新点软件（688232）：2024年年报点评报告：经营凸显韧性，招采运营稳中有增

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]