Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][10]. Core Insights - The company, New Point Software, is a provider of comprehensive digital solutions for government and enterprise sectors, with a strong foundation in procurement software. It has developed three main business segments: Smart Procurement, Smart Government, and Digital Construction [4]. - The report addresses three key investor concerns: the growth potential of procurement business, the recovery timeline for the 2G business, and the feasibility of national expansion for a local state-owned enterprise [4][12]. - The expected growth in the procurement business is driven by state-owned enterprises building their own platforms and procurement operation services, with projected revenue increases of 200-300 million yuan from 2024 to 2026 [5][11]. - The public budget expenditure is anticipated to accelerate, indicating a turning point for the 2G business, which is closely correlated with fixed asset investment and local public budget growth [5][72]. - The company aims to replicate its successful "Zhangjiagang model" nationwide through componentized R&D and standardized sales processes, enhancing its operational efficiency and profitability [6][11]. Summary by Sections Company Overview - New Point Software was established in 1998 and initially focused on construction industry software. It has since expanded into government services, particularly in procurement and digital governance [41][60]. - The company’s main revenue sources are Smart Procurement (41.9%), Smart Government (43.2%), and Digital Construction (14.7%) as of 2023 [60]. Growth Drivers - The procurement platform construction is expected to see significant growth, with the company having established public resource trading platforms in 29 provinces, achieving a provincial platform penetration rate of 80.6% [102][112]. - The report forecasts revenue growth from 2.2% in 2024 to 13.8% in 2026, with net profit growth projected at 14.2% to 28.5% during the same period [10][11]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 2.5 billion, 2.7 billion, and 3.1 billion yuan respectively, with corresponding net profits of 220 million, 290 million, and 370 million yuan [10][11]. - The company maintains a gross margin above 60%, with a slight decline to 61% in 2023, indicating strong profitability compared to industry peers [66][72]. Market Position and Competitive Advantage - New Point Software has a competitive edge in the procurement software market due to its established presence and the increasing demand for electronic procurement solutions driven by government policies [12][78]. - The company is well-positioned to benefit from the ongoing digital transformation in public procurement, with a focus on enhancing efficiency and transparency through electronic platforms [78][112].

国浩律师（上海）事务所 关于 国泰新点软件股份有限公司 之 法律意见书 二〇二四年十一月 2024 年第三次临时股东大会 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于国泰新点软件股份有限公司 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责的精神，出具法律意见如下： 一、本次股东大会召集、召开的程序 1、本次股东大会的召集 经本所律师核查，公司本次股东大会是由公司第二届董事会第十三次会议决 定召开，公司董事会负责召集。公司董事会于 2024 年 10 月 26 日分别在《上海 证券报》及上海证券交易所网站以公告形式刊登了关于召开本次股东大会的通 2024 年第三次临时股东大会之 法律意见书 致：国泰新点软件股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受国泰新点软件股份有限公 司（以下简称"公司"）委托，指派王伟建律师、张艺馨律师（以下简称"本所律 师"）出席公司 2024 年第三次临时股东大会（以下简称"本次股东大会"）。本所 律师根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和 国公司法》（以下简称"《公司 ...

证券代码：688232 证券简称：新点软件 公告编号：2024-056 国泰新点软件股份有限公司 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 15 日 （二） 股东大会召开的地点：张家港市江帆路 8 号新点软件东区 E 幢 2015 会议 室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 81 | | --- | --- | | 普通股股东人数 | 81 | | 2、出席会议的股东所持有的表决权数量 | 247,071,973 | | 普通股股东所持有表决权数量 | 247,071,973 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 76.4904 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 76.4904 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由董事会召集，董事长曹立斌先生主持。会议采取现场投票和网络 投票相结合的表决方式。本次会议的召集、召开、表决方式符合《公司法》及《 ...

