[Table_Title] 顶点软件（603383.SH） ⚫ 24Q1 业绩符合预期，费用持续优化。2024 年 4 月 24 日晚间，公司发 布 2024 年一季报。报告期内，公司实现营收 1.4 亿元，yoy+5.3%； 归母净利润 1621 万元，yoy-26.8%。24Q1 毛利率为 68.92%，较 23Q1 下降 4.84pct；净利率为 10.28%，较 23Q1 下降 5.92pct。销售费用率 为 18.64%，较 23Q1 下降 1.54pct；管理费用率为 17.44%，较 23Q1 下降 3.99pct。此外，公司加大研发投入以保持竞争优势，研发费用同 比增长 13.15%至 0.41 亿元。 ⚫ 公司已成长为券商新交易体系领航者。信创背景下，新一代核心交易 系统在更多客户推进代际升级，其中 A5 中标某头部券商第三代核心系 统建设项目，成为替换友商最关键客户的案例（数据来源：公司 23 年 年报）。公司亦是华为核心合作伙伴，3 月中旬公司荣获华为"2024 年 首批优选级解决方案开发伙伴"，是行业唯一入选的核心技术供应商 （数据来源：公司公众号）。 业绩符合预期，费用持续优化 ⚫ ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥137,615,572.95, representing a year-on-year increase of 5.34%[5] - The net profit attributable to shareholders decreased by 26.78% to ¥16,208,369.57 compared to the same period last year[5] - The diluted earnings per share fell by 30.77% to ¥0.09 due to the decline in net profit attributable to shareholders[6] - Total revenue for Q1 2024 reached ¥137,615,572.95, an increase of 5.3% compared to ¥130,639,138.61 in Q1 2023[18] - Operating profit for Q1 2024 was ¥17,122,269.94, a decrease of 18.5% from ¥20,860,550.82 in Q1 2023[19] - Net profit for Q1 2024 was ¥14,141,430.06, down from ¥21,157,409.20 in Q1 2023, indicating a decline of 33.1%[19] - The net profit for Q1 2024 is 14,141,430.06 RMB, a decrease of 33.1% compared to 21,157,409.20 RMB in Q1 2023[20] - The net profit attributable to shareholders of the parent company is 16,208,369.57 RMB, down 26.7% from 22,136,760.02 RMB in the same period last year[20] - Basic earnings per share for Q1 2024 is 0.10 RMB, compared to 0.13 RMB in Q1 2023, reflecting a decline of 23.1%[20] Cash Flow - The net cash flow from operating activities was negative at ¥148,489,818.92, indicating a significant cash outflow[5] - Cash inflow from operating activities is 69,791,290.50 RMB, down 18.5% from 85,629,084.25 RMB in Q1 2023[22] - The net cash flow from operating activities is -148,489,818.92 RMB, worsening from -118,486,182.01 RMB in the previous year[22] - Cash inflow from investment activities is 120,668,841.44 RMB, a significant decrease of 73.3% compared to 453,710,292.33 RMB in Q1 2023[23] - The net cash flow from investment activities is -70,669,418.81 RMB, compared to -19,138,806.49 RMB in the same period last year[23] - The total cash and cash equivalents at the end of Q1 2024 is 719,247,031.02 RMB, down from 890,959,862.88 RMB at the end of Q1 2023[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,793,585,095.79, down 4.90% from the previous year-end[6] - Total assets decreased to ¥1,793,585,095.79 as of March 31, 2024, down from ¥1,886,086,098.63 at the end of 2023, a reduction of 4.9%[15] - Total liabilities decreased to ¥271,243,121.39 in Q1 2024, down from ¥380,148,428.67 in Q4 2023, a decline of 28.7%[15] - Shareholders' equity increased to ¥1,522,341,974.40 as of March 31, 2024, compared to ¥1,505,937,669.96 at the end of 2023, reflecting a growth of 1.1%[15] Accounts Receivable and Inventory - Accounts receivable increased by 60.41%, primarily due to project payments concentrated in the fourth quarter[7] - Accounts receivable increased to ¥89,830,454.88 in Q1 2024, up 60.5% from ¥56,001,768.30 in Q4 2023[14] - Inventory rose to ¥144,156,551.85, an increase of 8.5% compared to ¥132,388,711.79 in Q4 2023[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,499[9] - The top shareholder, Yan Mengyu, holds 20.96% of the shares, totaling 35,887,614 shares[9] Government Subsidies - The company received government subsidies amounting to ¥1,927,890.01, which are closely related to its normal business operations[7] Accounting Standards - The company has not adopted new accounting standards for the current reporting period[24] Merged Entity - The company did not report any net profit from the merged entity in the current or previous period[21]

