顶点软件：证券IT黑马，信创有望带来α机遇

Investment Rating - The report assigns a "Buy" rating for the company, Vertex Software (603383.SH), as it is covered for the first time [2][4]. Core Views - Vertex Software has over 20 years of experience in the securities IT sector and is expected to benefit from the digital transformation in the securities industry, particularly through its leading position in the "信创" (Xinchuang) initiative [3][4]. - The company has a rich product line that serves various departments within securities firms and is expanding into banking, futures, asset management, trust, and non-financial sectors [16][18]. Summary by Sections 1. Deepening Securities IT for High Growth - Vertex Software was established in 1996 and has evolved through three key phases: the foundational phase of centralized trading systems (2001-2007), expansion into other financial sectors (2008-2019), and a focus on Xinchuang with the launch of the A5 trading system [14][15]. - The company has shown significant growth, with a revenue increase of 19% in 2023, outperforming peers like 恒生电子 (Hang Seng Electronics) and 金证股份 (Jinzhen Co.) [24]. 2. Leading Xinchuang Layout - The company is positioned to capture market share during the critical upgrade of core trading systems in the securities industry, which is transitioning to distributed architectures [3][4]. - Vertex Software has successfully implemented the A5 system at Dongwu Securities, marking a significant milestone in the industry for full-stack Xinchuang deployment [3][19]. 3. Seizing Opportunities in Asset Management Transformation - The company is leveraging the transformation of securities firms and asset management to expand its product offerings, including wealth management and investment banking solutions [3][4]. - Vertex Software has established partnerships with over 40 asset management institutions, enhancing its market presence [20][22]. 4. Profit Forecast - The revenue forecast for Vertex Software is projected to be 800 million, 930 million, and 1.1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 250 million, 300 million, and 360 million yuan [4][24].