新点软件（688232）：项目验收进度放缓致业绩短期承压

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.84 RMB [7][8]. Core Views - The company's revenue for the first half of 2025 was 670 million RMB, a year-over-year decrease of 14.57%, with a net loss attributable to shareholders of 62.18 million RMB, reflecting a significant year-over-year decline of 162.73% [1]. - The decline in revenue and profit is primarily attributed to a slowdown in project acceptance progress, although the company is expected to recover growth in the coming years as AI revenue begins to materialize [1][2]. - The company has seen a stable increase in new clients, with over 8,400 projects served and more than 4,700 clients, indicating potential for future revenue growth [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 393 million RMB, down 19.75% year-over-year but up 42.23% quarter-over-quarter. The net loss for Q2 was 21.75 million RMB, an improvement from the previous quarter [1]. - The company’s revenue from smart procurement, smart government, and digital construction was 342 million RMB, 197 million RMB, and 126 million RMB respectively, showing year-over-year declines of 4.50%, 32.71%, and 2.20% [2]. Client Growth and AI Integration - The company added 229 new projects and 129 new clients in the first half of 2025, indicating a stable client base that may convert into revenue growth in the future [3]. - AI-related product revenue reached approximately 90 million RMB, accounting for about 13% of total revenue, with government AI revenue at 25 million RMB. The company is enhancing its AI capabilities across various applications [4]. Profitability Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been revised down to 221 million RMB, 317 million RMB, and 344 million RMB, reflecting a compound annual growth rate (CAGR) of 18.96% [5]. - The company’s estimated revenue for the digital construction business in 2025 is 314 million RMB, with a price-to-sales (PS) ratio of 6.4x, and for other businesses, the estimated net profit is 293 million RMB with a price-to-earnings (PE) ratio of 43.6x [5].