Boss Soft(300525) 华安证券·2024-09-01 12:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady revenue growth in the first half of 2024, achieving an operating income of 720 million yuan, a year-on-year increase of 15.1% [1] - The net profit attributable to the parent company was -37.72 million yuan, a reduction in losses by 15.8% year-on-year [1] - The company is focusing on digital ticketing, smart finance, digital procurement, and smart city initiatives, enhancing its SaaS model across various industries [1] Financial Performance Summary - The company achieved a gross profit margin increase of 3.2 percentage points, with software development and technical services gross margins improving by 4.0% and 2.9% respectively [1] - The operating income for Q2 was 460 million yuan, a year-on-year increase of 14.7%, with a net profit of 18.57 million yuan, up 36.5% year-on-year [1] - The company expects to achieve revenues of 2.36 billion, 2.84 billion, and 3.43 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15%, 21%, and 21% [2][5] Cash Flow and Profitability - The net cash outflow from operating activities was 310 million yuan, a decrease of 11.1% compared to the same period last year [1] - The company forecasts net profits of 402 million, 501 million, and 641 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 22.9%, 24.9%, and 27.8% [2][5] - The gross margin is projected to improve from 66.7% in 2023 to 69.1% by 2026 [2][5] Market Position and Strategy - The company is expanding its services in various sectors including healthcare, education, and public services, leveraging its expertise in digital solutions [1] - The strategic focus includes enhancing the integration of financial management and electronic voucher systems for administrative units [1] - The company aims to create a new ecosystem for urban services through its "City Code Platform" and "Unified Payment Platform" [1]