Yusys Technologies(300674) 国元证券·2024-04-13 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [14]. Core Insights - The company achieved a significant revenue growth of 21.45% year-on-year, reaching 5.204 billion yuan in 2023, with a net profit of 326 million yuan, up 28.76% year-on-year [8]. - The system integration business experienced rapid growth, contributing to the overall performance, while the software development and services segment grew by 5.54% [8]. - The company is deepening its collaboration with Huawei, focusing on native application development for the financial sector, and has seen positive feedback from overseas markets such as Singapore and Indonesia [9]. - Research and development investment increased by 13.63% to 568 million yuan in 2023, with a focus on core areas such as innovative ecological products and large model applications [10]. - Revenue projections for 2024-2026 are estimated at 5.801 billion, 6.348 billion, and 6.818 billion yuan, respectively, with corresponding net profits of 370 million, 427 million, and 485 million yuan [10]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.204 billion yuan, a 21.45% increase from the previous year, and a net profit of 326 million yuan, reflecting a 28.76% growth [8][15]. - The software development and services segment generated 3.322 billion yuan, growing by 5.54%, while the system integration segment surged by 77.47% to 1.720 billion yuan [8]. Research and Development - The company invested 568 million yuan in R&D, marking a 13.63% increase, focusing on innovative products and large model applications [10]. - A partnership was established with Beijing Zhipu Huazhang Technology for large model collaboration, aiming to enhance technology innovation and business synergy [10]. Market Position and Strategy - The company is a key partner of Huawei in the financial sector, working on native applications and expanding its presence in international markets [9]. - The ongoing national strategy for "self-controllable" and "domestic" development in information technology is expected to benefit the company's system integration business [8].