新点软件：持续推进降本增效，积极布局数据要素

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company reported a revenue of 1.26 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.7%. However, the net profit attributable to shareholders improved significantly, reaching 9.78 million yuan in Q3, compared to a loss of 88.92 million yuan in the same period last year [2]. - The company is actively pursuing cost reduction and efficiency improvement strategies, with total costs and expenses decreasing by 13.7% year-on-year in the first three quarters. The gross margin for Q3 was 60.2%, slightly down by 0.8 percentage points [3]. - The company has launched a municipal data authorization operation platform in Changsha, creating 16 types of government data operation scenarios, and has signed a strategic cooperation agreement with Huawei Cloud to enhance collaboration in data governance and smart government [3]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a revenue of 1.26 billion yuan, down 8.7% year-on-year, while the net profit attributable to shareholders was -13.89 million yuan, a significant improvement from -88.92 million yuan in the previous year [2]. Operational Analysis - The company has successfully reduced costs and expenses, with a total decrease of 13.7% year-on-year in the first three quarters. The Q3 gross margin was 60.2%, with slight changes in expense ratios: sales expenses at 26.4%, management expenses at 8.0%, and R&D expenses at 23.2% [3]. - The company is enhancing its digital capabilities and has launched various data-driven initiatives, including a partnership with Zhangjiagang Data Science and Zhangjiagang Rural Commercial Bank to innovate in public data and inclusive finance [3]. Profit Forecast - Based on the Q3 report and expectations of demand recovery from government and large enterprises, the revenue forecasts for 2024-2026 have been adjusted to 2.36 billion yuan, 2.75 billion yuan, and 3.22 billion yuan, respectively. The net profit forecasts are 261 million yuan, 360 million yuan, and 449 million yuan, reflecting growth rates of 33.9%, 37.9%, and 24.8% [4][8].