Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Insights - The company has experienced a significant decline in net profit, with a reported decrease of 88.21% year-on-year for 2024, while revenue grew by 18.57% to 1.995 billion yuan [4][11]. - The company is rapidly advancing in AI commercialization, with expectations for substantial contributions to future earnings from AI products [9][7]. - The company is focusing on the insurance sector, leveraging AIGC technology and other business opportunities to drive revenue growth [5][6]. Financial Performance - In 2024, the company achieved a revenue of 1.995 billion yuan, with a year-on-year growth of 18.57%, while the net profit was only 0.08 billion yuan, reflecting a significant decline [4][11]. - The first quarter of 2025 showed a slight revenue increase of 0.21% year-on-year, with a net profit of 0.16 billion yuan, up 4.04% from the previous year [4]. - The company's gross margin for 2024 was reported at 25.23%, a decrease of 1.00 percentage points compared to the previous year, primarily due to stock option expenses [6]. Market Position and Strategy - The company is positioned as a leader in the domestic insurance IT sector and is integrating AIGC technology across its product lines [9][7]. - The company is expanding its client base beyond traditional banking to include asset management and brokerage firms to mitigate revenue pressures from core banking clients [5][6]. - The company has made significant investments in R&D and marketing, with sales and R&D expenses increasing by 43.81% and 12.57% respectively in 2024 [6]. Future Projections - The report forecasts earnings per share (EPS) of 0.38, 0.62, and 0.88 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 56.9, 35.2, and 24.7 [9][11]. - Revenue is expected to grow to 2.387 billion yuan in 2025, with a year-on-year growth rate of 19.6% [11].

Core Viewpoint - The company has achieved rapid revenue growth in 2024 through the launch of multiple AI Agent products across various sectors, although increased investment in AI R&D and marketing has pressured short-term profits, opening up long-term growth potential [1]. Investment Highlights - The rating is maintained at "Buy". Due to increased investments in AI, the EPS forecasts for 2025-2026 have been adjusted to 0.59/0.82 yuan (previously 0.62/0.84 yuan), with a new EPS forecast for 2027 set at 1.15 yuan. Considering the rapid development of AI-related businesses, a PE of 47 times for 2025 is applied, raising the target price to 27.77 yuan per share [2]. - In 2024, the company is expected to achieve revenue of 1.995 billion yuan, a year-on-year increase of 18.57%, but the net profit attributable to shareholders is projected to be 0.08 billion yuan, a year-on-year decrease of 88.21%. In Q4 alone, revenue is expected to be 611 million yuan, a year-on-year increase of 8.75%, while the net profit attributable to shareholders is projected to be -24 million yuan, a year-on-year decrease of 195.22%. The revenue growth is driven by the launch of AI Agent products, while profit decline is mainly due to increased R&D and marketing expenses, stock incentive costs (0.035 billion yuan), and convertible bond interest accrual (0.02 billion yuan) [2][3]. AI Agent Product Launch - The company has launched various AI Agent products based on the "New Knowledge AI Platform" in 2024, including applications in finance, legal, and automotive sectors. These products are expected to create customer stickiness and facilitate the large-scale promotion of AI products [3]. - The company has deepened collaborations with domestic computing power vendors, launching integrated machines based on Huawei Ascend chips and Haiguang deep computing chips, with over 100 orders already realized [3]. Share Buyback and Dividends - In February 2024, the company announced a share buyback plan of 50-100 million yuan, and as of January 30, 2025, it has completed a total buyback amounting to 62 million yuan. Additionally, the company distributed cash dividends totaling 91 million yuan, accounting for 112.44% of the annual net profit attributable to shareholders. This buyback and dividend distribution reflect the company's confidence in long-term development, with expectations of creating a second growth curve as the business further transitions to AI [3].

