新点软件：AI+采招：大模型G端落地最佳场景之一-20250217

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][36]. Core Insights - The company is positioned as a leading SaaS provider in the procurement sector, focusing on smart procurement, smart governance, and digital construction, with a resilient revenue model [1][9]. - The total public procurement transaction volume in China reached over 46 trillion yuan in 2023, representing a significant market opportunity for the company's SaaS services [2][26]. - The integration of AI technologies is expected to enhance efficiency and reduce costs in the procurement process, driving growth in the company's SaaS offerings [3][30]. Summary by Sections Company Overview - The company focuses on three main areas: smart procurement, smart governance, and digital construction, serving government and enterprise clients in their digital transformation efforts [9][11]. - The procurement business has been a cornerstone for the company, with SaaS operations showing resilience, achieving revenue of 172 million yuan in H1 2024, a year-on-year increase of 8.6% [1][15]. Market Potential - In 2023, the total public procurement in China exceeded 46 trillion yuan, accounting for approximately 36% of the national GDP, indicating a vast market potential for the company's services [2][26]. - The company has established a strong presence in the G-end procurement platform market, covering 29 provinces and serving over 1,000 counties [26][35]. AI Empowerment - The company has developed a procurement industry model leveraging AI, big data analysis, and industry knowledge graphs to enhance the efficiency of bidding processes [3][32]. - The SaaS platform has seen significant growth, with the number of trading segments increasing by 41% year-on-year in 2023 [26][30]. Financial Forecast - The company is projected to achieve net profits of 237 million yuan, 307 million yuan, and 380 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 51, 39, and 32 [4][36]. - The report highlights the company's strong profitability, with a historical net profit margin around 20% and a gross margin consistently above 60% [21][23].