顶点软件：业绩短期承压，推出HTS 2X纯血信创版

Investment Rating - Buy (maintained) [1] Core Views - Short-term performance pressure: The company reported a revenue of 421 million yuan for the first three quarters of 2024, a year-on-year decrease of 8%, and a net profit attributable to the parent company of 101 million yuan, a year-on-year decrease of 15.60% [2] - High gross margin maintained: The gross margin for the first three quarters of 2024 reached 70.58%, a slight increase of 0.06% compared to the same period last year [3] - High R&D investment: The company continues to invest heavily in R&D, with R&D expenses accounting for 27.69% of total expenses in the first three quarters of 2024 [3] - Launch of HTS 2X pure-blood Xinchuang version: The company has collaborated with Huawei and Tencent Cloud to develop the HTS 2X pure-blood Xinchuang version, which significantly improves performance, business capacity, reliability, and operation experience [3] Financial Forecasts - Revenue forecast: The company is expected to achieve revenues of 831 million yuan, 937 million yuan, and 1,065 million yuan in 2024, 2025, and 2026, respectively [1][3] - Net profit forecast: The net profit attributable to the parent company is expected to be 271 million yuan, 319 million yuan, and 376 million yuan in 2024, 2025, and 2026, respectively [1][3] - EPS forecast: The earnings per share (EPS) are projected to be 1.32 yuan, 1.55 yuan, and 1.83 yuan in 2024, 2025, and 2026, respectively [1][3] Financial Ratios - P/E ratio: The P/E ratio is expected to be 30, 26, and 22 in 2024, 2025, and 2026, respectively [1][3] - P/B ratio: The P/B ratio is expected to be 4.7, 4.1, and 3.5 in 2024, 2025, and 2026, respectively [1] - ROE: The return on equity (ROE) is expected to be 16%, 16%, and 16% in 2024, 2025, and 2026, respectively [1] Dividend Plan - The company announced a mid-term cash dividend plan for 2024, distributing 2 yuan per 10 shares (including tax), totaling 41,077,395.80 yuan, which accounts for 40.58% of the net profit attributable to the parent company for the first three quarters of 2024 [2] Industry Context - The financial Xinchuang sector has entered a "deep water" phase, and the company is a pioneer in this field, leading the new trading system [3]