新点软件2024年三季报点评：亏损持续收窄，三季度营收同比实现正增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company has shown a continuous narrowing of losses, with Q3 revenue achieving positive year-on-year growth. The overall profit loss is also decreasing, indicating a positive trend driven by cost reduction and efficiency improvements. The company is actively promoting SaaS solutions and is expected to benefit from recent policy guidance aimed at central state-owned enterprises, which may enhance its market performance throughout the year [5][6] Financial Performance - For the first three quarters of 2024, the company reported revenue of 1.258 billion (down 8.71% year-on-year) and a net loss attributable to shareholders of 0.14 billion (continuing to narrow losses). In Q3 alone, revenue was 0.474 billion (up 1.63% year-on-year), with a net profit of 0.10 billion (turning profitable) [3][5] - The gross margin for the first three quarters was 60.94%, a decrease of 2.09 percentage points year-on-year, while Q3's gross margin was 60.22%, down 4.30 percentage points year-on-year [3] - Operating cash flow for the first three quarters was -0.178 billion, but Q3 saw a significant improvement with a net cash flow of 0.052 billion (up 474.34% year-on-year) [3] Expense Ratios - For the first three quarters, the expense ratios were 29.96% for sales, 9.51% for management, and 27.12% for R&D, with sales expenses decreasing by 7.42 percentage points year-on-year. In Q3, these ratios were 26.42% for sales, 7.99% for management, and 23.18% for R&D, showing a continued reduction in expenses [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 2.24 billion, 2.56 billion, and 2.99 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.13%, 14.28%, and 16.49%. Corresponding net profits are expected to be 0.235 billion, 0.284 billion, and 0.341 billion, with growth rates of 20.74%, 20.61%, and 20.40% [6][10]