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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.07 CNY per share based on a 30x PE for 2024 [4][68]. Core Insights - The company's performance met expectations, with revenue of 740 million CNY, a year-on-year increase of 19.1%, and a net profit of 233 million CNY, reflecting a growth of 40.49% [2][37]. - The gross margin improved to 69.16%, up 1.7 percentage points from 2022, with the customized software business gross margin rising to 61.87% [2][23]. - The company has established itself as a leader in the new trading system for securities firms, with significant upgrades and new client acquisitions [2][39]. Financial Performance - For 2023, the company reported: - Revenue: 740 million CNY, up 19.1% from 625 million CNY in 2022 [17]. - Net Profit: 233 million CNY, a 40.5% increase from 166 million CNY in 2022 [17]. - Non-recurring Net Profit: 217 million CNY, up 38.94% from 156 million CNY in 2022 [17]. - Gross Margin: 69.16%, up from 67.46% in 2022 [23]. - Net Margin: 31.58%, an increase of 5.28 percentage points from 2022 [23]. Business Development - The company is expanding its "Wealth+" business into banking, trust, futures, and funds, enhancing its market position [3][40]. - The "Operation+" sector has seen the core account system fully implemented at Dongwu Securities, with plans for a management system in the Hong Kong market [3][42]. - The "Institution+" area achieved the highest industry bid rate for institutional wealth management in 2023 [3][42]. Earnings Forecast - Projected EPS for 2024, 2025, and 2026 are 1.57 CNY, 1.96 CNY, and 2.60 CNY respectively, with expected revenue growth rates of 10.1%, 14.8%, and 19.6% [44][67]. - The company anticipates continued growth in its core trading systems, with revenue growth rates for the productized software business expected to be 11%, 15%, and 20% from 2024 to 2026 [44][53]. Valuation - The report suggests a reasonable value of 47.07 CNY per share based on comparable company valuations and historical valuations [68].

| --- | --- | --- | |---------------------------------------------------------|------------------------------------|--------------------------------| | 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、 ...

福建顶点软件股份有限公司 关于会计师事务所 2023 年度审计履职情况的评估报告 福建顶点软件股份有限公司（以下简称"公司"）聘请致同会计师事务所 （特殊普通合伙）作为公司 2023 年度审计机构。根据《国有企业、上市公司选 聘会计师事务所管理办法》，公司对致同会计师事务所 2023 年度审计工作的履 职情况进行了评估。公司认为致同会计师事务所在公司年报审计过程中坚持以 公允、客观的态度进行独立审计，表现了良好的职业操守和业务素质，按时完 成了公司 2023 年年报审计相关工作。具体情况如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 1、资质条件 致同会计师事务所（特殊普通合伙）（简称"致同所"）前身是成立于 1981 年的北京会计师事务所，2011 年 12 月 22 日经北京市财政局批准转制为特 殊普通合伙，2012 年更名为致同会计师事务所（特殊普通合伙）。注册地址为 北京市朝阳区建国门外大街 22 号赛特广场五层，首席合伙人为李惠琦先生。 截至 2023 年末，致同所从业人员近六千人，其中合伙人 225 名，注册会计 师 1,364 名，签署过证券服务业务审计报告的注册会 ...

Grant Thornton 致同 福建顶点软件股份有限公司 二〇二三年度 审计报告 致同会计师事务所(特殊普通合伙) DG 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.m6.gov.cn）"进行查 您可 致同会计期 骑缝 | . | | --- | | 求 1 | 审计报告 | 合并及公司资产负债表 | 1-2 | | --- | --- | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | রা | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-64 | Grant Thornton r a the the see the rest the may 审计报告 致同审字(2024) 第 351A008773 号 福建顶点软件股份有限公司全体股东: 一、审计意见 我们审计了福建顶点软件股份有限公司(以下简称顶点软件公司)财务报 表,包括 2023年 12月 31日的合并及公司资产负债表,2023年度的合并及公司利 润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附 注。 我们认为,后附的财务报表在所有重大方面按照企业 ...