国泰君安证券股份有限公司 关于国泰新点软件股份有限公司 首次公开发行部分限售股上市流通的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"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"）首次公开发行 股票并在科创板上市的保荐机构，根据《上海证券交易所科创板股票上市规则》、 《科创板上市公司持续监管办法（试行）》等相关规定，对公司首次公开发行限 售股上市流通事项进行了核查，核查情况如下： 本次上市流通的限售股属于首次公开发行部分限售股，自公司首次公开发行 股票限售股形成至今，公司未发生因利润分配、公积金转增导致股本数量变化的 情况。 1 三、本次上市流通的限售股的有关承诺 本次上市流通的限售股为公司首次公开发行部分限售股，根据《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招股说明书》和《国泰新点软 件股份有限公司首次公开发行股票科创板上市公告书》，本次申请上市流通限售 股股东关于其持有的限售股上市流通所作承诺如下： 股东张家港华慧企业管理服务部（有限合伙）、张家港亿瑞企业咨询服务部 （有限合伙）及张家港保税区百胜企业管理企业（有限合伙）承诺： "（1）如果公司首 ...

重要内容提示： 证券代码：688232 证券简称：新点软件 公告编号：2024-055 国泰新点软件股份有限公司 首次公开发行部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 74,368,057 股。 本次股票上市流通总数为 74,368,057 股。 本次股票上市流通日期为 2024 年 11 月 18 日（因 2024 年 11 月 17 日为非 交易日，故顺延至下一交易日）。 经中国证券监督管理委员会于 2021 年 9 月 22 日出具的《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）同 意，公司首次向社会公众公开发行人民币普通股（A 股）股票 8,250 万股，并于 2021 年 11 月 17 日在上海证券交易所科创板上市。首次公开发行 A 股后公司总股 本为 33,000 万股，其中有限售条件流通股 26,284.9310 万股，占本公司发行后总 股本的 79.65%，无 ...

证券代码：688232 证券简称：新点软件 国泰新点软件股份有限公司 2024年第三次临时股东大会 会 议 资 料 2024 年 11 月 国泰新点软件股份有限公司 2024 年第三次临时股东大会会议资料 目 录 | 2024 | 年第三次临时股东大会会议须知 2 | | --- | --- | | 2024 | 年第三次临时股东大会会议议程 4 | | | 议案一：关于续聘会计师事务所的议案 6 | | | 议案二：关于使用部分暂时闲置资金进行现金管理暨关联交易的议案 7 | 1 国泰新点软件股份有限公司 2024 年第三次临时股东大会会议资料 国泰新点软件股份有限公司 2024 年第三次临时股东大会会议须知 为维护国泰新点软件股份有限公司（以下简称"公司"）全体股东的合法 权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《上市公司股东大会规则》以及《国泰新 点软件股份有限公司章程》（以下简称"《公司章程》"）、《国泰新点软件 股份有限公司股东大会议事规则》等相关规定，制定本须知： 四 ...

公司 2023 年度权益分派实施后，本次回购股份价格上限由不超过人民币 36 元/股（含）调整为不超过人民币 35.64 元/股（含）。具体内容详见公司于 2024 年 6 月 13 日披露在上海证券交易所网站（www.sse.com.cn）的《新点软件关于 2023 年度权益分派实施后调整回购股份价格上限的公告》（公告编号：2024-029）。 国泰新点软件股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/20，由董事长提议 | | | --- | --- | --- | | 回购方案实施期限 | 2024/2/19~2025/2/18 | | | 预计回购金额 | 10,000 万元 | 万元~20,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 698.95 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the operational turning point has been further established, with expectations of debt resolution benefiting government information technology [1] - The company achieved a revenue of 4.74 billion yuan in Q3 2024, showing a year-on-year increase of 1.63% [1] - The report highlights a significant reduction in costs and expenses, leading to a positive turnaround in net profit for the company [1] Financial Summary - **Revenue Forecasts**: - 2022A: 2,824 million yuan - 2023A: 2,441 million yuan (down 14% YoY) - 2024E: 2,262 million yuan (down 7% YoY) - 2025E: 2,394 million yuan (up 6% YoY) - 2026E: 2,719 million yuan (up 14% YoY) [1][2] - **Net Profit Forecasts**: - 2022A: 573 million yuan - 2023A: 195 million yuan (down 66% YoY) - 2024E: 230 million yuan (up 18% YoY) - 2025E: 287 million yuan (up 25% YoY) - 2026E: 380 million yuan (up 32% YoY) [1][2] - **Earnings Per Share (EPS)**: - 2022A: 1.74 yuan - 2023A: 0.59 yuan - 2024E: 0.70 yuan - 2025E: 0.87 yuan - 2026E: 1.15 yuan [1][2] - **Cash Flow**: - Operating cash flow for 2023A: 51 million yuan - Expected to increase to 190 million yuan in 2024E [2] - **Valuation Ratios**: - P/E ratio for 2024E: 49.1 - P/B ratio for 2024E: 2.0 [1][2] Market Context - The report notes that the government's debt resolution policies are expected to significantly reduce local government debt risks, enhancing spending capabilities and accelerating project implementation, which is favorable for companies like the one being analyzed [1] - The issuance of guidelines for central enterprise procurement management is anticipated to promote the acceleration of procurement information technology, benefiting the company's operations [1]

Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.258 billion CNY, a year-on-year decrease of 8.71% [2] - The net profit attributable to shareholders for the same period was -14 million CNY, with the loss narrowing by 84.38% year-on-year [2] - In Q3 2024, the company recorded a profit of 9.7767 million CNY, indicating a gradual recovery [2] Business Segment Performance - **Smart Procurement**: Generated revenue of 584 million CNY, down 2.46% year-on-year; procurement operation revenue was 269 million CNY, up 7.85% [2] - **Smart Government**: Achieved revenue of 470 million CNY, with a year-on-year decrease [3] - **Digital Construction**: Revenue was 197 million CNY, a decline of 8.95% year-on-year [3] Key Financial Metrics - Gross margin stood at 60.94%, an increase of 4.86 percentage points year-on-year [3] - Management expense ratio was 9.51%, down 0.46 percentage points [3] - Sales expense ratio was 29.96%, down 0.47 percentage points [3] - R&D expense ratio was 27.12%, down 0.29 percentage points [3] Strategic Developments - The company signed a strategic cooperation agreement with Huawei Cloud in September 2024 to develop joint solutions in government and data resource sectors [5] - The company is actively participating in the development of public data resource policies, with a focus on expanding its data element business [4][5] Regulatory and Market Context - The State Council issued a three-year action plan for government procurement, which is expected to drive demand for the company's services [2] - The Ministry of Housing and Urban-Rural Development released a digital construction layout plan, aiming for significant achievements by the end of 2027 [5]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its potential to benefit from future fiscal policies and its leading position in digital transformation for government sectors [1]. Core Insights - The company reported a turnaround in Q3 2024, achieving a net profit of 9.78 million yuan, compared to a loss of 8.9 million yuan in the same period last year. Revenue for Q3 reached 474 million yuan, marking a year-on-year increase of 1.63% [1]. - A strategic partnership with Huawei Cloud was established to enhance digital government transformation, focusing on key industries such as public administration, energy, and manufacturing [1]. - The company is expanding its procurement operation business through a SaaS model, which has shown significant growth with a 54.76% increase in the number of service areas [1]. - Collaboration with Changsha aims to explore the implementation of data elements, enhancing the value of government data and supporting various applications in healthcare, smart cities, and financial services [1]. - Profit forecasts for the company indicate a net profit of 237 million yuan in 2024, with projections of 307 million yuan and 380 million yuan for 2025 and 2026, respectively [2][4]. Financial Summary - For 2023, the company expects total revenue of 2,441 million yuan, with a projected decline of 13.6%. However, revenue is anticipated to recover in subsequent years, reaching 3,213 million yuan by 2026, reflecting a growth rate of 22.2% [2][4]. - The net profit for 2023 is projected at 195 million yuan, with a significant recovery expected in 2024 at 237 million yuan, representing a growth rate of 21.9% [2][4]. - The company's PE ratio is expected to decrease from 58 in 2023 to 30 by 2026, indicating an improving valuation as profitability increases [2][4].