Yusys Technologies(300674) 新浪财经·2025-04-03 02:46Core Viewpoint - The industry downturn combined with the company's enhanced project selection has led to a decline in revenue. The company reported a revenue of 3.958 billion yuan for 2024, a year-on-year decrease of 23.94%, while the net profit attributable to shareholders reached 380 million yuan, an increase of 16.62% year-on-year. The revenue decline is attributed to cautious IT investments by banks due to operational pressures, alongside the company's proactive optimization of its business structure and project management. Consequently, the company achieved refined project and product management, significantly improving operational efficiency, with a gross margin of 29.02%, an increase of 3.08 percentage points year-on-year. The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses both showed substantial growth [1]. Group 1 - The company secured multiple large-scale orders for credit products in 2024, including new contracts in intelligent post-loan management, integrated collection management, and digital non-performing asset management. The launch of the "Star Link" data element SAAS operational service platform is expected to assist clients in rapid product innovation in precise marketing and risk operations [2]. - The company's regulatory business saw a year-on-year doubling of new order amounts. The innovative "One Table Pass"信BOX series integrated machine has completed productization. The application of AI in marketing operational tools has significantly improved labor efficiency and business metrics [2]. - By the end of 2024, the company had 11,539 employees, a decrease of 8% year-on-year, with per capita profit returning to growth at 32,900 yuan, an increase of 26.81% year-on-year [2]. Group 2 - The company plans to list in Hong Kong, demonstrating confidence in its long-term development. On March 30, the company announced its intention to issue overseas listed foreign shares (H shares) and apply for listing on the main board of the Hong Kong Stock Exchange [2]. - As a leading player in bank IT, the company is expected to achieve earnings per share (EPS) of 0.60, 0.69, and 0.82 yuan per share for 2025-2027. Based on comparable company valuations, a price-to-earnings (PE) ratio of 45 times for 2025 is anticipated, leading to a reasonable value of 26.79 yuan per share, maintaining a "buy" rating [2].