新点软件（688232）：2024年报及2025年一季报点评：经营质量提升，持续推进SaaS化运营模式

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 36.14 CNY [1][7]. Core Views - The company has shown improvement in operational quality and is continuously advancing its SaaS operational model. The 2024 revenue was 2.15 billion CNY, down 12.1% year-on-year, while the net profit attributable to shareholders was 200 million CNY, up 4.9% year-on-year. The first quarter of 2025 saw a revenue of 280 million CNY, down 5.9% year-on-year, with a net profit of -40 million CNY, indicating a reduction in losses [1][3][7]. Financial Summary - 2024 Financial Performance: Total revenue was 2,146 million CNY, with a year-on-year decline of 12.1%. The net profit attributable to shareholders was 204 million CNY, reflecting a growth of 4.9%. The net profit margin was 9.5%, an increase of 1.5 percentage points [3][4]. - 2025 Financial Projections: Expected total revenue for 2025 is 2,354 million CNY, with a projected growth rate of 9.7%. The net profit is anticipated to reach 265 million CNY, corresponding to a growth rate of 29.6% [3][4]. - Earnings Per Share (EPS): The EPS for 2024 is projected at 0.62 CNY, increasing to 0.80 CNY in 2025 and further to 0.93 CNY in 2026 [3][4]. Business Focus - The company is focusing on three core areas: digital transformation in government, procurement, and construction industries, while accelerating its transition to a SaaS model. In 2024, the smart procurement business generated 950 million CNY in revenue, with a significant contribution from the procurement operation business [7][8]. - The company has launched the first national government service large model, enhancing service efficiency and accuracy in response to public inquiries [7][8]. Market Position - The company has a total market capitalization of 10.065 billion CNY and a circulating market value of the same amount. The asset-liability ratio stands at 14.47%, indicating a strong financial position [4][8].