Investment Rating - The report assigns a "Buy - A" investment rating to the company, with a 6-month target price of 24.08 CNY, representing a dynamic P/E ratio of 35 times for 2024 [4][8]. Core Insights - The company is experiencing a significant improvement in gross margin, with an increase of approximately 5 percentage points year-on-year. Despite a revenue decline of 14.94% year-on-year to 776 million CNY in the first half of 2024, the net loss has narrowed significantly compared to the previous year [2][3]. - The company is focusing on digital government core business and expanding its SaaS offerings, particularly in the area of electronic procurement. The SaaS platform "New Point Electronic Trading Platform" added 85 new sections, with the number of trading segments increasing by 41% year-on-year [3][8]. Summary by Sections Financial Performance - In the first half of 2024, the company expects to achieve revenue of 776 million CNY, a decrease of 14.94% year-on-year. The net loss is projected to be between 26.85 million CNY and 17.90 million CNY, representing a year-on-year reduction in loss margin of 68.22% to 78.81% [2][3]. - The company has improved its cash flow management, achieving collections of 942 million CNY in the first half of the year, with net cash flow from operating activities better than the same period last year [2]. Business Strategy - The company is committed to enhancing its enterprise customer base and expanding its SaaS operations, leveraging AI models for industry-specific applications. The focus is on transforming its business model through SaaS operations [3][8]. - The company has undertaken significant projects across various provinces, including the "Yukuaiban" platform in Chongqing and the "One Enterprise to Handle" service platform in Jiangsu, showcasing its capabilities in digital government services [3]. Future Projections - Revenue projections for the company are estimated at 2.56 billion CNY, 2.77 billion CNY, and 3.01 billion CNY for 2024, 2025, and 2026, respectively. The expected net profits for the same years are 226.8 million CNY, 287.5 million CNY, and 339.7 million CNY [8][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 18.75 [1] Core Views - The company has shown effective cost control and operational quality improvement, with a focus on reducing costs and enhancing management efficiency. Despite a revenue decline of 14.94% year-on-year, the gross margin has improved by approximately 5 percentage points, indicating a positive trend in operational quality [4][5] - The company is actively expanding new business and technology, transitioning its business model towards SaaS operations, and enhancing its competitive edge through AI applications in specific industries [4] - The revenue and profit forecasts have been adjusted downwards due to a sluggish downstream market, with projected revenues for 2024-2026 at 22.62 billion, 23.94 billion, and 27.19 billion respectively, and net profits at 2.30 billion, 2.87 billion, and 3.80 billion respectively [4][5] Summary by Sections Financial Performance - The company reported a revenue of 2,441 million in 2023, with a projected decline to 2,262 million in 2024, followed by a slight recovery in 2025 and 2026 [1] - Net profit is expected to recover from 195 million in 2023 to 230 million in 2024, and further to 287 million and 380 million in 2025 and 2026 respectively [1] - The earnings per share (EPS) is projected to increase from 0.59 in 2023 to 0.70 in 2024, reaching 0.87 and 1.15 in the following years [1] Market Position - The company maintains a market capitalization of 6,188 million with a circulating market value of 1,858 million [2] - The stock price has shown a relative performance against the industry benchmark, indicating a potential for growth in the coming months [3][6] Operational Strategy - The management has implemented digital tools to enhance cost control and operational efficiency, leading to a significant reduction in losses and improved cash flow from operating activities [4] - The company is focusing on expanding its enterprise customer base and developing a new electronic procurement bidding platform, which is expected to drive future growth [4]

Financial Performance - The company expects a net profit attributable to shareholders of the parent company to be between -26.85 million and -17.90 million yuan for the first half of 2024, a reduction in loss of 57.64 million to 66.59 million yuan compared to the same period last year, representing a year-on-year decrease in loss margin of 68.22% to 78.81%[2]. - The estimated operating revenue for the first half of 2024 is 775.61 million yuan, a decrease of 14.94% year-on-year[3]. - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is expected to be between -87.62 million and -58.41 million yuan, with a reduction in loss of 63.97 million to 93.17 million yuan compared to the same period last year, indicating a year-on-year decrease in loss margin of 42.20% to 61.47%[3]. - In the same period last year, the company reported an operating revenue of 911.83 million yuan and a net profit attributable to shareholders of the parent company of -84.49 million yuan[4]. Revenue Decline Factors - The decline in operating revenue is attributed to tightened customer budgets, extended project approval cycles, and delays in project delivery and acceptance[5]. Profitability and Cash Flow - The company has improved its gross profit margin by approximately 5 percentage points year-on-year, maintaining good profitability despite the revenue decline[5]. - The company achieved cash collections of 942 million yuan in the first half of the year, with net cash flow from operating activities better than the same period last year[5]. Strategic Focus - The company is focused on expanding its enterprise customer base and enhancing its technological competitiveness through the application of AI large models in specific industries[5]. - The company is exploring a SaaS operational model based on its capabilities in enterprise services and data element operations, aiming for a transformation and upgrade of its business model[5]. Forecast and Audit Status - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[8].

