Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 27.6 yuan [1]. Core Views - The company's revenue for 2023 was 2.441 billion yuan, a year-on-year decrease of 13.56%, and the net profit attributable to shareholders was 195 million yuan, down 66% year-on-year [1]. - The company is facing significant challenges due to changes in the macroeconomic environment, leading to a decline in revenue and profit margins [1]. - The company is focusing on enhancing its mid and back-office capabilities to improve internal management efficiency [1]. Financial Performance Summary - In 2023, the company's revenue was 2.441 billion yuan, with a gross margin of 61.4%, down 4.6 percentage points from 2022 [1]. - The revenue for Q4 2023 was 1.063 billion yuan, a decrease of 13.28% year-on-year, with a net profit of 284 million yuan, down 27.96% year-on-year [1]. - The three main product lines—Smart Government, Smart Procurement, and Digital Construction—saw revenue declines of 14.49%, 16.38%, and 2.63% respectively [1]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 2.645 billion yuan, 2.855 billion yuan, and 3.084 billion yuan respectively, with expected net profits of 304 million yuan, 314 million yuan, and 325 million yuan [1]. - The report anticipates a recovery in revenue growth starting in 2024, with a projected growth rate of 8.4% [1].

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Views - The company experienced a decline in revenue and net profit in 2023 due to fluctuations in downstream demand, but it is expected to recover as economic activities resume [12][14]. - The company is actively exploring AI and big data opportunities, which may open additional growth avenues [12][14]. - The company has a strong competitive advantage in the government and large state-owned enterprises sector, which is expected to drive future revenue growth [12][14]. Financial Forecast - The company’s projected revenues for 2024-2026 are 2.624 billion yuan (+7.5%), 2.986 billion yuan (+13.8%), and 3.576 billion yuan (+19.8%) respectively [4][33]. - The net profit attributable to the parent company is expected to be 268.92 million yuan (+38.1%), 393.24 million yuan (+46.2%), and 561.25 million yuan (+42.7%) for the same period [4][33]. - Earnings per share (EPS) are forecasted to be 0.81 yuan, 1.19 yuan, and 1.70 yuan for 2024, 2025, and 2026 respectively [4][33]. Business Segments - **Smart Procurement**: Revenue is expected to grow at rates of 7%, 10%, and 15% from 2024 to 2026, despite a short-term decline due to reduced government bidding [14][36]. - **Smart Government**: Anticipated order growth rates are 5%, 15%, and 20% for the same period, benefiting from the implementation of government big data policies [36]. - **Digital Construction**: Expected revenue growth rates are 5%, 10%, and 15% from 2024 to 2026, with an increase in software penetration in the industry [3][36].

Financial Performance - In 2023, the company achieved revenue of 2.441 billion CNY, a decrease of 13.56% year-on-year [1] - The net profit attributable to shareholders was 195 million CNY, down 66.00% year-on-year [1] - The gross profit margin was 61.40%, a decrease of 4.60 percentage points year-on-year [4] - The net profit margin was 7.98%, down 12.31 percentage points year-on-year [3] Business Segment Performance - The "Smart Procurement" segment generated revenue of 1.022 billion CNY, a decrease of 16.38% year-on-year, with procurement operation revenue at 365 million CNY, down 26.63% [1][2] - The "Smart Government" segment reported revenue of 1.055 billion CNY, a decrease of 14.49% year-on-year [2] - The "Digital Construction" segment achieved revenue of 358 million CNY, a decrease of 2.63% year-on-year, with cost software revenue accounting for 51.20% [3] Market Trends and Future Outlook - The company anticipates a recovery in the second half of the year based on active bidding indicators [2] - The government is focused on digital transformation, with significant progress expected in digital government construction by 2025 [2][3] - The company plans to enhance its market share in traditional business and explore new business models to increase B-end revenue [4] Operational Efficiency - The company reported a net cash flow from operating activities of 50.73 million CNY, with sales receipts matching revenue [4] - Management expenses increased to 7.59% of revenue, up 1.09 percentage points year-on-year [4] - The company has implemented measures to manage accounts receivable effectively, resulting in a favorable collection rate [7]

