①OpenAI官宣12天12场新品发布会，国内各家厂商相继推出AI+行业应用产品，AI商业化落地进程有 望加速； ②携手海光推动大模型落地，公司推出的汽车人工智能产品"营销智能工牌"已经部署超过100 家4S店。 【研选·大事件——读懂大市】 1、习近平在视察信息支援部队时强调，努力建设一支强大的现代化信息支援部队，推动我军网络信息 体系建设跨越发展。 2、蓝佛安：加快落实一揽子隐性债务化解政策。 3、财政部：拟在政府采购中，给予本国产品相对于非本国产品20%的价格评审优惠。 4、中办、国办：推进新型城市基础设施建设，打造韧性城市。 5、重庆：支持具身智能机器人领域企业创建高新技术企业、专精特新"小巨人"企业。 【研选·行业】 AI|OpenAI官宣12天12场新品发布会，国内各家厂商相继推出AI+行业应用产品，AI商业化落地进程有 望加速 北京时间12月4日凌晨，全球CRM龙头厂商Salesforce披露2025财年三季报，业绩超预期的同时在AI赋 能下盈利能力显著提升，公司新推出的AgentForce有望在未来几个季度实现大规模商业化。 此外，OpenAI首席执行官山姆·奥特曼当地时间12月4日在社交媒体 ...

证券研究报告：计算机 | 公司点评报告 2024 年 12 月 4 日 公司基本情况 最新收盘价（元） 17.79 总股本/流通股本（亿 股）2.65 / 2.65 总市值/流通市值（亿 元）47 / 47 52 周内最高/最低价 22.92 / 9.71 资产负债率(%) 40.9% 市盈率 61.34 第一大股东上海前置通信技术有限 公司 股票投资评级 买入|维持 个股表现 -54% -47% -40% -33% -26% -19% -12% -5% 2% 9% 2023-12 2024-02 2024-04 2024-07 2024-09 2024-12 新致软件 计算机 资料来源：聚源，中邮证券研究所 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 新致软件(688590) 开启 AI 新篇章，携手海光推动大模型落地 ⚫ 营收稳健增长，AI 产品矩阵持续完善 2024 年公司始终坚持"全面拥抱人工智能" ...

在当今数字化时代，大数据、云计算、人工智能等前沿技术的深度渗透，正促使传统行业发生着翻天覆 地的变革与转型升级。在这股浪潮下，众多企业纷纷踏上数智化转型之路，力求借助数智化手段优化业 务流程，提升运营效率。12月3日，新致软件举办了一场以"新知未来"为主题的产品发布会，探讨AI大 模型技术在全行业的广阔应用前景以及未来发展趋势。 新致软件总裁章晓峰在发布会上表示，从最初的软件开发到如今的AI大模型技术应用，新致软件始终 走在科技前沿，致力于为客户提供最优质的数智化转型方案，"经过一年淬炼、沉淀，我们已建立起'开 箱即用式'的产品矩阵"。 这即是新致软件此次发布的新致新知大模型与机器人平台。其中，新致新知大模型Ultra汇集大模型相 关领域软件+硬件的顶尖生态，为企业提供最好的AI能力；新致新知机器人平台则通过灵活的工作流设 计和丰富的插件支持，让业务人员可以快速搭建智能体应用，将创意转化为实际的业务增长点。 新致软件人工智能平台总经理虞力表示，行业大模型是落地"人工智能+"的最后一公里的关键。新致新 知大模型整合了16亿Token的行业数据和15亿Token的真实场景数据，覆盖了从金融到医疗再到汽车等多 个行 ...

上海新致软件股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 12 证券代码：688590 证券简称：新致软件 上海新致软件股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|------------------|---------- ...

