新点软件（688232）：2024年年报点评：经营质量显著提升，加速AI产品落地

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].