Postal Savings Securities: Initially give a "Buy" rating to Hengyin Technology, actively expanding overseas markets.

The research report of Zhongyou Securities pointed out that Hengyin Technology achieved a net profit attributable to the mother of 17.8 million yuan in the first three quarters, with a net profit attributable to the mother of 3.49 million yuan in Q3. The company has made great efforts to adjust its product and service structure, resulting in a relatively stable revenue. In terms of national encryption algorithms, the company has successfully improved the encryption logic and strengthened the key management system, resulting in a successful data encryption transmission rate of 99.9% in self-service financial equipment, making it a benchmark in the information security field of the financial industry. In terms of core series products, while maintaining the industry-leading cash processing speed of over 720 bills per minute, the company has optimized and innovated its internal structure to reduce production costs. In terms of integrating AI technology, the independently developed Hengyin Technology AI management platform has completed an important upgrade, with a pilot application rate of 92% in many state-owned large banks and joint-stock banks, becoming a strong promoter of intelligent upgrade in financial services. The company is actively expanding overseas markets and the market response speed has accelerated. It has been given a "hold" rating for the first time.