Financial Performance - Revenue for the first half of 2024 reached $500 million, representing a 15% year-over-year growth[1] - Net profit for the first half of 2024 was $50 million, a 10% increase compared to the same period last year[1] - Revenue for the reporting period reached 928.67 million yuan, a year-on-year increase of 31.37%[13] - Net profit attributable to shareholders of the listed company was 21.25 million yuan, a year-on-year decrease of 21.85%[13] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 19.06 million yuan, a year-on-year decrease of 4.75%[13] - Total revenue for the first half of 2024 increased to 928,670,160.81, up 31.4% compared to 706,893,740.16 in the same period of 2023[135] - Operating profit for the first half of 2024 decreased to 15,622,449.71, down 40.6% from 26,296,528.05 in the first half of 2023[136] - Net profit attributable to parent company shareholders for the first half of 2024 was 21,249,133.54, a decrease of 21.8% compared to 27,189,223.94 in the same period of 2023[136] - Net profit for the first half of 2024 was RMB 24,623,794.63, a decrease of 5.7% compared to RMB 26,107,980.80 in the same period last year[139] - Basic earnings per share for the first half of 2024 decreased to 0.08, down 27.3% from 0.11 in the same period of 2023[137] - Basic earnings per share for the first half of 2024 remained stable at RMB 0.10, the same as in the first half of 2023[139] Market Expansion and Customer Growth - The company's customer base grew by 20% in the first half of 2024, reaching 1,000 major clients[7] - The company expanded its market presence by entering two new regions, contributing to a 5% increase in market share[7] - The company's SaaS platform saw a 30% increase in active users, reaching 500,000 by the end of the reporting period[7] - The company has a high market share in the insurance industry IT solutions market, serving core clients such as China Pacific Insurance, People's Insurance Company of China, China Life Insurance, and New China Life Insurance[22] - The company's banking IT solutions are applied to over 40 joint-stock banks, with high customer coverage in large commercial banks, joint-stock commercial banks, and Postal Savings Bank of China[22] R&D and Innovation - New product development accounted for 25% of total R&D expenditure, amounting to $30 million[7] - The company plans to invest $100 million in new technology development over the next year[7] - R&D investment accounted for 11.03% of revenue, a decrease of 0.67 percentage points year-on-year[14] - The company's total R&D investment in the first half of 2024 was RMB 102.41 million, an increase of 23.81% year-on-year, with the capitalization ratio of R&D investment increasing by 1.84 percentage points to 18.75%[51] - R&D expenses grew by 21.06% to RMB 83.21 million, reflecting increased investment in AIGC-related solutions[79][80] - The company's AI-driven "Newtouch Xinzhi AI Platform" serves as the core foundation for industry applications[65] - The company's AI programming assistants based on large models will significantly improve programming efficiency, and AI+low-code integration will allow more non-software professionals to participate in software development[26] Strategic Acquisitions and Investments - The company completed one strategic acquisition, enhancing its cloud computing capabilities[7] - The company invested RMB 4,000,000 in Shanghai Minhang Technology Achievement Transfer Venture Capital Partnership, with a cumulative profit impact of RMB 399,240[88] - The company invested RMB 4,000,000 in Shanghai Financial Technology Equity Investment Fund, with a cumulative profit impact of RMB 18,000[88] - The total investment in private equity funds was RMB 8,000,000, with a cumulative profit impact of RMB 401,040[88] - The company used 164 million yuan of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months[114] - The company invested 100 million yuan of idle raised funds in cash management, generating an investment income and deposit interest of 491,246.54 yuan[116] Financial Position and Assets - Total assets as of June 30, 2024, stood at $1.2 billion, a 12% increase from the previous year[1] - Total assets increased by 14.87% to 3.10 billion yuan compared to the end of the previous year[13] - Total assets as of the reporting period increased to 2,987,204,873.29, up 15.5% compared to 2,586,332,423.71 in the previous period[134] - Total assets increased to 3,101,120,781.77 RMB, up from 2,699,689,831.86 RMB in the previous period[130] - Intangible assets grew to 46,680,150.51 RMB, compared to 57,946,919.38 RMB previously[130] - Development expenditure rose to 