Investment Rating - The report initiates coverage with a "Buy" recommendation for the company [2]. Core Views - The company is positioned as a leading provider of PDF electronic document solutions, with a dual transformation strategy driving growth. The revenue for the first three quarters of 2024 reached 509 million yuan, reflecting a year-on-year growth of 15.1% [4][52]. - The company has a strong competitive position in the global PDF market, ranking among the top tier, and has successfully increased its subscription revenue significantly [5][10]. - The company is actively expanding its business opportunities in the OFD (Office Document Format) sector and industry-specific applications, which are expected to contribute to future growth [9][10]. Summary by Sections Company Overview - The company has been deeply engaged in PDF electronic document solutions for over 20 years and has actively participated in the formulation of industry standards [28]. - It has established a global presence with users in over 200 countries and regions, and its main revenue sources are from PDF editors and readers, accounting for 77% of total revenue in the first half of 2024 [4][58]. Financial Performance - The company reported a net profit of 38.67 million yuan in the first three quarters of 2024, turning a profit primarily due to investment gains from the acquisition of Foxit Kunpeng [4][52]. - Revenue growth is expected to continue, with projections of 728 million yuan in 2024, representing a year-on-year growth of 19.2% [10]. Competitive Position - The company ranks among the top tier in the global PDF market, with significant improvements in subscription revenue, which accounted for 48% of total revenue in the first three quarters of 2024 [5][10]. - The company has established partnerships with major technology firms and has been recognized for its PDF technology capabilities [28][29]. Strategic Initiatives - The dual transformation strategy focusing on subscription and channel sales has shown positive results, with a notable increase in subscription revenue from 216 million yuan in 2023 to 245 million yuan in the first three quarters of 2024 [5][10]. - The company has acquired a controlling stake in Foxit Kunpeng to enhance its capabilities in the OFD sector, which is expected to drive future revenue growth [9][10]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 881 million yuan in 2025 and 1.078 billion yuan in 2026, alongside a significant increase in net profit [10].

证券时报网讯，11月13日福昕软件(688095)收盘价86.68元，收盘上涨16.43%，全天换手率8.58%，振幅 23.06%，成交额6.33亿元。 科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等上榜。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交2.46亿元， 其中，买入成交额为1.20亿 元，卖出成交额为1.26亿元，合计净卖出648.59万元。 ...

关于实施回购股份注销暨股份变动的公告 证券代码：688095 证券简称：福昕软件 公告编号：2024-085 福建福昕软件开发股份有限公司 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 福建福昕软件开发股份有限公司（以下简称"公司"）本次将注销回购专 用证券账户中的 50,000 股已回购股份，占注销前公司总股本 91,489,524 股的比 例为 0.05%。本次注销完成后，公司的总股本将由 91,489,524 股变更为 91,439,524 股。 公司本次注销部分回购股份将涉及注册资本减少，根据《中华人民共和国公 司法》等相关法律、法规的规定，公司于 2024 年 9 月 27 日在上海证券交易所网 站（www.sse.com.cn）披露了《关于注销公司部分回购股份并减少注册资本暨通 知债权人的公告》（公告编号：2024-078），上述债权申报期限已于 2024 年 11 月 10 日届满，申报期间公司未收到任何相关债权人要求公司提前清偿债务或提供 相应担保的通知。 回购股份注销日：2024 年 11 ...

公司报告 | 季报点评 ARR 持续高增长，订阅制转型过半，费用率下降可期 三季度收入平稳增长，渠道收入存在季节性波动 福昕软件发布三季报，Q3 公司实现营业收入 1.72 亿，同比+9.73%，剔除 汇率同比+10.45%，归母净利润为-2384 万，同比亏损增加，主要系研发费 用率/管理费用率相较于同期上升了 1.67pct/2.46pct。公司在三季度的单季 度营业收入同比增幅较前两个季度有所下降，主要系订阅转型持续推进， 本季度核心产品 PDF 编辑器的永久授权收入下降较多带来，其中三季度渠 道收入 6,423.37 万，同比增速有所下滑，主要系核心 PC 代理商所贡献的 收入在三季度存在一定波动。 ARR 继续维持高增长，订阅制收入过半，转型进入中后期 到三季度末，公司订阅业务 ARR 达到 36,597.59 万元，较上年年末增长约 46.30%，三季度 ARR 增量为 4101.63 万元，同比去年三季度的 ARR 增量增 长了 52.48%，订阅相关的合同负债金额为 21,265.69 万元，较 2024 年年初 增长约 32.02%，三季度期间公司核心产品整体订阅续费率约为 93%。收入 端 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 福昕软件（688095.SH）：Q3 订阅收 入占比过半，中期仍具高成长性 事件： 福昕软件披露 2024 年三季报，公司 24 年前三季度实现营收、归母净利润、扣 非净利润分别为 5.09（同比+15.07%）、0.39（同比扭亏为盈）、-0.96（亏损同 比收窄）亿元，其中单三季度实现营收、归母净利润、扣非净利润分别为 1.72 （同比+9.73%）、-0.24（亏损同比扩大）、-0.32（亏损同比扩大）亿元。 点评： 收入稳健增长，三季度订阅制收入占比过半。福昕软件今年前三季度收入维持 稳健增长，全球主要区域市场收入占比保持稳定，来自渠道的收入为 1.94 亿元 （同比+33.64%），占总营收的比例达 38.21%，渠道制转型顺利。但拆分来看， 福昕单三季度营收增速有所放缓，主要由永久授权模式的收入下滑导致，公司 当前积极推进订阅制转型，24Q3 实现订阅收入 0.90 亿元，同比增长 62.36%， 占总收入 52.52%；截至三季度末 ARR（订阅年度经常性收入）达 3.66 亿元， 较 23 年底增长 46.30%， ...