Financial Performance - Basic earnings per share decreased by 66.09% to 0.59 RMB in 2023 compared to 1.74 RMB in 2022 [22]. - The weighted average return on equity fell by 7.13 percentage points to 3.48% in 2023 from 10.61% in 2022 [22]. - The company's operating revenue for 2023 was CNY 2,441,191,870, a decrease of 13.56% compared to CNY 2,824,267,467 in 2022 [35]. - Net profit attributable to shareholders of the listed company was CNY 194,761,514.1, down 66% from CNY 572,900,199.5 in the previous year [35]. - The net cash flow from operating activities decreased by 45.66% to CNY 50,732,675.13 from CNY 93,357,938.50 in 2022 [35]. - The total assets at the end of 2023 were CNY 6,802,292,196.03, a decrease of 1.25% from CNY 6,888,679,922.33 in 2022 [35]. - The net assets attributable to shareholders of the listed company were CNY 5,612,148,875.97, a slight decrease of 0.06% from CNY 5,615,387,361.84 in 2022 [35]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a year-over-year growth of 15% [200]. - The company has outlined a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% [200]. Dividend Distribution - The company plans to distribute a cash dividend of 3.6 RMB per 10 shares, totaling approximately 118.49 million RMB, which represents 60.84% of the net profit attributable to shareholders [7]. Research and Development - Research and development expenses accounted for 21.02% of operating revenue, an increase of 2.41 percentage points from 18.61% in 2022 [22]. - The company is investing in R&D, allocating 15% of its revenue towards new technology innovations [200]. - The company has established a centralized research institute to support unified technology platform development, significantly reducing product R&D cycles and costs [129]. Market Strategy and Expansion - The company plans to enhance its market expansion strategies and invest in new technologies to improve future performance [38]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share within the next two years [200]. - The company adopted a market strategy of "one province, one policy" to refine regional market layouts [47]. - The company is focusing on digital transformation and has built an enterprise-level AI platform and digital twin technology system [47]. Product Development and Innovation - The company launched a series of scenario-based solutions and iterated major product versions to enhance user value and application scenarios [47]. - The company has developed 145 intelligent diagnostic analysis models and over 20 assistant functions to improve regulatory capabilities and service efficiency in the digital construction sector [76]. - The company has launched multiple new software products, including V11 and V10.4 of the New Point Cost Software, enhancing functionality and user support across various provinces [95]. - New product development includes the launch of a cloud-based software solution, expected to generate an additional 200 million RMB in revenue [200]. Digital Transformation - The company is focusing on integrating AI and big data technologies to provide intelligent software platforms and hardware devices, enhancing clients' digital capabilities [98]. - The integration of digital technologies such as big data, cloud computing, artificial intelligence, and blockchain into procurement processes is expected to reduce management costs and improve overall efficiency in bidding and procurement [147]. - The company aims to leverage digital technologies to enhance user experience and streamline government operations, transitioning from traditional e-government to a more integrated digital government [164][166]. Challenges and Risk Management - The company faced significant challenges due to macroeconomic changes but managed to mitigate some impacts through proactive efforts [47]. - The company has identified potential risk factors in its operations, which are detailed in the annual report [196]. - The company has created an intelligent financial risk control algorithm model that utilizes big data and machine learning for effective risk assessment [188]. Partnerships and Collaborations - The company has established partnerships with major organizations, enhancing its industry influence and extending its business scope, with 13 product solutions integrated and launched in collaboration with partners like Huawei and Tencent [72]. - The company has successfully connected over 60 government departments in Xi'an for integrated government data management, supporting over 20 departmental applications [89]. Technology and Infrastructure - The company has implemented an IoT platform for real-time monitoring of construction sites, enhancing work efficiency through 24/7 surveillance and timely data transmission [185]. - The company has integrated intelligent device operation and maintenance algorithms to ensure continuous availability of numerous terminal devices through real-time monitoring [174]. - The company has developed a rapid electronic bidding document technology that significantly improves delivery efficiency for secondary development [188]. Industry Trends - The digital economy in China reached CNY 50.2 trillion in 2022, accounting for 41.5% of GDP, with a projected growth of approximately 9.4% in the ICT market for 2024 [131]. - The digital procurement market is expanding, with the total public procurement amount in 2022 reaching CNY 48 trillion, indicating a broad market space for development [122]. - The construction industry is experiencing a high-speed growth in digitalization demand, driven by the government's push for efficient digital governance and a green smart digital ecological civilization [136].

市价(人民币):21.90元 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|--------|---------|--------|--------|--------| | 公司基本情况（人民币） \n项目 2 022 2 023 2 024E 2 025E 2 026E | | | | | | | 营业收入 (百万元) | 2,824 | 2,441 | 2,692 | 3,064 | 3,516 | | 营业收入增长率 | 1.07% | -13.56% | 10.26% | 13.84% | 14.74% | | 归母净利润(百万元 ) | 573 | 195 | 310 | 438 | 554 | | 归母净利润增长率 | 13.68% | -66.01% | 59.18% | 41.37% | 26.36% | | 摊薄每股收益(元 ) | 1.737 | 0.590 | 0.939 | 1.328 | 1.678 | | 每股经营性现金 ...