54,668,538.81 RMB, up from 35,464,740.24 RMB[130] - Total liabilities increased to 1,500,568,283.45 RMB, compared to 1,105,007,201.94 RMB in the prior period[131] - Owner's equity (or shareholders' equity) totaled 1,600,552,498.32 RMB, slightly up from 1,594,682,629.92 RMB[131] - Monetary funds decreased to 216,858,298.26 RMB, down from 463,694,434.80 RMB[132] - Accounts receivable increased to 984,218,123.90 RMB, up from 829,037,639.13 RMB[132] - Inventory rose to 428,171,531.28 RMB, compared to 268,563,017.64 RMB previously[132] - Short-term borrowings increased to 654,000,000.00 RMB, up from 537,000,000.00 RMB[133] - Contract liabilities grew to 41,072,511.30 RMB, compared to 7,968,328.18 RMB in the prior period[133] Cash Flow and Liquidity - Net cash flow from operating activities was -282.12 million yuan, a decrease of 127.32 million yuan compared to the same period last year[15] - Net cash flow from operating activities in the first half of 2024 was negative RMB 282,121,834.38, compared to negative RMB 154,799,665.10 in the same period last year[141] - Net cash flow from investing activities in the first half of 2024 was negative RMB 341,004,361.48, compared to negative RMB 20,037,538.36 in the same period last year[141] - Net cash flow from financing activities in the first half of 2024 was positive RMB 350,270,975.75, compared to negative RMB 99,205,549.41 in the same period last year[141] - The company's cash and cash equivalents balance at the end of the first half of 2024 was RMB 274,714,547.85, a decrease of 20.3% from RMB 344,675,795.62 at the end of the same period last year[142] - Operating cash flow decreased to -200.32 million yuan in the first half of 2024, compared to -173.89 million yuan in the same period of 2023[143] - Investment cash flow turned negative at -351.61 million yuan in H1 2024, compared to a positive 29.98 million yuan in H1 2023[143] - Financing cash flow improved significantly to 304.47 million yuan in H1 2024 from -81.76 million yuan in H1 2023[143] - Total cash and cash equivalents decreased to 215.70 million yuan at the end of H1 2024, down from 284.89 million yuan at the end of H1 2023[144] Industry Trends and Market Outlook - The software and information technology service industry in China grew by 11.5% in revenue and 15.7% in profit during the first half of 2024[18] - China's AI core industry scale reached 578.7 billion yuan in 2023, with over 4,400 AI enterprises, ranking second globally[25] - The global AI market size is expected to reach $615.8 billion by the end of 2024, with China's market size projected to exceed 799.3 billion yuan[25] - China's industrial software product revenue in 2023 was 282.4 billion yuan, a year-on-year increase of 12.30%[27] - Industrial software demand will experience rapid growth in 2024, with supply and demand becoming more aligned, and its proportion in the entire software industry will further increase[27] - Data flow volume increasing by 10% can drive GDP growth by 0.2 percentage points, indicating exponential growth potential[29] - The establishment of the National Data Bureau signifies the gradual improvement of China's digital economy development top-level design[29] - China's data element market is expected to become more active in 2024, with data products becoming more abundant and the value of data elements being more fully released[29] Employee and Organizational Growth - Employee headcount increased by 10% to 2,000 employees, supporting the company's growth initiatives[7] - The total number of R&D personnel increased to 817, accounting for 12.80% of the total workforce, with a total R&D salary of 1.004453 billion yuan[57] - The company has accumulated rich industry experience and practical cases through years of service in insurance, banking, telecommunications, and automotive industries[59] - The company has established a strict project management system based on CMMI5, ISO9001, and ISO27001 standards, ensuring effective management of project life cycles[60] Risks and Challenges - The company incurred 1.04 million yuan in severance costs due to project reductions by core bank customers[15] - The company's profit was impacted by 2.76 million yuan in stock-based compensation and convertible bond interest expenses[14] - The company incurred 10.3943 million yuan in severance fees due to project cuts by core banking clients[67] - Accounts receivable net balance at the end of the reporting period was RMB 1,267.5634 million, with potential risks of bad debt losses due to macroeconomic or customer financial conditions[74] - The company's goodwill balance was RMB 77.4318 million, mainly from acquisitions, with