Investment Rating - The report maintains an "Outperform" rating for the company [2][16]. Core Insights - The company achieved a total revenue of 664 million yuan in 2024, with a year-on-year decline of 10.8%, and a net profit attributable to shareholders of 194 million yuan, down 16.8% year-on-year. The first quarter of 2025 saw a revenue of 142 million yuan, reflecting a 3.2% year-on-year increase, while net profit rose by 31.6% to 21 million yuan [6][7]. - The report indicates that the company's performance in 2024 was below previous expectations due to a slowdown in IT spending from financial industry clients, which extended project timelines. However, the first quarter of 2025 showed a recovery in net profit, attributed to improved gross margins and effective cost control [7][8]. - The company’s core trading system, A5, is noted as the only fully domestically replaced core trading system in the securities industry, with a significant increase in market trading volume since its launch [7][8]. - The report forecasts a revenue increase to 763 million yuan in 2025, with a projected net profit of 214 million yuan, reflecting a 10.4% increase year-on-year. The company is expected to continue expanding its market share and client base [6][16]. Financial Summary - The company’s projected financials for 2025 include total revenue of 763 million yuan, with a gross margin of 67.1% and a return on equity (ROE) of 13.7%. The earnings per share (EPS) is expected to be 1.04 yuan [6][21]. - The report revises down the revenue forecasts for 2025 and 2026 to 763 million yuan and 914 million yuan, respectively, and adjusts net profit estimates to 214 million yuan and 275 million yuan for the same years [7][15].

重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人严孟宇、主管会计工作负责人董凤良及会计机构负责人（会计主管人员）熊婵静保证季度报 告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603383 证券简称：顶点软件 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 141,966,885.80, representing a 3.16% increase compared to CNY 137,615,572.95 in the same period last year[4]. - Net profit attributable to shareholders increased by 31.57% to CNY 21,324,582.60 from CNY 16,208,369.57 year-on-year[4]. - The basic earnings per share rose by 32.03% to CNY 0.1047, while diluted earnings per share increased by 31.56% to CNY 0.1038[5]. - The net profit for Q1 2025 was CNY 20,768,879.68, an increase of 46.5% compared to CNY 14,141,430.06 in Q1 2024[15]. - The operating profit for Q1 2025 was CNY 25,116,381.06, up from CNY 17,122,269.94 in Q1 2024, reflecting a growth of 46.7%[15]. - The total comprehensive income for Q1 2025 was CNY 20,768,879.68, compared to CNY 14,141,430.06 in Q1 2024, indicating a growth of 46.5%[15]. Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of CNY -91,024,881.13, an improvement from CNY -148,489,818.92 in the same period last year[4]. - Cash inflows from operating activities totaled CNY 84,600,662.35 in Q1 2025, compared to CNY 69,791,290.50 in Q1 2024, marking a growth of 21.2%[17]. - The net cash flow from investing activities was -CNY 208,488,224.63 in Q1 2025, compared to -CNY 70,669,418.81 in Q1 2024[18]. - The ending cash and cash equivalents balance for Q1 2025 was CNY 392,204,899.90, down from CNY 719,247,031.02 in Q1 2024[18]. Assets and Liabilities - Total assets decreased by 3.03% to CNY 1,765,843,792.35 from CNY 1,821,027,155.68 at the end of the previous year[5]. - Current assets totaled CNY 1,398,264,391.35, down 10.2% from CNY 1,556,862,306.51[11]. - Non-current assets increased to CNY 367,579,401.00, up 39.3% from CNY 264,164,849.17[11]. - Total liabilities decreased to CNY 260,375,650.39 from CNY 337,259,947.07, a reduction of 22.8%[12]. - Shareholders' equity increased to CNY 1,505,468,141.96 from CNY 1,483,767,208.61, reflecting a growth of 1.5%[12]. Operating Costs and Expenses - Total operating costs decreased to CNY 125,246,871.88 in Q1 2025 from CNY 129,503,191.76 in Q1 2024, reflecting a reduction of 3.5%[14]. - Research and development expenses for Q1 2025 were CNY 37,242,645.94, down 9.0% from CNY 41,043,867.05 in Q1 2024[14]. - The financial expenses for Q1 2025 showed a significant improvement, with a net income of CNY -2,158,220.74 compared to CNY -4,958,824.32 in Q1 2024[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,490, with the largest shareholder holding 20.97% of the shares[8]. - The company has not engaged in any significant mergers or acquisitions during the reporting period, focusing instead on internal growth strategies[9]. Revenue and Sales - The company reported a significant increase in sales revenue, with cash received from sales reaching CNY 74,090,666.53 in Q1 2025, compared to CNY 56,364,628.60 in Q1 2024, a rise of 31.4%[17]. - The company recognized non-recurring gains of CNY 4,022,861.63, primarily from government subsidies and other income[6].

