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研報掘金丨天風證券:頂點軟件23年利潤有望加速釋放,維持“買入”評級
格隆匯5月18日丨天風證券5月17日研報指出,頂點軟件(603383.SH)22年營收高增長説明了客户對於IT投入保持增長,證明金融IT投入具備韌性,公司控費促使利潤得到釋放。公司2023年Q1毛利率達73.76%,同比提升2.98pct。隨着公司A5信創版等產品落地節奏加速,伴隨疫情放開交付效率提升,判斷公司產品交付有望放量,攤薄前期研發投入,促使公司毛利率持續提升,公司有望進一步演繹收入利潤剪刀差邏輯。目前,公司A5信創版已在多家券商上線,有望進入規模化放量階段。該行考慮到公司全棧信創產品或將進入規模化放量階段,預測23年利潤有望加速釋放,預計公司23-25年的營收8.27/11.12/15.08億元;對應歸母淨利潤2.49/3.43/4.72億元,維持“買入”評級。
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