potential impairment risks due to macroeconomic or market changes[75] - The company's revenue heavily relies on financial institutions, with risks from fluctuations in their profitability or reduced IT budgets[76] - The company's solutions are highly concentrated in financial sectors, with risks from declining demand or reduced competitiveness in these areas[77] - The company faces risks from macroeconomic fluctuations, as its main clients are in insurance and banking, which are sensitive to economic changes[78] - The company faces risks from rising labor costs, particularly in Shanghai, where its headquarters is located, which could impact profitability if wage growth outpaces productivity[73] Corporate Governance and Commitments - The company's actual controller, shareholders, and related parties have committed to not reducing their shares in violation of regulations, with the commitment effective from December 20, 2019[99] - The company's controlling shareholder and actual controller have committed to avoiding同业竞争 with the company and its subsidiaries, effective from December 20, 2019[99] - The company's actual controller, controlling shareholder, and major shareholders have committed to minimizing关联交易 with the company and its subsidiaries, effective from December 20, 2019[99] - The company's actual controllers, directors (excluding independent directors), and senior management will increase their holdings of the company's stock by no less than 10% and no more than 50% of their after-tax salary from the previous year to stabilize the stock price[102] - If the company's prospectus contains false statements that materially affect the judgment of the company's compliance with legal issuance conditions, the company will repurchase all newly issued shares at market price[102] - The company's controlling shareholder, Qianzhi Communication, and actual controller Guo Wei will repurchase shares at market price if the company's stock is suspended, with the repurchase price not lower than the average trading price of the previous trading day[103] - The company's directors, supervisors, and senior management will bear individual and joint liability for compensation obligations arising from false statements in the prospectus[103] - The company and its controlling shareholder, Qianzhi Communication, will initiate a stock repurchase program within 5 working days if the company is found to have obtained listing approval through fraudulent means[103] - The company plans to distribute a minimum of 20% to 80% of its distributable profits as cash dividends, with a minimum of 40% for mature companies with significant capital expenditures[104] - The company will prioritize cash dividends for profit distribution if conditions are met, and may use stock dividends if additional profits remain[104] - The company commits to compensating investors if any false statements or omissions are found in its IPO prospectus, as determined by regulatory authorities[104] - The company's controlling shareholder and actual controller pledge not to interfere with management and to compensate for any losses caused by violations of commitments[105] - The company and its directors, supervisors, and senior management ensure the accuracy and completeness of the 2022 convertible bond issuance prospectus[105] - Major shareholders commit to subscribing to the convertible bonds and agree to restrictions on selling shares or bonds within specified periods[105] - Certain major shareholders have opted not to participate in the convertible bond subscription and will not delegate others to do so[105] - The company's actual controller and chairman, Guo Wei, plans to indirectly participate in the issuance of convertible bonds through Shanghai Front Communication Technology Co., Ltd. and Shanghai Zhongjian Management Consulting Co., Ltd. [106] - Directors, supervisors, and senior management, including Liu Hongliang, Wang Gang, and Jiang Li, have committed not to subscribe to the convertible bonds issued to unspecified objects [107] - The company has committed to using the purchased property entirely for research and development, testing, operation, and maintenance, and related software development activities, with no plans for leasing or selling the property [107] - The company has pledged not to provide any form of financial assistance, including loans or guarantees, for the acquisition of restricted shares under the equity incentive plan [107] Legal and Compliance - There were no significant litigation or arbitration matters during the reporting period [109] - No major violations or penalties were reported for the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers