[Table_PicQuote] 聚焦战略主业夯实壁垒，稳定币相关领域 抢先布局 [Table_Balance] 股票研究 /[Table_Date] 2025.06.13 2025-06-19 本报告导读： 公司坚持聚焦核心业务和战略客户，信贷和信用卡业务在银行 IT 领域持续领跑，同 时 AI+国际化构筑增长双引擎，在稳定币领域亦有抢先布局。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,936 | 1,766 | 2,038 | 2,386 | 2,830 | | (+/-)% | -2.0% | -8.8% | 15.4% | 17.1% | 18.6% | | 净利润（归母） | 117 | 78 | 93 | 122 | 163 | | (+/-)% | 91.9% | -33.6% | 19.8% | 31.8% | 33.0% | | 每股净收益（元） | 0.25 | 0.17 | 0.20 ...

Group 1: Business Expansion and Strategy - The company plans to increase overseas business expansion, focusing on Southeast Asia and countries along the "Belt and Road" initiative, leveraging its internationally competitive credit card products [2][3] - The company has established strategic partnerships with multinational banks for credit card business overseas, generating revenue in international markets [17][18] Group 2: Financial Performance - The company reported a revenue of 176,621.16 million, a decrease of 8.76% year-on-year, attributed to intense market competition and longer settlement cycles for major clients [9] - The net profit attributable to shareholders was 7,750.38 million, down 33.60% year-on-year, primarily due to increased interest expenses from convertible bonds and provisions for goodwill impairment [13] Group 3: Technological Development - The company has developed over 20 financial AI models and integrated them with DeepSeek, enhancing its product offerings in areas like credit, marketing, and risk management [3][12] - The company has achieved compatibility certifications for its core products with leading hardware platforms, ensuring high performance and stability [8] Group 4: Risk Management and Financial Health - The company has a net accounts receivable of 113,859.28 million, a decrease of 10.36% year-on-year, due to improved management and collection efforts [6] - The company has a bad debt provision rate of 14.6%, indicating sufficient preparation for potential credit losses [6] Group 5: Market Position and Competitive Advantage - The company ranks fourth in the IT solutions market for the banking industry, with a leading position in credit card business, maintaining a market share of 32.32% among its top five clients [16][17] - The company focuses on high-value areas within the banking sector, enhancing its long-term competitiveness and operational efficiency [14]

Group 1: Business Expansion and Strategy - The company plans to increase its overseas business focus, particularly in Southeast Asia and countries along the "Belt and Road" initiative, leveraging its internationally competitive credit card products [2][3] - The company has established strategic partnerships with several multinational banks to facilitate its credit card business expansion in overseas markets [18] - The company aims to deepen its digital banking, AI, and stablecoin technology applications to create a more open and intelligent fintech ecosystem [2][3] Group 2: Financial Performance - The company reported a revenue of 176,621.16 million yuan, a decrease of 8.76% year-on-year, primarily due to intense market competition and longer settlement cycles for major projects [9] - The net profit attributable to shareholders was 7,750.38 million yuan, down 33.60% year-on-year, influenced by increased interest expenses from convertible bonds and provisions for share-based payments [13] - The accounts receivable balance was 113,859.28 million yuan, a decrease of 10.36% year-on-year, attributed to improved management and collection efforts [3][6] Group 3: Technological Development - The company has launched multiple AI-driven financial models and applications, integrating over 20 financial intelligence agents with DeepSeek [12] - The company has achieved compatibility certifications for its core products with leading hardware platforms, enhancing product performance and stability [8] - The company is focusing on optimizing its model architectures to improve training effectiveness and generalization capabilities for financial applications [3][12] Group 4: Risk Management and Compliance - The company has implemented a forward-looking credit loss model for accounts receivable, with a bad debt provision rate of 14.6%, ensuring compliance with new financial instrument standards [6][15] - The company has established a strategic partnership with SS&C for risk management software, enhancing its capabilities in market risk and capital measurement [10][11] Group 5: Market Position and Competitive Advantage - The company ranks fourth in the IT solutions market for the banking industry, with a leading position in credit card services, having maintained the highest market share for five consecutive years [16][19] - The company has received multiple certifications and patents, reinforcing its status as a high-tech enterprise and enhancing its competitive edge in the fintech sector [20][21]