宇信科技：二季度盈利表现改善，海外核心业务取得新突破

Investment Rating - The report maintains a "Recommend" rating for the company [3] Core Views - The company's Q2 2024 profit performance improved, with overseas core business achieving new breakthroughs [2] - Despite revenue growth pressure, Q2 profit growth turned positive, with a 6.55% YoY increase in net profit [6] - The company's profitability has been optimized, with a 4.97pct YoY increase in gross margin to 33.74% [6] - The company has sufficient software order reserves, with new software orders amounting to 2.32 billion yuan in H1 2024 [5] - The company achieved a significant breakthrough in overseas business by winning a major core banking system project for a multinational bank in Hong Kong and international branches [7] Financial Performance - H1 2024 revenue was 1.49 billion yuan, a 23.09% YoY decrease [3] - H1 2024 net profit was 163 million yuan, a 1.03% YoY decrease [3] - Q2 2024 net profit was 131 million yuan, a 6.55% YoY increase [6] - The company's net profit margin increased by 2.44pct YoY to 10.94% in H1 2024 [6] - The company's gross margin increased by 4.97pct YoY to 33.74% in H1 2024 [6] Business Segments - Software development and service revenue in H1 2024 was 1.214 billion yuan, an 18.09% YoY decrease [6] - System integration business revenue in H1 2024 was 221 million yuan, a 42.07% YoY decrease [6] - Innovation operation business revenue in H1 2024 was 52 million yuan, a 26.52% YoY decrease [6] Future Projections - The report forecasts 2024-2026 net profits of 331 million yuan, 399 million yuan, and 484 million yuan, respectively [7] - The report forecasts 2024-2026 EPS of 0.47 yuan, 0.57 yuan, and 0.69 yuan, respectively [7] - The report forecasts 2024-2026 P/E ratios of 21.8x, 18.1x, and 14.9x, respectively [7] Industry and Market Position - The company operates in the computer industry [1] - The company has a market capitalization of 7.2 billion yuan [1] - The company has a leading position in the financial IT industry, with over 20 years of experience in bank IT [7]