Boss Soft(300525) EBSCN·2024-10-29 10:41Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved a revenue of 1.244 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 12.93%, and a net profit attributable to the parent company of 35 million yuan, up 93.01% year-on-year [1]. - The electronic voucher business is progressing steadily, with increasing adoption of the company's comprehensive electronic voucher solutions across various provinces [2]. - The company is actively involved in the Budget Management Integration 2.0 reform, with all provincial finances in the country having initiated this process [3]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 260 million yuan, a year-on-year increase of 15.7%, and a net profit of -56 million yuan, a reduction in losses of 3.64% year-on-year. In Q2, revenue was 458 million yuan, up 14.7%, with a net profit of 19 million yuan, an increase of 36.5% year-on-year. In Q3, revenue reached 526 million yuan, a 10.13% increase, and net profit was 73 million yuan, up 15.5% year-on-year [1]. - The company has adjusted its revenue forecasts for 2024 and 2025 to 2.366 billion yuan and 2.858 billion yuan, respectively, reflecting a decrease of 24% and 30% from previous estimates. The net profit forecasts for the same years have been adjusted to 404 million yuan and 507 million yuan, down 13% and 20% [3]. Business Development - The electronic voucher solutions provided by the company are characterized by a complete product line for administrative and public institutions, which includes electronic voucher management and intelligent management of public expenditures [2]. - The company’s pricing model is based on a small construction fee plus a SaaS operation fee, allowing for a tiered pricing system based on the size of the unit [2]. Market Position and Valuation - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 32x for 2024, 25x for 2025, and 20x for 2026, indicating a favorable valuation outlook [3].