Boss Soft(SZ:300525) Minsheng Securities·2024-08-28 15:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its performance and market position [2][4]. Core Insights - The company achieved a revenue of 717 million yuan in H1 2024, representing a year-on-year growth of 15%. The net profit attributable to shareholders was -38 million yuan, an improvement from -45 million yuan in the same period last year [2]. - In Q2 2024, the company reported a revenue of 458 million yuan, a year-on-year increase of 14.71%, with a net profit of 19 million yuan, marking a 37% growth compared to the previous year [2]. - The gross margin improved by 3 percentage points to 63.1% in H1 2024, driven by the ongoing transition to SaaS business models [2]. - The company is actively innovating in the digital ticketing sector, with applications in hospitals and collaborations with insurance companies, reaching 27 provinces and over 70 insurance firms [2]. - The company has made significant progress in integrated fiscal budgeting, having built core business systems for the Ministry of Finance and 11 provincial governments, serving over 200,000 administrative units [2]. Financial Forecasts - The company is projected to achieve net profits of 406 million yuan, 506 million yuan, and 612 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 24%, 25%, and 21% [2][3]. - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 20, 16, and 14 for the years 2024, 2025, and 2026, respectively [2][3].