福建顶点软件股份有限公司 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：2024-002 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 2024年5月7日 现场会议 广发证券 李婉云 参与时间和 西南证券 王湘杰、罗紫莹 单位名称 东方红资管 郑童仁 地点 公司会议室 公司接待人 赵伟（董秘） 员姓名 投资者关系 调研交流情况： 活动主要内 1、今年金融总体IT预算有下降趋势，对公司收入有什 ...

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Insights - The company reported a stable growth in revenue and net profit for 2023, with total revenue of 744 million yuan (up 19.1% year-on-year) and a net profit of 233 million yuan (up 40.49% year-on-year) [12][14] - The financial technology sector is expected to drive growth, with significant opportunities arising from the replacement of core systems in the financial industry [13] - The company has successfully completed 100% localization of its A5 system, positioning itself as a leader in the domestic market [13] Financial Performance Summary - Revenue projections for 2024-2026 are 835 million, 1 billion, and 1.19 billion yuan respectively, with corresponding net profits of 271 million, 335 million, and 386 million yuan [12] - The earnings per share (EPS) are forecasted to be 1.58, 1.96, and 2.25 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 21.54, 17.40, and 15.12 [12] - The company's operating cash flow for 2023 was 231 million yuan, with a decline in Q1 2024 to -148 million yuan [14]

[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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 34.85 [7]. Core Insights - The company achieved a revenue of 744 million yuan in 2023, representing a year-on-year growth of 19.10%. The net profit attributable to the parent company was 233 million yuan, up 40.49% year-on-year [19]. - The company continues to strengthen its competitive advantage with core products, particularly the A5 and HTS series, which have expanded their market presence and application scope [10][11]. - The gross profit margin improved to 69.16% in 2023, an increase of 1.70 percentage points compared to the previous year, with specific improvements in the custom software and operation service segments [20]. Financial Summary - Revenue projections for 2024-2026 are estimated at 831 million, 937 million, and 1,065 million yuan, respectively, with corresponding net profits of 271 million, 319 million, and 376 million yuan [21]. - The company’s earnings per share (EPS) are projected to grow from 1.36 yuan in 2024 to 2.20 yuan in 2026, reflecting a strong growth trajectory [21]. - The report highlights a decrease in management and R&D expense ratios, contributing to improved profitability [20].

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 ...