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 | ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 顶点软件(603383.SH) 投资评级：买入 上次评级：买入 [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 信创业务稳步发展，AI 融合助力产品升级 [Table_ReportDate] 2025 年 4 月 12 日 [Table_S 事件：顶点软件 ummary]发布 2024 年年度报告，公司 2024 年实现营收 6.64 亿元， 同比下降 10.8%；实现归母净利润 1.94 亿元，同比下降 16.8%；实现扣非 净利润 1.78 亿元，同比下降 17.88%；公司毛利率为 67.05%，同比下降 2.11 个百分点。单 2024Q4 来看，公司实现营收 2.43 亿元，同比下降 15.2%； 实现归母净 ...

财富科技产品实现多维升级，新资管、大运营产品深度融合AI能力。财富管理业务，2024年公司新增 20多家客户，目前总客户数已超过300家；产品方面，营销服务平台 C6 完成了系统功能的迭代优化， 成功落地多家证券项目；资产配置平台进行了买方投顾平台升级，研发打造了适配本土市场的TAMP （全托资产管理平台），并拓展了对场外金融产品、场内ETF、报价回购、逆回购等多元化产品配置的 支持；财富服务信托平台新增多家信托客户。新资管体系业务，公司研发全景实时资产簿记系统 IBLive，IBLive及其相关应用已成功进入多家公募基金、券商资管等机构；在资管行业CRM及产品全生 命周期运营方面，公司继续稳固领先地位，并积极引入AI技术。大运营业务，公司运营解决方案深度 融合AI能力，实现运营的HAI（人类智能与AI 的协同"Human-AI Collaboration"）协同，弥补员工能力 的局限，加速流程运转；公司成功为某头部券商建设并上线了财富子账户业务中台；同步实现产品线 100%信创适配，打造出多个具有行业示范效应的信创标杆案例。 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 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue for 2024 was 664 million, a decrease of 10.8% year-on-year, with a net profit attributable to shareholders of 194 million, down 16.8% year-on-year. The gross margin was 67.05%, a decline of 2.11 percentage points [1][2] - The company is advancing its core product business and expanding its Xinchuang (信创) initiatives, which are expected to bring incremental growth. The A5 system has been implemented in multiple institutions, and the company has won a project with Everbright Securities for a new core trading system [2] - The integration of AI capabilities into products has been significant, with enhancements in LiveData and the launch of LiveBOS AI, which includes various intelligent components [2] - Cost control measures have been effective, with sales, management, and R&D expenses showing reductions compared to the previous year [2] - The company is expected to benefit from its dual-driven technology ecosystem of AI and Xinchuang, with projected EPS for 2025-2027 being 1.07, 1.31, and 1.63 respectively, corresponding to P/E ratios of 36.25, 29.63, and 23.70 [2][3] Financial Summary - Total revenue for 2023 was 744 million, with a projected increase to 746 million in 2025, reflecting a growth rate of 12.5% [3] - The net profit attributable to shareholders is expected to recover to 219 million in 2025, after a decline in 2024 [3] - The gross margin is projected to stabilize around 67.7% in 2025 [3] - The company’s total assets were 1,886 million in 2023, with a slight decrease to 1,821 million in 2024, and expected growth in subsequent years [4]

证券代码：603383 证券简称：顶点软件 公告编号：2025-012 1．公司拟向全体股东每股派发现金红利 6 元（含税）。截至 2024 年 12 月 31 日 ， 公 司 总 股 本 205,386,979 股 ， 以 此 计 算 合 计 拟 派 发 现 金 红 利 123,232,187.40 元（含税）。本年度公司现金分红（包括中期已分配的现金红利） 总额 164,309,583.20 元,占本年度归属于上市公司股东净利润的比例 84.70%。 更正后： （更正部分做加粗处理） 福建顶点软件股份有限公司 关于 2024 年年度利润分配方案的更正公告 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个别及连带责任。 本公司于 2025 年 4 月 11 日披露了《关于 2024 年年度利润分配方案的公 告》（公告编号 2025-007），由于工作人员疏忽，现将上述公告更正如下： 更正前： （需更正部分做加粗处理） （一）利润分配方案的具体内容 …… 本次利润分配方案如下： （一）利润分配方案的具体内容 …… 本次利润分配方案如下： ...

业绩简评 2025 年 4 月 10 日公司披露年报，实现营收 6.64 亿元，同比下降 10.8%；实现归母净利润 1.94 亿元，同比下降 16.8%；单 Q4 实现 营收 2.43 亿元，同比下降 15.2%；实现归母净利润 0.93 亿元，同 比下降 18.1%，主要受到金融行业客户 IT 投入节奏放缓影响。 经营分析 分业务来看，新交易体系业务方面，A5 在中信/南京/上海证券等 多家机构同步推进，24 年客户数已达 10 家。公司近日中标光大证 券核心交易系统项目，进行分布式、低时延、开放式架构及全栈 信创化改造。作为唯一全面实现国产替代的新一代核心交易系统， A5 信创经验有望向更多券商复制。财富管理业务方面，24 年新增 客户 20 余家，客户总数 300 余家。大运营体系业务方面，公司实 现产品线 100%信创适配，可提供多维子账户全流程数字化管理。 24 年公司销售费用同比下降 13.9%，主要系市场宣传减少及销售 人员减少 7.6%所致；公司管理费用同比下降 11.6%，主要系股份 支付费用同比减少 804.6 万所致；研发投入保持较高水平，研发 费用率为 23.0%，较上年同期增长 2 ...