关于 国泰新点软件股份有限公司 2024 年第二次临时股东大会 之 法律意见书 地址：上海市静安区北京西路 968 号嘉地中心 23-25 层 邮编：200041 电话：（+86）（21）5234 1668 传真：（+86）（21）5234 1670 电子信箱：grandallsh@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二四年七月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 国浩律师（上海）事务所 关于国泰新点软件股份有限公司 2024 年第二次临时股东大会之 法律意见书 致：国泰新点软件股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受国泰新点软件股份有限公 司（以下简称"公司"）委托，指派张强律师、王伟建律师（以下简称"本所律师"） 出席公司 2024 年第二次临时股东大会（以下简称"本次股东大会"）。本所律师 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国 公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）等法律、法规、部门规章和规范性文件以及《国泰新 ...

（一） 股东大会召开的时间：2024 年 7 月 5 日 （二） 股东大会召开的地点：张家港市江帆路 8 号新点软件东区 E 幢 2015 会议 室 证券代码：688232 证券简称：新点软件 公告编号：2024-036 国泰新点软件股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 32 | | --- | --- | | 普通股股东人数 | 32 | | 2、出席会议的股东所持有的表决权数量 | 243,953,488 | | 普通股股东所持有表决权数量 | 243,953,488 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 75.0273 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 75.0273 | ...

证券代码：688232 证券简称：新点软件 公告编号：2024-035 具体内容详见公司于 2024 年 2 月 20 日、2024 年 2 月 22 日披露在上海证券交 易所网站（www.sse.com.cn）的《新点软件关于以集中竞价交易方式回购公司股 份方案的公告》（公告编号：2024-009）、《新点软件关于以集中竞价交易方式回购 公司股份的回购报告书》（公告编号：2024-011）。 公司 2023 年度权益分派实施后，本次回购股份价格上限由不超过人民币 36 元/股（含）调整为不超过人民币 35.64 元/股（含）。具体内容详见公司于 2024 年 6 月 13 日披露在上海证券交易所网站（www.sse.com.cn）的《新点软件关于 2023 年度权益分派实施后调整回购股份价格上限的公告》（公告编号：2024-029）。 国泰新点软件股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/2/20，由董 ...

证券代码：688232 证券简称：新点软件 国泰新点软件股份有限公司 2024年第二次临时股东大会 会 议 资 料 2024 年 7 月 国泰新点软件股份有限公司 2024 年第二次临时股东大会会议资料 目 录 | 2024 年第二次临时股东大会会议须知 2 | | --- | | 2024 年第二次临时股东大会会议议程 4 | | 议案一：关于使用部分超募资金投资建设新项目及永久补充流动资金的议案... 6 | 1 国泰新点软件股份有限公司 2024 年第二次临时股东大会会议资料 国泰新点软件股份有限公司 2024 年第二次临时股东大会会议须知 为维护国泰新点软件股份有限公司（以下简称"公司"）全体股东的合法 权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行，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》"）、《上市公司股东大会规则》以及《国泰新 点软件股份有限公司章程》（以下简称"《公司章程》"）、《国泰新点软件 股份有限公司股东大会议事规则》等相关规定，制定本须知： 一、各股东请按照本次股东大会会议通知详见刊登于上海证券交易所网站 （ ...

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 部分募投项目结项并将节余募集资金 | 序号 | 项目名称 | 投资总额 | 拟使用募集资 金金额 | | --- | --- | --- | --- | | 1 | 基于 AI、大数据的新点应用开发底座 | 20,968.65 | 20,968.65 | | 2 | 下一代智慧招采平台研发项目 | 22,979.66 | 22,979.66 | | 3 | "放管服"智慧一体化平台研发项目 | 19,101.00 | 19,101.00 | | 4 | 跨区域、跨部门政府数字治理大平台研发项目 | 20,472.69 | 20,472.69 | | 5 | "聚通用"智慧政府大数据管理平台 | 18,018.88 | 18,018.88 | | 6 | 住建监管服务云平台项目 | 20,476.76 | 20,476.76 | | 7 | 基于新技术的智能化设备及应用平台升级项 | 20,013.94 | 20,013.94 | | | 目 | | | | 8 | 新点软件中央研究院项目一期 | 70,000.00 | 50,000.00 | | 9 | ...

证券代码：688232 证券简称：新点软件 公告编号：2024-031 国泰新点软件股份有限公司 第二届监事会第九次会议决议公告 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本公司监事会及全体监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。 一、监事会会议召开情况 国泰新点软件股份有限公司（以下简称"公司"）第二届监事会第九次会议 于 2024 年 6 月 19 日在公司会议室以现场方式召开，本次会议通知已于 2024 年 6 月 13 日以邮件及其他方式送达全体监事。本次会议由公司监事会主席陈洲先 生主持，会议应出席监事 3 人，实际出席监事 3 人，本次会议的召集、召开程序 符合《中华人民共和国公司法》等法律、法规、部门规章及《国泰新点软件股份 有限公司章程》的规定。 二、监事会会议审议情况 经与会监事表决，形成如下决议： （一）审议通过《关于部分募投项目结项并将节余募集资金永久补充流动 资金的议案》 公司本次对部分募投项目结项并将节余募集资金永久补充流动资金，用于公 司日常生产经营活动，有利于提高募集资金的使用效率，促进公司发 ...

证券代码：688232 证券简称：新点软件 公告编号：2024-034 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第二次临时股东大会 召开日期时间：2024 年 7 月 5 日 14 点 00 分 召开地点：张家港市江帆路 8 号新点软件东区 E 幢 2015 会议室 （五） 网络投票的系统、起止日期和投票时间。 国泰新点软件股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 7 月 5 日 至 2024 年 7 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年7月5日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和 ...