顶点软件（603383）公告，2025年第一季度营收为1.42亿元，同比增长3.16%；净利润为2132.46万元， 同比增长31.57%。 ...

2024 年年度股东大会会议资料 2024 年年度股东大会会议资料 福建顶点软件股份有限公司 Fujian Apex Software Co., Ltd. 2024 年年度股东大会会议资料 福建顶点软件股份有限公司 2024 年年度股东大会会议资料目录 | 2024 | 年年度股东大会会议资料目录 1 | | --- | --- | | 2024 | 年年度股东大会须知 2 | | 2024 | 年年度股东大会会议议程 3 | | 议案一 | 2024 年度董事会工作报告 5 | | 议案二 | 2024 年度监事会工作报告 9 | | 议案三 | 2024 年年度报告及其摘要 12 | | 议案四 | 2024 年度财务决算报告 13 | | 议案五 | 2024 年度利润分配方案 18 | | 议案六 | 关于公司 2025 年中期分红安排的议案 19 | | 议案七 | 关于确认公司董事、监事 2024 年度薪酬及 2025 年度薪酬建议方案的议 | | 案 | 20 | | 议案八 | 关于续聘 2025 年度审计机构的议案 21 | | 议案九 | 关于使用部分闲置自有资金进行证券投资及委托理财的议 ...

核心观点 4 月11 日，公司发布2024 年年度报告。2024 年，受证券IT 行业景气度影响，公司经营业绩短期承压， 公司实现营业收入6. 64亿元，同比下降10.78%；实现归母净利润1.94 亿元，同比下降16.84%；实现扣 非归母净利润1.78 亿元，同比下降17.88%。公司加大研发投入，推动信创与AI 的深度融合、适配与升 级，最新推出LiveData+AI、LiveBOS+AI 等。A5 系统客群持续突破，系统性能获得充分验证，有望受 益金融信创叠加核心交易系统代际迭代带来的市场竞争格局重塑机遇。2025 年，证券IT 有望全面回 暖，叠加信创以及AI 带来市场机遇，公司有望核心受益，给予"买入"评级。 事件 4 月11 日，公司发布2024 年年度报告。2024 年，公司实现营业收入6.64 亿元，同比下降10.78%;实现归 母净利润1.94 亿元，同比下降16.84%;实现扣非归母净利润1.78 亿元，同比下降17. 88%。 2024 年第四季度,公司实现营业收入2.43 亿元，同比下降15. 21%；实现归母净利润0.93 亿元，同比下降 18.14%；实现扣非归母净利润0.88 ...

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 顶点软件（603383）公司年报点评 [Table_InvestInfo] 看好后续业绩改善，核心系统再树标杆案 公司研究·顶点软件（603383）2 财务预测表 | 资产负债表（百万元） | 利润表（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | 货币资金 | 营业总收入 | 940 | 693 | 744 | 800 | 857 | 744 | 664 | 838 | 1,008 | 1,161 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易性金融资产 | 营业成本 | 150 | 608 | 631 | 654 | 677 | 229 | 219 ...