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

Investment Rating - The report maintains a positive investment rating for the computer industry, particularly highlighting the potential in AI-related companies [7]. Core Insights - The computer industry is experiencing revenue pressure, but a profit turning point has been observed. The overall revenue growth rate for the computer sector is expected to decline in 2024, with a notable recovery in profits in the first quarter of 2025 [5][11]. - In 2024, the computer sector is projected to achieve total operating revenue of CNY 12,614.80 billion, a year-on-year decrease of 1.65%. The net profit attributable to shareholders is expected to be CNY 294.24 billion, down 9.39% year-on-year [11][14]. - The first quarter of 2025 shows signs of recovery, with operating revenue reaching CNY 2,862.17 billion, an increase of 2.56% year-on-year, and net profit attributable to shareholders rising by 6.05% to CNY 58.79 billion [11][12]. Summary by Sections Market Review - During the week of April 28 to May 2, the CSI 300 index fell by 0.43%, while the computer sector (CITIC) rose by 2.66%. The top five gainers included companies like Chuangyi Information and Lingzhi Software, while the biggest losers included Dongfangtong and Quanzhi Technology [3][59]. Industry News - The report highlights significant developments in the AI sector, with companies like Yaxin Security and Cloud Sky Flying-U showing impressive revenue growth rates exceeding 40% in 2024, driven by AI-related business [14][16]. - The software industry reported a total profit of CNY 3,726 billion in the first quarter, reflecting a year-on-year growth of 11.6% [55]. Company Dynamics - Notable company announcements include Keda Guokong's termination of share reduction plans and adjustments in stock repurchase prices by Zhongcheng Technology, indicating stable governance and compliance with regulations [4][56][57]. Financial Performance Overview - The computer sector's financial performance shows a median revenue growth rate of -1.65% for 2024, compared to a median growth rate of 1.51% for all A-shares. The median net profit growth rate for the computer sector is -9.39%, while the overall A-share market shows a median of -2.44% [17][18]. - The report indicates that the computer sector's gross profit margin is projected to be 37.12% in 2024, a decrease of 1.72 percentage points year-on-year, while the net profit margin is expected to be -16.58% [36]. Investment Recommendations - The report suggests continued focus on AI-related sectors, as they are expected to outperform in the challenging macroeconomic environment of 2024, with signs of recovery in profits in early 2025 [5][51].

证券代码：688590 证券简称：新致软件 公告编号：2025-026 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次股份减持计划实施前，上海新致软件股份有限公司（以下简称"新致软 件"或"公司"）股东旺道有限公司（以下简称"旺道有限"）持有公司股票 2,125,065 股，占公司当时股份总额 0.8012%；公司股东 Oasis Cove Investments Limited（以 下简称"OCIL"）持有公司股票 6,115,824 股，占公司当时股份总额 2.3060%；公 司股东 Acmecity Limited（以下简称"AL"）持有公司股票 4,026,695 股，占公司 当时股份总额 1.5183%；公司股东 Central Era Limited（以下简称"CEL"）持有公 司股票 6,115,824 股，占公司当时股份总额 2.3060%。旺道有限、OCIL、AL、 CEL 为一致行动人，合计持有公司股票 18,383,408 股 ...

Market Overview - The A-share market experienced narrow fluctuations with the overall performance being relatively flat, while the computer sector saw significant gains, with multiple stocks rising over 10% and hitting the daily limit [2][5] - The Hong Kong stock market also showed narrow fluctuations, with the Hang Seng Index mostly declining slightly [12][13] Sector Performance - In the A-share market, the computer sector led the gains, with a mid-session increase of over 2%. Notable stocks included Chuangyi Information, which hit a daily limit, and Lingzhi Software and New Zhiyuan Software, both rising over 15% [5][6] - Other sectors such as media, electronics, and automotive also showed strong performance [8] Notable Stocks - Chuangyi Information saw a price of 7.16 CNY, with a rise of 1.19 CNY, equating to a 19.93% increase [6] - Lingzhi Software reached 14.23 CNY, up 1.78 CNY, or 14.30% [6] - New Zhiyuan Software was priced at 22.53 CNY, increasing by 2.67 CNY, or 13.44% [6] - Changshan Beiming hit 22.56 CNY, with a rise of 2.05 CNY, or 10% [6] Bond Market - The convertible bond market saw the listing of Weicai Convertible Bond, which surged by 28% during the morning session. The bond was issued at a total of 1.175 billion CNY, with a face value of 100 CNY per bond [11] Private Equity Activity - In the Hong Kong market, the stock of Diseng Creation surged by over 43% upon resuming trading due to privatization news, with a proposed cancellation price of 7.2 HKD per share [3][15] - Another stock, Man Guan Group, also saw a significant rise of over 40% following an announcement regarding a share issuance agreement [16]