during the reporting period [109] - No significant related-party transactions related to daily operations, asset or equity acquisitions, or joint external investments were reported during the period [109][110] - No significant related-party debt or financial transactions with related financial companies were reported [110] - No significant contracts related to trusteeship, contracting, or leasing were reported during the period [110] Environmental and Social Responsibility - The company did not incur any environmental protection costs during the reporting period[93] - The company is not involved in any environmentally polluting activities and has not received any environmental penalties[94][95] - The company has not taken any carbon reduction measures, resulting in a reduction of 0 tons of CO2 equivalent emissions[97] - The company has implemented internal energy-saving measures to reduce costs and improve energy utilization[96] Shareholder and Equity Information - The total number of shares increased by 3,861,500, reaching 260,699,714 shares, all of which are unrestricted tradable shares[118] - The cumulative amount of "Xinzhi Convertible Bonds" converted into company shares is RMB 234,706,000, with a total of 21,975,950 shares converted[119] - The total number of ordinary shareholders at the end of the reporting period is 10,550[120] - Shanghai Front Communication Technology Co., Ltd. holds 62,567,856 shares, accounting for 24.00% of the total shares[120] - Shanghai Zhongjian Management Consulting Co., Ltd. holds 13,309,088 shares, accounting for 5.11% of the total shares[120] - Dezhou Yangyue Venture Capital Partnership holds 7,637,525 shares, accounting for 2.93% of the total shares[120] - Shanghai Dianju Investment Consulting Partnership holds 7,531,423 shares, accounting for 2.89% of the total shares[120] - Changchunteng (Kunshan) Industrial Investment Center holds 6,370,182 shares, accounting for 2.44% of the total shares[120] - CENTRAL ERA LIMITED holds 6,115,824 shares, accounting for 2.35% of the total shares[120] - OASIS COVE INVESTMENTS LIMITED holds 6,115,824 shares, accounting for 2.35% of the total shares[120] - As of August 27, 2024, the company's repurchase account holds 4,863,181 shares, accounting for 1.8653% of the total shares[121] - The company issued 4,848,100 convertible bonds (新致转债) with a total value of 484.81 million yuan in 2022, each with a face value of 100 yuan[124] - As of the reporting period, there were 6,537 holders of the convertible bonds (新致转债)[125] - The top 10 holders of the convertible bonds include China Minsheng Bank, China Construction Bank, and China Everbright Bank, with the largest holder holding 8.08% of the total bonds[125] - During the reporting period, 41.242 million yuan of convertible bonds were converted into shares, resulting in 3,861,500 shares issued[126] - The cumulative number of shares converted from convertible bonds reached 21,975,950 shares, accounting for 9.2056% of the total shares before conversion[127] - The remaining unconverted bonds amount to 250.104 million yuan, representing 51.588% of the total issued bonds[127] - The conversion price of the bonds was adjusted to 10.68 yuan per share on January 17, 2023, due to an increase in

盈利预测与投资建议 | --- | --- | --- | --- | --- | |----------------------|------------|--------|----------------|-----------------| | | | | | | | | | | 买入 | （首次） | | 股价（ 2024 年 | 07 月 01 | 日） | | 12.7 元 | | 目标价格 | | | | 15.90 元 | | 52 周最高价 / | 最低价 | | | 27.38/10.3 元 | | 总股本 / 流通 A | 股（万股） | | | 26,070/26,070 | | A 股市值（百万元） | | | | 3,311 | | 国家 / 地区 | | | | 中国 | | 行业 | | | | 计算机 | | 报告发布日期 | | | 2024 年 07 | 月 02 日 | | | | | | | | | 1 周 | 1 月 | 3 月 | 12 月 | | 绝对表现 % | 0.71 | -19.01 | -30.49 | -44.13 | | 相对表现 % | 0.67 ...

上海新致软件股份有限公司 投资者关系活动记录表 股票简称：新致软件 股票代码：688590 编号：2024-001 投 资 者 关 √特定对象调研 √分析师会议 系 活 动 类 □媒体采访 □业绩说明会 别 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参 与 单 位 公司参加了东方证券证券组织的策略会、申万宏源证券组织的策 名称 略会、长江证券组织的策略会 鹏华基金、海富通基金、银河基金、国泰基金、浦银安盛、交银 施罗德基金、玖鹏投资、鹤禧投资、复星投资、海通资管、鲁信 创投、远桥资产、国泰君安证券、华安基金、东海证券、磐厚动 量资本、蓝墨投资、国泰基金、申万菱信基金、路博迈基金、东 海基金、融通基金、山西证券、长信基金、西部利得、弘毅远方、 大筝资管、天治基金、国君资管、平安资管、华泰证券、申万宏 源证券 ...

上 市 公 司 证 券 研 究 报 告 计算机 2024 年 04 月 30 日 新致软件 (688590) ——业绩高增符合预期，AI 应用实现规模化收入 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 30 日 | | 收盘价（元） | 17.38 | | 一年内最高/ 最低（元） | 27.38/10.3 | | 市净率 | 3.1 | | 息率（分红 / 股价） | | | 流通 A 股市值（百万元） | 4531 | | 上证指数/深证成指 | 3104.83/9587.13 | | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 03 月 31 日 | | | | | 每股净资产（元） | 5.59 | | 资产负债率 % | 46.95 | | 总股本 / 流通 A 股（百万） | 26 ...

2023年年度报告 公司代码：688590 公司简称：新致软件 上海新致软件股份有限公司 2023 年年度报告 ...