证券研究报告 ＃industryId＃ 垂直应用软件 ＃investSuggestion＃ ＃ investSug gestionCh ange＃ 维持 ） ＃相关报告 relatedReport＃ 《【兴证计算机】顶点软件：证 券 IT 领军，充分受益信创发展 机遇》2023-11-21 《【兴证计算机】顶点软件：利 润保持较快增长，充分受益信 创产业推进》2023-11-04 《【兴证计算机】顶点软件：业 绩保持稳健增长，信创带来发 展新机遇》2023-09-19 yanghaimeng@xyzq.com.cn S0190523070001 ＃assAuthor＃ 孙乾 杨海盟 ＃dyCompany＃ 顶点软件 （ 603383 ） 603383 ＃title＃ 利润较快增长，A5 信创客户持续拓展 ＃createTime1＃ 2024 年 04 月 23 日 ⚫ 核心业务较快增长，销售回款表现稳健。定制化软件业务收入 5.22 亿元， 同比增长 21.23%；产品化软件收入 1.02 亿元，同比增长 10.20%；运维服务 收入 0.92 亿元，同比增长 3.15%；系统集成收入 0.27 亿元，同比增 ...

利润实现高速增长，把握信创机遇 ◼ 风险提示事件：业务发展不及预期，政策推进缓慢，数据更新不及时等。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-----------|-----------|-----------------------|-----------|-----------------------------------|---------------|---------------|---------------------|-------------| | 盈利预测表 \n资产负债表 \n会计年度 | 2023 | 2024E | 单位:百万元 \n2025E | 2026E | 利润表 \n会计年度 | 2023 | 2024E | 单位:百万元 \n2025E | 2026E | | 货币资金 | 940 | 1,057 | 1,273 | 1,607 | 营业收入 | 744 | 831 | 937 | 1,065 | | 应收 ...

本增效成效渐显，A5 信创版 落地加速 [Table_Contacts] [Table_Title] 顶点软件（603383.SH） [Table_Summary] 核心观点： ⚫ 业绩符合预期，利润率持续修复。1.公司发布 2023 年年报，报告期内 公司实现营收 7.4 亿元，同增 19.1%；归母净利润 2.33 亿元，同比增 长 40.49%；扣非净利润 2.17 亿元，同增 38.94%。2.公司毛利率持续 提升，较 2022 年提升 1.7pct 至 69.16%。其中定制软件业务毛利率提 升 4.23pct 至 61.87%。此外，公司净利率持续提升，较 2022 年提升 5.28pct 至 31.58%。3.公司人效持续提升，2023 年人均创收 37.27 万 元（22 年为 31.96 万元），人均创利 11.69 万元（22 年为 8.50 万元）。 ⚫ 公司已成长为券商新交易体系领航者。1. 新一代核心交易系统在更多 客户推进代际升级。其中，A5 中标某头部券商第三代核心系统建设项 目，成为替换友商最关键客户的案例。2. HTS 极速系列产品在交易节 点数量与承载交易量上继续扩大，与头 ...

| --- | --- | --- | |---------------------------------------------------------|------------------------------------|--------------------------------| | 投资建议的比较标准 | 股票投资评级 | 行业投资评级 | | | 买入：股价相对强于基准 15％以上； | 看好：行业指数超越基准； | | 本报告采用的基准指数 ：沪深 300 指 数（以下简称基准）； | 增持：股价相对强于基准 5％～15％； | 中性：行业指数与基准基本持平； | | 时间段：报告发布之日起 6 个月内。 | 持有：股价相对基准波动在±5% 之间； | 看淡：行业指数弱于基准。 | | | 卖出：股价相对弱于基准 5％以下。 | | 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与义 务均有严格约定。本报告仅 ...

福建顶点软件股份有限公司 2023年年度业绩说明会投资者关系活动记录表 证券简称：顶点软件 证券代码：603383 编号：2024-001 □特定对象调研 □分析师会议 □媒体采访 投资者关系 业绩说明会 □新闻发布会 □路演活动 活动类别 □现场参观 □其他 参与单位名 线上参与公司2023年年度业绩说明会的全体投资者 称和时间 地点 上证路演中心（http://roadshow.sseinfo.com/） 董事长兼总经理： 严孟宇先生 董事、执行总经理： 雷世潘先生 公司接待人 董事、副总经理： 黄义青先生 员姓名 董事、副总经理、董事会秘书： 赵 伟先生 财务总监： 董凤良先生 独立董事： 张 梅女士 投资者关系 ...

