顶点软件：公司持续加大研发投入，积极推动金融信创创新

Investment Rating - The report maintains a "Recommend" rating for the company [2][8] Core Views - The company is experiencing revenue growth pressure, with a 8.00% year-on-year decrease in revenue for the first three quarters of 2024, totaling 421 million yuan [4][5] - The net profit attributable to shareholders for the same period is 101 million yuan, reflecting a 15.60% year-on-year decline [4][5] - The company has announced a cash dividend of 2 yuan per 10 shares, totaling 41.08 million yuan, which accounts for over 40% of the net profit for the first three quarters [5] - The gross margin remains stable at 70.58%, while the R&D expense ratio has increased to 27.69%, indicating a commitment to enhancing competitiveness through increased R&D investment [5][6] - The company is actively promoting financial innovation and deepening cooperation with domestic manufacturers, particularly in the deployment of its core trading system A5 [6][7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 421 million yuan, down 8.00% year-on-year, with a net profit of 101 million yuan, down 15.60% year-on-year [4][5] - The gross margin for the first three quarters is 70.58%, and the net profit margin is 24.07%, which is still competitive within the industry [5] R&D and Innovation - The company has increased its R&D expense ratio to 27.69%, reflecting a 3.49 percentage point increase year-on-year, which is aimed at enhancing its competitive edge [5] - The company is implementing its A5 trading system in various projects, establishing a successful benchmark in the industry [6][7] Future Outlook - The company forecasts net profits of 236 million yuan, 293 million yuan, and 367 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.15 yuan, 1.43 yuan, and 1.79 yuan [8] - The report anticipates that the company's growth potential will be further unlocked as it accelerates the deployment of its products like A5 and HTS [8]