上个季度呢我们的营收还是保持一个稳定的增长实现一月收入大概是5.09亿元较上年统计呢是增长了15.07%那即便剔除这个外汇波动对于收入的影响 那如果看Q3单季度的营收11.72亿元较上年同期是增长了9.73%如果同样剔除外汇波动对于收入的影响同比是增长了10.45%Q3单季度的营收增幅是有所放缓主要原因是因为在Q3永久授权的下滑比较明显导致的那我们接着看一下在利润方面 在前三册实现归属于母公司所有者的GDP论是3800多万元主要的原因还是因为上半年我们追加投资并购飞星宽盆导致我们原来持有的宽盆的股权供应价值变动确认了三亿的投资收益大概一个多亿如果要是扣分后的GDP论还是亏损的分析原因一方面当然跟我们订阅转机有关系至于公司整体收入 还在那第二个呢就是呃这个收购不经昆腾现在处在一个整合期那包括一些这个集结性的波动也产生了大概有一千多万的影响吧那另外一个就是呃在这个费用端呃我们现在绝对是在连空费费用也在进行一些的这个降本增销的举措但是呢相应的一个承销释放会有一定的事后那接着看一下现金流 在今年Q3的公司的这个现金流金额仍然是负值,但是呢单季度的这个经营活动现金流流出已经是比本年度的前两个季度是有所下降了。 那接下来 ...