来源：公司年报、国金证券研究所 2024 年 4 月 11 日，公司发布 2023 年报。公司 2023 年全年实现 营收 7.4 亿元，同比增长 19.1%；实现归母净利润 2.3 亿元，同比 增长 40.5%。公司 2023 年单 Q4 实现营收 2.9 亿元，同比增长 21.3%；实现归母净利润 1.2 亿元，同比增长 22.4%。2023 年 Q1 至 Q4，公司净利润增速持续高于营业收入增速，主要系公司 2023 年注重精细化运营，并采取了谨慎的人员招聘政策，2023 年末员 工数为 1,996 人，仅同比增长 2.1%。 经营分析 公司坚持基础研发和信创路线。在信创关键技术上，公司通过创 新的存算分离架构，摆脱了某些国产基础软件的约束，实现了领 先替代的信创化策略，保证了各类应用系统全面信创化的顺利实 现。报告期内，公司 A5 核心交易系统中标某头部券商第三代核 心系统建设项目，且与 3 家战略合作客户签署 A5 升级合同，上 线客户突破 10 家，其中东吴证券 A5 完成了 100%国产化设备与 基础系统软件的国产化替代。此外，公司的客户运营、绩效考 核、产品中心、核心账户系统、期货数智平台、数 ...

Dividend and Share Capital - The company plans to distribute a cash dividend of 11 RMB per 10 shares, totaling approximately 188.32 million RMB, which represents 80.73% of the net profit attributable to shareholders for 2023[7]. - The company will increase its total share capital by 34.24 million shares through a capital reserve conversion, raising the total share capital to 205.44 million shares[7]. - The total cash dividend amount (including tax) is 188,316,717.60 CNY, which accounts for 80.73% of the net profit attributable to ordinary shareholders in the consolidated financial statements[138]. - The company plans to issue 2 bonus shares for every 10 shares held and distribute a cash dividend of 11 CNY per 10 shares (including tax)[138]. - The company distributed a cash dividend of 8 RMB per 10 shares, totaling 137,023,612.80 RMB, which represents 82.52% of the net profit attributable to shareholders for the year[135]. Financial Performance - The company achieved total operating revenue of RMB 743.91 million in 2023, an increase of 19.10% compared to 2022[26]. - The net profit attributable to shareholders reached RMB 233.26 million, reflecting a growth of 40.49% year-on-year[26]. - The net profit after deducting non-recurring gains and losses was RMB 217.36 million, up 38.94% from the previous year[26]. - The company’s basic earnings per share increased to RMB 1.38, a rise of 39.39% compared to 2022[29]. - The weighted average return on equity improved to 16.53%, an increase of 3.71 percentage points from the previous year[29]. - The company maintained a gross margin of 69.16% in its application software segment, with revenue growth of 19.10% and cost increase of 12.88%[64]. - Investment income surged by 180.17% to CNY 10.50 million, driven by increased disposal of financial products[62]. - The company’s cash flow from operating activities was RMB 231.22 million, an increase of 17.75% compared to the previous year[26]. - The company reported a significant increase in cash flow from operating activities, with a net cash flow of CNY 231.22 million, up 17.75% year-on-year[62]. Risk Management and Compliance - The company has received a standard unqualified audit report from the accounting firm, ensuring the accuracy and completeness of the financial report[6]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has outlined potential risks in its management discussion and analysis section, emphasizing the importance of investor awareness regarding these risks[9]. - The company emphasizes the importance of accurate and complete disclosures in its annual report, with all board members confirming the report's integrity[10]. - The company has established a robust internal control system to ensure effective execution of its operations and compliance with regulations[104]. - The company’s audit committee confirmed that all related transactions comply with laws and regulations, ensuring fairness and transparency[124]. - The company has not faced any penalties from securities regulatory authorities in the past three years[115]. - The company has not reported any risks or dissenting opinions from the supervisory board during the reporting period[129]. Strategic Initiatives and Innovation - The company is focused on developing its proprietary "1+3" foundational technology platform, which includes various innovative software solutions[15]. - The company is actively pursuing market expansion and technological innovation to enhance its competitive position in the fintech sector[15]. - The company has established a new generation of customer management and wealth management platforms, indicating a strategic focus on improving service offerings[15]. - The company focused on innovation and development of its core technology platforms, including HyperDB and LiveDTP, to enhance its competitive edge in the financial technology sector[39]. - The company implemented a strategy of "separation of computing and storage" to overcome constraints from certain domestic software, ensuring smooth implementation