新点软件（688232）：盈利改善，AI化成效显现

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown signs of profit improvement, with AI initiatives beginning to yield results [1] - The company reported a total revenue of 2.146 billion yuan in 2024, a year-on-year decrease of 12.1%, but a net profit attributable to shareholders of 204 million yuan, reflecting a 4.9% increase year-on-year [6][5] - The company is focusing on AI integration in its operations, particularly in smart procurement and government services [6] Financial Data and Earnings Forecast - Total revenue projections for 2025, 2026, and 2027 are 2.285 billion yuan, 2.512 billion yuan, and 2.918 billion yuan respectively, with expected growth rates of 6.4%, 9.9%, and 16.2% [5][6] - The net profit attributable to shareholders is forecasted to be 270 million yuan in 2025, 345 million yuan in 2026, and 425 million yuan in 2027, with growth rates of 32.0%, 27.8%, and 23.3% respectively [5][6] - The company’s gross margin for 2024 was stable at 61.2%, with a slight year-on-year decrease of 0.2 percentage points [6] Business Operations - The company’s SaaS-based procurement operations generated 388 million yuan in revenue in 2024, marking a year-on-year increase of 6.3% [6] - The company has been actively expanding its digital procurement platform, adding 102 new zones in 2024, a 20% increase year-on-year [6] - The company has secured a government AI project, indicating a growing presence in the AI sector [6]