Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company demonstrated resilience in operations with steady profit growth and improved operating cash flow. The total revenue for the year was 2.146 billion, a year-on-year decrease of 12.08%, while the net profit attributable to shareholders was 204 million, an increase of 4.88%. The operating cash flow reached 264 million, a significant year-on-year increase of 419.77% [1][12] Business Performance - The smart procurement business segment generated revenue of 948 million, down 7.17% year-on-year, while the procurement operation business achieved revenue of 388 million, up 6.33% year-on-year. The overall gross margin remained stable at 61.20% [1] - The company secured multiple large projects, including the procurement bidding platform for Dongfeng Motor Corporation and the electronic procurement platform upgrade for China Energy Conservation and Environmental Protection Group, reinforcing its leading position in the industry [2] - The company is actively integrating AI technology into its operations, launching the "Trading Brain" project, which is the first AI model innovation in the public resource trading sector [2][3] Financial Forecast and Valuation - The company is projected to achieve revenues of 2.291 billion, 2.520 billion, and 2.804 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of 237 million, 281 million, and 348 million. The expected EPS for these years is 0.72, 0.85, and 1.05, with a PE ratio of 42.33 for 2025 [10][12]

Core Viewpoint - The company reported a decline in revenue for 2024, with a total revenue of 2.146 billion yuan, down 12.08% year-on-year, while net profit attributable to shareholders increased by 4.88% to 204 million yuan, and non-recurring net profit rose by 44.04% to 114 million yuan [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue of 888 million yuan, a year-on-year decline of 16.45%, and net profit attributable to shareholders was 218 million yuan, down 23.10% [1] - The company maintained strong cost control, with sales, management, and R&D expenses of 520 million, 170 million, and 460 million yuan respectively, showing year-on-year changes of -14%, -9%, and -11% [1] - Operating cash flow reached 264 million yuan in 2024, a significant increase of 420% year-on-year, marking the highest level since 2021 [1] Group 2: Business Segments - The smart procurement business generated revenue of 950 million yuan, down 7.2% year-on-year, while procurement operation revenue increased by 6.3% to 390 million yuan [2] - The smart government business reported revenue of 870 million yuan, a decline of 18.5% year-on-year, with the introduction of innovative products aimed at enhancing government service efficiency [2] Group 3: Future Outlook - The company is expected to achieve net profits attributable to shareholders of 278 million, 341 million, and 412 million yuan for the years 2025, 2026, and 2027 respectively [2] - The current market capitalization corresponds to PE valuations of 36, 29, and 24 times for 2025, 2026, and 2027, indicating potential benefits from future fiscal policy initiatives [2]

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a revenue of 2.146 billion yuan in 2024, a year-on-year decline of 12.08%, while the net profit attributable to shareholders was 204 million yuan, an increase of 4.88% [1]. - The fourth quarter of 2024 saw revenue of 888 million yuan, down 16.45% year-on-year, and a net profit of 218 million yuan, down 23.10% year-on-year, attributed to reduced customer budgets and slower project acceptance [1]. - The company demonstrated excellent cost control, with sales, management, and R&D expenses of 520 million, 170 million, and 460 million yuan respectively, showing year-on-year decreases of 14%, 9%, and 11% [2]. - Operating cash flow reached 264 million yuan, a significant increase of 420% year-on-year, marking the highest level since 2021 [2]. - The smart procurement business generated 950 million yuan in revenue, a decline of 7.2%, while the procurement operation business grew by 6.3% to 390 million yuan [3]. - The company is advancing AI product implementation, including the launch of the "Trading Brain" project in public resource trading, which integrates AI technology [3]. - The projected net profits for 2025, 2026, and 2027 are 278 million, 341 million, and 412 million yuan respectively, with corresponding PE ratios of 36, 29, and 24 times [3]. Financial Summary - The company's total revenue for 2024 was 2.146 billion yuan, with a projected growth rate of -12.1% for 2025, followed by 9.6% in 2026 and 19.9% in 2027 [10]. - The net profit attributable to shareholders for 2024 was 204 million yuan, with expected growth rates of 36.1%, 22.8%, and 20.7% for the following years [10]. - The earnings per share for 2024 is projected at 0.62 yuan, increasing to 1.25 yuan by 2027 [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][14]. Core Insights - The company reported a revenue of 2.146 billion RMB for the year, a decrease of 12.1% year-on-year, attributed to reduced client budgets and slower project acceptance [2]. - The net profit attributable to shareholders was 204 million RMB, reflecting a year-on-year increase of 4.9%, while the non-recurring net profit increased by 44.0% to 114 million RMB [2]. - The company emphasizes operational quality, with improvements in gross margin and cash flow, achieving a gross margin increase of 3.4 percentage points year-on-year [3]. - The company is expanding its enterprise client base and transitioning its government services to a SaaS model, with over 1,500 new projects and 370 new clients in the government sector [3][4]. Summary by Sections Performance Review - Revenue for 2025 is projected at 2.323 billion RMB, with a growth rate of 8.22% [5]. - The forecasted net profit for 2025 is 280 million RMB, representing a growth of 36.99% [5]. - The company has shown a significant improvement in operating cash flow, with a net cash flow from operating activities of 264 million RMB, up 419.8% year-on-year [3]. Business Analysis - The company has optimized its enterprise procurement platform and launched the "New Point e-Transaction" brand, winning bids from major corporations [3]. - The introduction of AI technologies in procurement processes has led to the development of various AI-powered products for both enterprise and government clients [4]. Financial Forecast - Revenue projections for 2026 and 2027 are 2.601 billion RMB and 2.923 billion RMB, respectively, with expected growth rates of 12.00% and 12.37% [5]. - The projected P/E ratios for the next three years are 35.85, 30.19, and 26.09, indicating a favorable valuation trend [5].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a revenue of 2.146 billion yuan in 2024, a year-on-year decline of 12.08%, while the net profit attributable to shareholders was 204 million yuan, an increase of 4.88% [1]. - The fourth quarter of 2024 saw revenue drop to 888 million yuan, down 16.45% year-on-year, and net profit attributable to shareholders decreased by 23.10% to 218 million yuan [1]. - The company demonstrated strong cost control with sales, management, and R&D expenses of 520 million, 170 million, and 460 million yuan respectively, reflecting year-on-year reductions of 14%, 9%, and 11% [2]. - Operating cash flow reached 264 million yuan, a significant increase of 420% year-on-year, marking the highest level since 2021 [2]. - The company is advancing its AI product deployment, with the smart procurement business generating 950 million yuan in revenue, a decline of 7.2%, while the procurement operation business grew by 6.3% to 390 million yuan [3]. - The government services business reported 870 million yuan in revenue, down 18.5%, with new AI-driven products launched to enhance service efficiency [3]. - Future profit projections estimate net profits of 278 million, 341 million, and 412 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 36, 29, and 24 times [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 2.146 billion yuan, with a net profit of 204 million yuan and a significant increase in non-recurring net profit by 44.04% to 114 million yuan [1][2]. - The fourth quarter results showed a revenue of 888 million yuan and a net profit of 218 million yuan, indicating pressures from reduced client budgets and slower project acceptance [1]. Cost Management - The company effectively controlled expenses, with a notable reduction in sales, management, and R&D costs, contributing to improved operational quality [2]. AI Product Development - The company is actively pushing AI product implementations, particularly in the procurement and government sectors, with innovative projects like the "Trading Brain" AI model [3]. Future Outlook - The company is expected to benefit from fiscal policy support, with projected net profits increasing significantly over the next three years, indicating a positive growth trajectory [3].