of various application systems[39]. - The company is actively pursuing digital transformation in the financial sector, leveraging AI technology to enhance product capabilities[50]. - The company aims to leverage financial technology to enhance core business capabilities and improve user experience, focusing on innovations in cloud computing, big data, and artificial intelligence[92]. - The company is committed to becoming a leading force in domestic financial technology through continuous innovation and development[94]. Corporate Governance - The board of directors consists of 8 members, including 3 independent directors, ensuring compliance with legal requirements[101]. - The company has a diverse board with members having extensive backgrounds in finance, management, and technology[110]. - The company has a strong emphasis on corporate governance, as evidenced by the presence of independent directors and a structured remuneration system[109]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 6.9523 million yuan[114]. - The compensation for directors and supervisors is reviewed by the shareholders' meeting, while the board of directors is responsible for the compensation of senior management[114]. - The company held a total of 8 board meetings during the year, all conducted via a combination of on-site and communication methods[120]. - The audit committee convened five meetings during the reporting period[122]. - The company has not reported any changes in shareholding for independent directors and supervisors during the reporting period[109]. Employee and Social Responsibility - The total number of employees in the parent company and major subsidiaries is 1,996, with 1,775 being technical personnel[130]. - The company has implemented a training system to enhance employee skills and promote growth through various training formats[134]. - The company donated a total of 400,000 RMB, including 300,000 RMB to the Yongtai County Charity Association for a specific project and 100,000 RMB to Fujian Normal University as part of its educational fund[149]. - The company promotes a low-carbon lifestyle and has implemented measures such as double-sided printing and paperless offices to reduce environmental impact[146]. - The company does not belong to the key pollutant discharge units and advocates for green office practices[146]. Shareholder Structure and Transactions - The total number of ordinary shareholders as of the reporting period end was 12,818, a decrease from 22,499 at the end of the previous month[187]. - The largest shareholder, Yan Mengyu, holds 35,887,614 shares, representing 20.96% of the total shares[189]. - The second-largest shareholder, Fuzhou Aipai Ke Electronics Co., Ltd., holds 23,990,400 shares, accounting for 14.01%[189]. - The company has not issued any new securities during the reporting period[187]. - The shareholder structure remains stable with no significant changes in the top ten shareholders compared to the previous period[194]. - The company plans to continue its stock repurchase strategy to manage share dilution from incentive plans[182]. - The company completed the repurchase and cancellation of 62,250 restricted stocks, reducing the total shares from 171,279,516 to 171,217,266[181]. Financial Products and Investments - The company has engaged in wealth management activities, with a total investment of RMB 120 million in bank financial products and RMB 78 million in broker financial products[164]. - The total investment in structured products across various banks amounts to CNY 20 billion, indicating a strong market demand for guaranteed and floating yield products[166][167]. - The expected performance of financial derivatives and gold prices will significantly impact the yields of the structured products offered[166][167]. - The company is focusing on expanding its product offerings in the financial derivatives market to attract more investors[169]. - The company plans to use the funds from structured deposits to supplement operational capital[169].

综上,我们同意提名严孟宇先生、赵伟先生、雷世潘先生、黄义青先生、孙 并刚先生为公司第九届董事会非独立董事候选人;同意提名张梅女士、苏小榕先 生、郑相涵先生为公司第九届董事会独立董事候选人,并提交公司董事会审议。 董事会提名委员会 2024 年 4 月 11 日 福建顶点软件股份有限公司董事会提名委员会 关于第九届董事会董事候选人任职资格的审查意见 根据《中华人民共和国公司法》《上市公司独立董事管理办法》《上海证券交 易所上市公司自律监管指引第1号 -- 规范运作》及《公司章程》的有关规定, 公司第八届董事会提名委员会对第九届董事会非独立董事、独立董事候选人任职 资格和个人简历进行了审查,并发表审查意见如下： 一、本次提名严孟宇先生、赵伟先生、雷世潘先生、黄义青先生、孙井刚先 生为公司第九届董事会非独立董事候选人,其中严孟宇先生、赵伟先生、雷世潘 先生、黄义青先生为连任人选。上述候选人均具备相关法律法规和《公司章程》 所规定的上市公司非独立董事任职资格，具备履行董事职责所必需的工作经验, 不存在被中国证监会确定为市场禁入者且禁入尚未解除的情形,符合《公司法》 等法律法规和《公司章程》所规定的条件，提名程序合法、 ...