今天上午A股市场整体窄幅震荡，表现相对平淡，其中计算机板块大涨，多股涨幅超过10%，盘中触及涨停。 港股市场今天上午窄幅波动，恒生指数多数时间小幅下跌。 因私有化消息，迪生创建今天上午复牌股价大涨，盘中涨幅一度超过43%。 A股市场窄幅震荡 计算机板块大涨 今天上午A股市场整体窄幅震荡，上证指数延续低位震荡格局。 主要行业板块和赛道方面，若按照申万一级行业划分，计算机板块领涨，板块盘中涨幅超过2%，创意信息盘中"20cm"涨停，凌志软件、新致软件等盘中涨幅超过 15%，常山北明盘中触及涨停，另有多股盘中大幅上涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 300366 | 创意信息 | 7.16 | 1.19 | 19.93% | | 688588 | 凌志软件 | 14.23 | 1.78 | 14.30% | | 688590 | 新致软件 | 22.53 | 2.67 | 13.44% | | 000158 | 常山北明 | 22.56 | 2.05 | 10.00% | | 688787 | 海大琼泉 | 98.00 | ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 434,173,272.66, representing a slight increase of 0.21% compared to CNY 433,247,095.27 in the same period last year[4]. - Net profit attributable to shareholders for the same period was CNY 15,727,920.77, up by 4.04% from CNY 15,117,189.97 year-on-year[4]. - The net profit after deducting non-recurring gains and losses was CNY 14,778,815.30, reflecting a growth of 9.95% compared to CNY 13,441,634.60 in the previous year[4]. - Total revenue for Q1 2025 was CNY 434,173,272.66, a slight increase from CNY 433,247,095.27 in Q1 2024, representing a growth of 0.21%[17]. - Net profit for Q1 2025 was CNY 12,381,790.64, down from CNY 13,500,026.56 in Q1 2024, reflecting a decline of about 8.3%[18]. - The total comprehensive income for the period was CNY 12,998,880.23, compared to CNY 12,629,007.94 in the previous period, reflecting an increase of approximately 2.9%[19]. - The company’s basic and diluted earnings per share remained stable at CNY 0.06 for both periods[19]. Research and Development - The total R&D expenditure amounted to CNY 40,742,281.79, which is 9.38% of the operating revenue, showing a slight increase from 9.33% in the previous year[5]. - Research and development expenses for Q1 2025 were CNY 36,138,256.08, slightly up from CNY 35,640,291.17 in Q1 2024, indicating a growth of about 1.4%[18]. Assets and Liabilities - The company's total assets as of March 31, 2025, were CNY 3,211,083,204.03, an increase of 3.47% from CNY 3,103,402,623.66 at the end of the previous year[5]. - The company's total assets increased to CNY 3,211,083,204.03 in the latest reporting period, up from CNY 3,103,402,623.66, indicating a growth of approximately 3.48%[13]. - Total liabilities rose to CNY 1,577,468,020.40, compared to CNY 1,500,138,534.05, marking an increase of about 5.16%[14]. - The total equity attributable to shareholders increased to CNY 1,485,478,446.77 from CNY 1,458,211,222.60, a growth of about 1.87%[14]. Cash Flow - The net cash flow from operating activities was negative at CNY -201,825,862.64, compared to CNY -210,995,050.28 in the same period last year[4]. - The net cash flow from operating activities for Q1 2025 was CNY -201,825,862.64, slightly improved from CNY -210,995,050.28 in Q1 2024[20]. - Cash inflow from operating activities totaled CNY 520,607,389.86, up from CNY 358,414,202.26 in the same quarter last year, representing a growth of about 45.2%[20]. - The company reported a net cash outflow from investing activities of CNY -4,876,046.41, an improvement from CNY -248,928,012.16 in the previous year[21]. - Cash flow from financing activities generated a net inflow of CNY 64,559,814.53, down from CNY 290,242,301.52 in Q1 2024[21]. - The total cash inflow from financing activities was CNY 330,769,200.00, compared to CNY 518,916,130.00 in the previous year[21]. - The cash and cash equivalents at the end of the period were CNY 351,598,180.21, compared to CNY 382,838,294.13 at the end of Q1 2024[21]. Shareholder Information - The company had a total of 12,573 common shareholders at the end of the reporting period[8]. - The largest shareholder, Shanghai Qianzhong Communication Technology Co., Ltd., held 23.80% of the shares, totaling 62,567,856 shares[8]. - There were no significant changes in the shareholding structure or any related party transactions reported during the period[9]. Inventory and Cash Management - The company reported a decrease in inventory to CNY 603,840,487.26 from CNY 376,257,731.49, reflecting an increase of approximately 60.4%[12]. - The company's cash and cash equivalents increased to CNY 53,401,637.03 from CNY 58,481,175.16, a decrease of approximately 8.5%[12]. - The company experienced a decrease in cash flow from sales of goods and services, which amounted to CNY 511,641,196.66 in Q1 2025, compared to CNY 354,040,246.97 in Q1 2024[20]. - The company’s total liabilities increased, impacting the overall financial position, with significant cash outflows noted in operational expenses[21].

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 11728.94万股，累计占流通股比： 44.62%，较上期变化： -347.30万股。 一、主要会计数据和财务指标 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 上海前置通信技术有限公司 | 6256.79 | 23.80 | 不变 | | 上海中件管理咨询有限公司 | 1330.91 | 5.06 | 不变 | | 德州仰岳创业投资合伙企业(有限合伙) | 763.75 | 2.91 | 不变 | | 上海点距投资咨询合伙企业(有限合伙) | 753.14 | 2.86 | 不变 | | CENTRAL ERA LIMITED | 611.58 | 2.33 | 不变 | | OASIS COVE INVESTMENTS LIMITED | 611.58 | 2.33 | 不变 | | 宁波梅山保税港区源阳创业投资合伙企业(有限合伙) | 454.38 | 1.73 | -38.70 | | 易方达供给改革混合 | 341.70 ...