Financial Performance - Revenue for the first three quarters reached approximately 509 million yuan, a year-on-year increase of 15.07% [2] - Q3 revenue was approximately 172 million yuan, a year-on-year increase of 9.73% [2] - Net profit for the first three quarters was 38.6741 million yuan, turning a loss into a profit due to a 103.3217 million yuan investment gain from Fuxin Kunpeng [2] - Non-GAAP net profit after excluding share-based payments was -84.3387 million yuan [2] - Subscription business revenue for the first three quarters was approximately 245 million yuan, accounting for 48.07% of total revenue, a year-on-year increase of 65.77% [6] - Q3 subscription revenue was 90.1545 million yuan, accounting for 52.52% of total revenue, a year-on-year increase of 62.36% [6] - Subscription-related contract liabilities were approximately 213 million yuan, a year-on-year increase of 32.02% [6] - Subscription business ARR was approximately 366 million yuan, a year-on-year increase of 46.30% [6] - Core product subscription renewal rate was approximately 93% [6] Regional Performance - Europe and Asia-Pacific markets led growth in Q3 [8] - North American market growth slowed due to a large revenue base and subscription transformation [8] - Chinese market experienced seasonal fluctuations [8] Channel Performance - Channel revenue for the first three quarters was approximately 195 million yuan, accounting for 38.21% of total revenue, a year-on-year increase of 33.64% [7] - Q3 channel revenue was approximately 64 million yuan, accounting for 37.42% of total revenue, a year-on-year increase of 17.90% [7] - DELL accounted for 10%-12% of total revenue and approximately 25% of channel revenue [12] - Q3 revenue from DELL decreased due to seasonal fluctuations and internal organizational adjustments [12] - Revenue from other channels grew by nearly 40% year-on-year in Q3 [13] Subscription Transformation - Subscription transformation is progressing, with subscription revenue accounting for 48.07% of total revenue in the first three quarters [6] - Subscription ARR growth was driven by high renewal rates and a focus on ARR growth strategies [8] - Sales expenses increased due to subscription transformation, but are expected to normalize as the transformation completes [9] R&D and Management Expenses - R&D expenses are expected to be controlled by re-evaluating new projects with unclear commercial prospects [9] - Management expenses increased due to IT and ERP system upgrades, but future growth is expected to slow as efficiency improves [9] Geopolitical Risks - The company is actively managing geopolitical risks, including operational separation between domestic and international markets [9] - The company is preparing for potential impacts from the US election, including tariff policies [9] AI and Future Strategies - AI assistant subscription pricing has been well-received, with initial user growth exceeding expectations [10] - The company is exploring additional marketing investments for AI subscriptions based on user adoption [10] - In the domestic market, the company is expanding into areas that align with local demand, including partnerships and capital operations [10] - The company is optimistic about the future of the Xinchuang market, expecting significant revenue growth and profitability [11] Market and Channel Strategies - The company is focusing on increasing new customer contributions to ARR, with new customers accounting for over 90% of ARR growth in the first three quarters [12] - The company is actively training new sales personnel at DELL and conducting targeted marketing activities to improve Q4 performance [12] - Channel transformation is progressing well, with new partnerships driving growth and traditional distributors forming a positive cycle [13]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 81.16 CNY from the previous 62.71 CNY [6][12][24]. Core Insights - The company's subscription transformation is progressing smoothly, with a continuous increase in revenue share. The optimization of the commercial revenue model, combined with solid advancements in overseas markets, suggests that future performance growth may exceed expectations [4][12]. - For the first three quarters of 2024, the company achieved a revenue of 509 million CNY, representing a year-on-year growth of 15.07%. After adjusting for currency fluctuations, the growth rate is approximately 14.02% [12]. - The company's net profit attributable to shareholders for the first three quarters was 38.67 million CNY, a significant increase of 163.07% year-on-year, although adjusted figures indicate a loss due to integration challenges from recent acquisitions [12][19]. Summary by Sections Financial Performance - The company reported a revenue of 5.09 billion CNY for the first three quarters of 2024, with a notable increase in subscription revenue, which reached 2.45 billion CNY, accounting for 48.07% of total revenue, up 65.77% year-on-year [12][19]. - The annual revenue forecast for 2024-2026 is projected at 6.75 billion CNY, 7.85 billion CNY, and 8.95 billion CNY respectively, with net profits expected to be -0.11 billion CNY, 0.27 billion CNY, and 0.67 billion CNY [19][20]. Business Model and Strategy - The core product lines, particularly the PDF editor and reader, are expected to maintain a revenue contribution of over 70%. The company is focusing on integrating cloud services and enhancing its product offerings, which is anticipated to drive revenue growth [18][22]. - The subscription model is showing positive results, with the annual recurring revenue (ARR) reaching 366 million CNY, a growth of approximately 46.30% compared to the previous year [12][19]. Market Position and Valuation - The report suggests a valuation based on EV/Sales and PS methods, with a target price of 81.16 CNY, reflecting the company's strong market position in the PDF and related software sector [24][27]. - The company is positioned as a leader in the domestic PDF market, with significant growth potential in subscription revenue and channel transformation efforts [24][27].

上 市 公 司 证 券 研 究 报 告 计算机 2024 年 10 月 30 日 福昕软件 (688095) ——24Q3 订阅占比已过半，转型成效卓著 | --- | --- | |-----------------------|------------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 72.87 | | 一年内最高/最低（元） | 90.70/37.01 | | 市净率 | 2.6 | | 息率（分红/股价） | 0.55 | | 流通 A | 股市值（百万元） 6,667 | | 上证指数/深证成指 | 3,286.41/10,543.33 | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 09 月 30 日 | | 每股净资产（元） | 27.81 | | 资产负债率 % | 16.78 | | 总股本 /流通 ...

福建福昕软件开发股份有限公司监事会 2024 年 10 月 29 日 (本页无正文,为《福建福听软件开发股份有限公司监事会关于公司 2022 年限制性股票激励计划首次授予部分第二个归属期及预留授予部分第一个归属 期归属名单的核查意见》签署页) 福建福昕软件开发股份有限公司监事会 关于公司 2022 年限制性股票激励计划首次授予部分第二个 归属期及预留授予部分第一个归属期归属名单的核查意见 福建福昕软件开发股份有限公司（以下简称"公司"）监事会根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股权激励管理办法》、《上海证券交易所科创板股票 上市规则》、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相 关法律、法规及规范性文件和《公司章程》的有关规定，对公司 2022 年限制性 股票激励计划（以下简称"本次激励计划"）首次授予部分第二个归属期及预留 授予部分第一个归属期归属名单进行审核，现发表核查意见如下： 公司 2022 年限制性股票激励计划首次授予部分第二个归属期 162 名激励对 象和预留授予部分第一个归属期 55 名激 ...