆示范；在机芯系 列产品方面，在保持行业领先的超720张/分钟钞票处理速度的同时，对内部结构进行优化创新，降低生 产成本；在AI技术融合方面，自主研发的恒银科技AI管理平台完成重要升级，在多家国有大行、股份 制银行试点应用92%，成为金融服务智能化升级的有力助推器。积极拓展海外市场，市场响应速度加 快。首次覆盖给予"增持"评级。 ...

中邮证券研报指出，恒银科技前三季度实现归母净利润1780万元，Q3实现归母净利润349万元。大力调 整产品服务结构，营收较为稳健。在国密算法方面，公司通过优化算法加密逻辑，强化密钥管理系统， 使金融自助设备数据加密传输成功率提升至99.9%，成为金融行业信创安全领域的标杆示范；在机芯系 列产品方面，在保持行业领先的超720张/分钟钞票处理速度的同时，对内部结构进行优化创新，降低生 产成本；在AI技术融合方面，自主研发的恒银科技AI管理平台完成重要升级，在多家国有大行、股份 制银行试点应用92%，成为金融服务智能化升级的有力助推器。积极拓展海外市场，市场响应速度加 快。首次覆盖给予"增持"评级。 ...

Financial Performance - The company achieved an operating income of 902.79 million yuan and a net profit attributable to shareholders of 95.02 million yuan for the fiscal year 2024 [2] - The overseas business revenue for 2024 was 93.62 million yuan, accounting for 10.37% of total revenue [8] Future Growth Drivers - The company will focus on core businesses and leverage opportunities in emerging fields such as IoT, fintech, data security, and big data for technological breakthroughs and product innovation [3] - Plans to deepen product capabilities and increase investment in security products like communication modules, RFID, mobile smart terminals, and identity recognition [5] Industry Outlook - The company is positioned at a pivotal point in the industry, benefiting from technological revolutions and policy incentives, with a focus on AI, blockchain, and quantum encryption technologies [3][6] - The overall market demand in the industry has decreased, leading to intensified competition [6] Strategic Initiatives - The establishment of Jiangsu Zhenjiang Yunbao Technology Industry Development Co., Ltd. aims to optimize strategic layout and enhance market competitiveness [7] - The company is actively seeking partnerships with major tech firms to provide high-end intelligent products and digital security solutions [5] Stock Performance and Market Sentiment - The stock price is influenced by macroeconomic factors, industry developments, and investor sentiment, leading to uncertainty [5] - The management expresses confidence in the company's sustainable and stable development despite external challenges [5] Shareholder Engagement - The company is committed to enhancing shareholder value through effective cash management and securities investment [4] - Future share repurchase plans will be disclosed in a timely manner if they arise [7]