关于聘任高级管理人员的公告 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、准确性和完整性依法承担法律责任。 证券代码：688232 证券简称：新点软件 公告编号：2024-021 国泰新点软件股份有限公司 截至本公告披露日，吴旭东先生未直接持有公司股份，通过员工持股平台间 接持有公司 0.48%的股份，与公司其他持股 5%以上股东及其他董事、监事、高级 管理人员不存在关联关系，不存在《公司法》规定的不得担任公司董事、监事、 高级管理人员的情形，未受过中国证监会及其他部门的处罚和证券交易所纪律处 分，未有因涉嫌犯罪被司法机关立案侦查或涉嫌违法违规被中国证监会立案稽查 情形，不是失信被执行人，符合有关法律、行政法规、部门规章、规范性文件等 要求的任职资格。 国泰新点软件股份有限公司（以下简称"公司"）因经营发展需要，根据《中 华人民共和国公司法》（以下简称"《公司法》"）和《公司章程》等有关规定， 经公司总经理黄素龙先生提名，公司董事会提名委员会审核，公司于 2024 年 4 月 11 日召开第二届董事会第八次会议，审议通过了《关于聘任高级管理人员的 议案》 ...

一、董事会会议召开情况 国泰新点软件股份有限公司（以下简称"公司"）第二届董事会第八次会议 于 2024 年 4 月 11 日在公司会议室以现场方式召开，本次会议通知已于 2024 年 4 月 1 日以邮件及其他方式送达全体董事。本次会议由公司董事长曹立斌先生主 持，会议应出席董事 7 人，实际出席董事 7 人。本次会议的召集、召开和表决情 况符合《中华人民共和国公司法》等法律法规、规范性文件及《国泰新点软件股 份有限公司章程》（以下简称"《公司章程》"）的规定，作出的决议合法、有 效。 二、董事会会议审议情况 经与会董事表决，通过了以下议案： （一）审议通过《关于 2023 年度总经理工作报告的议案》 公司总经理对公司 2023 年经营业绩情况及主要工作进行了总结与回顾，并 制定了未来发展战略及 2024 年经营计划，符合公司实际情况。 证券代码：688232 证券简称：新点软件 公告编号：2024-017 国泰新点软件股份有限公司 第二届董事会第八次会议决议公告 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、准确性和完整性依法承担法律责任。 具体内容 ...

国泰新点软件股份有限公司 2023 年度独立董事述职报告（孙卫权） 作为国泰新点软件股份有限公司（以下简称"公司"）的独立董事，2023 年本人严格按照《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》《上市公司独立董事管理办法》《上海证券交易所科创板股 票上市规则》等法律法规、规范性文件及《公司章程》、公司《独立董事工作制 度》的相关规定和要求，秉持客观、公正、独立的原则，忠诚、勤勉、独立地履 行职责，及时了解公司的生产经营及发展情况，积极出席相关会议，对重大事项 发表独立、客观的意见，充分发挥独立董事的独立性，切实维护公司整体利益和 中小股东的合法权益。现将2023年度履职情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 孙卫权，男，1969年生，中国国籍，无境外永久居留权，专科，高级会计师、 注册会计师。1993年7月至1999年12月任江苏兴港会计师事务所所长，2000年1 月至2007年9月任苏州勤业联合会计师事务所所长，2002年3月至今任张家港保税 区方本会计咨询有限公司执行董事兼总经理，2007年9月至今历任苏州勤业企业 管理有限公司法定 ...

证券代码：688232 证券简称：新点软件 公告编号：2024-018 国泰新点软件股份有限公司 2023 年年度利润分配方案公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 每股分配比例：A 股每 10 股派发现金红利 3.6 元（含税），不进行公积 金转增股本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专 用证券账户中的股份为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 本次利润分配方案尚需提交股东大会审议。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于 2024 年 4 月 11 日召开第二届董事会第八次会议，审议通过了《关于 2023 年年度利润分配方案的议案》，本方案符合《公司章程》规定的利润分配 政策和公司已披露的股东回报规划，同意本次利润分配方案并同意将该议案提交 公司 2023 年年度股东大会 ...

国泰君安证券股份有限公司 关于国泰新点软件股份有限公司 2023年度募集资金存放和实际使用情况的专项核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为 国泰新点软件股份有限公司（以下简称"新点软件"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》、《上 海证券交易所科创板股票上市规则》（以下简称"《科创板上市规则》"）、《上 市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》、《上海 证券交易所科创板上市公司自律监管指引第1号——规范运作》等相关规定，对 新点软件2023年度募集资金的存放和实际使用情况进行了审慎核查，具体核查情 况如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金情况 根据中国证券监督管理委员会出具的《关于同意国泰新点软件股份有限公司 首次公开发行股票注册的批复》（证监许可[2021]3092号），公司于2021年11月 向社会公众公开发行人民币普通股（A股）8,250.00万股，每股发行价为人民币 48.49元，募集资金总额为人民币400,042.50万元，扣除与发行费用人民币 17,315.68万 ...