新点软件2024年半年报点评：控费成效显著，利润拐点已现

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.03 yuan, down from the previous target of 29.66 yuan [2][3]. Core Insights - The company has shown significant cost control, with a profit turning point evident in Q2. The revenue for the first half of 2024 was 784 million yuan, a year-on-year decline of 14%. However, Q2 alone saw revenue of 490 million yuan, down 13.44% year-on-year, which aligns with expectations. The net profit attributable to the parent company for the first half was a loss of 23.67 million yuan, but Q2 recorded a net profit of 28.98 million yuan, a substantial increase of 1453.72% year-on-year [2][3]. - The company reduced its workforce by 8.75% to 6,542 employees, and all three major expenses saw varying degrees of decline, indicating effective cost control [2]. - The construction business continues to decline, while platform operations have returned to growth. The revenue from the smart procurement construction projects was 186 million yuan, down 15% year-on-year, while the smart government business revenue was 292 million yuan, down 26%. The self-operated "New Point Electronic Trading Platform" added 65 new sections in the first half, a year-on-year increase of 54.76%, which helped offset the decline in business volume. Consequently, the platform operation business achieved revenue of 172 million yuan, an increase of 8.6% year-on-year [2][3]. - The government procurement sector is expected to benefit from a new order, with the State Council issuing a notice on July 4, 2024, aimed at improving market order and promoting industry development. This includes upgrading the central government procurement electronic platform, which is anticipated to create a new cycle of system updates and construction, benefiting the company as a leading player in the procurement system [2][3]. Financial Summary - The company’s earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.73 yuan (+0.25), 0.88 yuan (+0.29), and 0.97 yuan (+0.33), respectively [2][3]. - The total revenue for 2024 is projected to be 2.185 billion yuan, with a year-on-year decline of 10.5%, followed by a recovery in 2025 and 2026 [9]. - The net profit attributable to the parent company is expected to be 240 million yuan in 2024, with a growth of 23% in 2025 and 10.1% in 2026 [9].