顶点软件：持续推进产品信创，首次派发中期股利

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 421 million RMB for the first three quarters of 2024, a year-on-year decrease of 8.00%, and a net profit attributable to shareholders of 101 million RMB, down 15.60% year-on-year [2]. - The company plans to distribute a mid-term cash dividend of 2 RMB per 10 shares, with a payout ratio of 40.58% [2]. - The gross profit margin for Q3 was 73.01%, showing an increase of 0.28 percentage points year-on-year and 3.55 percentage points quarter-on-quarter, attributed to improved productization [3]. - The company is actively advancing its research and development in the "Xinchuang" (信创) sector, completing full-stack adaptation and performance optimization for core securities systems [3]. - Revenue forecasts for 2024 to 2026 are set at 731 million, 752 million, and 774 million RMB, respectively, with expected year-on-year growth rates of -1.80%, 2.90%, and 3.00% [4]. Summary by Sections Financial Performance - For Q3, the company achieved a revenue of 154 million RMB, a decrease of 12.88% year-on-year, and a net profit of 52 million RMB, down 9.74% year-on-year [2]. - The total costs and expenses for Q3 decreased by 7.62% year-on-year, aligning with revenue changes [3]. Cost and Expense Analysis - The sales, management, and R&D expense ratios for Q3 were 6.03%, 14.30%, and 23.86%, respectively, with year-on-year changes of -0.16 percentage points, 1.38 percentage points, and 3.11 percentage points [3]. - The increase in R&D expense ratio is attributed to the company's ongoing investment in key product areas to maintain competitiveness [3]. Future Outlook - The net profit forecasts for 2024 to 2026 are 218 million, 230 million, and 243 million RMB, with expected year-on-year growth rates of -6.43%, 5.25%, and 5.59% [4]. - The company is collaborating with major tech firms like Huawei and Tencent Cloud to enhance its trading systems, achieving a performance improvement of 20% [3].