Core Viewpoint - The company's performance in 2024 is under pressure due to market conditions, but there is optimism for improvement in subsequent performance as downstream demand has improved since Q4. The core system "Xinchuan" is accelerating, with a successful bid for Everbright Securities setting a benchmark case, and the AI digital technology platform has been fully upgraded [1]. Investment Highlights - The rating is maintained at "Buy". Despite market fluctuations in 2024, the recovery in industry demand since Q4 is noted, although there is a delay in the transmission of order recovery to performance. The EPS forecast for 2025-2026 has been adjusted to 1.30/1.54 yuan (previously 1.52/1.82 yuan), with a new EPS forecast for 2027 at 1.79 yuan. Based on comparable company valuations, a 35 PE for 2025 is applied, raising the target price to 45.54 yuan per share. In 2024, the company achieved revenue of 664 million yuan, down 10.78% year-on-year, and a net profit attributable to shareholders of 194 million yuan, down 16.84% year-on-year. In Q4 alone, revenue was 243 million yuan, down 15.21% year-on-year, and net profit was 93 million yuan, down 18.14% year-on-year. The slowdown in IT investment from upstream financial industry clients and extended project acceptance cycles have led to profit fluctuations. However, policies aimed at boosting the economy and financial markets since Q4 have improved the capital market environment, leading to a noticeable improvement in customer orders. It is expected that the company's operational situation will significantly improve starting Q2 2025 [2]. AI Empowerment and Core Technology Platform Upgrade - The company has upgraded its LiveData platform by integrating AI capabilities, completing a full-chain intelligent upgrade that incorporates AI intelligent analysis, automatic labeling, generative analysis, and self-development capabilities. LiveBOS has achieved exponential improvements in development efficiency through the integration of NL2Model, NL2Code, NL2SQL, and has added components such as intelligent process approval assistants, intelligent knowledge bases, and intelligent document editing for automated business scenario upgrades. The core trading system "Xinchuan" is accelerating, with a successful bid for Everbright Securities establishing a benchmark case. The A5 core trading system is currently the only new generation core trading system in the securities industry that has fully realized domestic substitution. In 2024, the number of A5 clients reached 10, with Dongwu Securities, Donghai Securities, and Maigao Securities fully online and operating smoothly. Projects with CITIC Securities, Nanjing Securities, and Shanghai Securities are ongoing. The recent successful bid for Everbright Securities' new generation core trading system has expanded the client base, setting a benchmark case for further client expansion [3].

Investment Rating - The investment rating for the company is "Recommended" [1][4][16] Core Views - The company has made significant progress in its new trading business, integrating its products with trusted computing and AI capabilities [1][9] - The company reported a decrease in revenue and net profit for 2024, with revenue at 664 million yuan, down 10.78% year-on-year, and net profit at 194 million yuan, down 16.84% year-on-year [4][8] - The company continues to invest in R&D, maintaining a high absolute level of net profit margin despite a slight decline [8][9] Financial Performance Summary - **Revenue and Profit**: In 2024, the company achieved revenue of 664 million yuan, a decrease of 10.78% year-on-year, and a net profit of 194 million yuan, down 16.84% year-on-year [4][8] - **Future Projections**: Expected revenue growth for 2025-2027 is projected at 802 million yuan, 989 million yuan, and 1.234 billion yuan, respectively, with corresponding net profits of 239 million yuan, 297 million yuan, and 373 million yuan [7][14] - **Margins**: The gross margin for 2024 was 67.0%, with a net margin of 29.2% [8][14] R&D and Product Development - The company has increased its R&D investment to 152 million yuan in 2024, focusing on its "3+1" foundational technology platform [8][11] - The new trading system A5 has been successfully implemented with multiple brokerage firms, indicating strong market demand [9][11] Market Position and Strategy - The company is actively promoting financial innovation and has made strides in its new trading system and wealth management products, which are now integrated with AI capabilities [9][11] - The company has established a strong client base, with over 300 clients in its wealth management business [11] Valuation Metrics - The projected P/E ratios for 2025-2027 are 33.2, 26.8, and 21.3, respectively, indicating a favorable valuation outlook as earnings are expected to grow [7][14]

公 司 报 告 计算机 2025年04月12日 顶点软件(603383.SH) 新交易业务进展顺利，公司产品持续融合信创与AI能力 事项： 公司发布2024年年度报告，2024年公司实现营业收入6.64亿元，同比减少 10.78%，实现归母净利润1.94亿元，同比减少16.84%。利润分配预案为：向 全体股东每10股派发现金红利6元（含税）。 股价:38.72元 行情走势图 相关研究报告 【平安证券】顶点软件（603383.SH）*季报点评*公 司持续加大研发投入，积极推动金融信创创新*推荐 20241030 证券分析师 闫磊 投资咨询资格编号 S1060517070006 推荐 ( 维持) 平安观点： 证 券 公 司 年 报 点 评 研 究 报 告 YANLEI511@pingan.com.cn | 黄韦涵 | 投资咨询资格编号 | | --- | --- | | | S1060523070003 | | | HUANGWEIHAN235@pingan.com.cn | | 研究助理 | | 王佳一 一般证券从业资格编号 S1060123070023 WANGJIAYI446@pingan.com.cn | ...