GUOTAI EPOINT SOFTWARE CO.(688232) 民生证券·2025-04-13 06:23Investment 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].