Group 1 - The signing of the memorandum between Xindian Software and Huawei Cloud marks the beginning of a new chapter in their global strategic cooperation, focusing on cloud computing, AI technology, and applications in the government sector [2][4] - The collaboration aims to leverage Huawei Cloud's technological advantages in cloud computing and AI, combined with Xindian Software's expertise in industry-specific solutions, to create a more efficient and secure digital service system [4] - The partnership will enhance the intelligent upgrade of various industries, providing a more agile and smarter transformation experience [4] Group 2 - Xindian Software's general manager shared the "Xindian Software Ascend Government Model Comprehensive Solution," highlighting the shift in government services from passive response to proactive prediction [6] - The collaboration will utilize Huawei's Ascend, DeepSeek, and Xindian's government model to build a knowledge engineering system for government services, improving the efficiency of public services [6] - This partnership represents a significant milestone in their cooperation journey, aiming to deepen collaboration, promote technological integration, and contribute to the modernization of China's digital economy [6]

国泰海通证券股份有限公司 关于国泰新点软件股份有限公司 2024年度持续督导跟踪报告 国泰海通证券股份有限公司（以下简称"保荐机构"）作为国泰新点软件股份有 限公司（以下简称"新点软件"或"公司"）持续督导工作的保荐机构，根据《证券 发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交 易所上市公司自律监管指引第11号——持续督导》等有关法律法规的规定，负责新点 软件上市后的持续督导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | | 保荐机构已建立健全并有 | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的持续 督导工作制定相应的工作计划 | 效执行了持续督导制度， | | | | 并制定了相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始前，与上市 | 保荐机构已与公司签订 | | | | 《保荐协议》，该协议明 | | 2 | 公司或相关当事人签署持续督导协议，明确双方在持续督导 | 确了双方在持续督导期间 | | | 期间的权利义务，并报上海证券交易所备案 | 的权利和 ...

国泰海通证券股份有限公司 关于国泰新点软件股份有限公司 首次公开发行股票并在科创板上市 持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意国泰新点 软件股份有限公司首次公开发行股票注册的批复》（证监许可[2021]3092 号）核 准，国泰新点软件股份有限公司（以下简称"新点软件"、"发行人"或"公司"） 2021 年 11 月于上海证券交易所向社会公众公开发行人民币普通股（A 股） 8,250.00 万股，发行价为 48.49 元/股，募集资金总额为人民币 400,042.50 万元， 扣除承销及保荐费用人民币 14,482.33 万元，余额为人民币 385,560.17 万元，另 外扣除中介机构费和其他发行费用人民币 2,833.35 万元，实际募集资金净额为人 民币 382,726.82 万元。本次发行证券已于 2021 年 11 月 17 日在上海证券交易所 科创板上市。国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"） 担任其持续督导保荐机构，持续督导期间为 2021 年 11 月 17 日至 2024 年 12 月 31 日。 2024 年 12 月 ...

国泰海通证券股份有限公司 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会出具的《关于同意国泰新点软件股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]3092 号），公司于 2021 年 11 月 向社会公众公开发行人民币普通股（A 股）8,250.00 万股，每股发行价为人民币 48.49 元，募集资金总额为人民币 400,042.50 万元，扣除与发行费用人民币 17,315.68 万元（不含增值税），公司实际募集资金净额为人民币 382,726.82 万 元。以上募集资金经天职国际会计师事务所（特殊普通合伙）审验，并由其出具 天职业字[2021]第 43391 号验资报告。 （二）募集资金以前年度使用金额 截至 2023 年 12 月 31 日，公司累计已使用募集资金人民币 263,609.42 万元， 募集资金专户余额为人民币 7,501.21 万元。 1 关于国泰新点软件股份有限公司 2024 年度募集资金存放和实际使用情况的专项核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"）作为国泰新点软件股 份有限公司（以下简称"新点软件"或"公司" ...