Boss Soft(SZ:300525) Huaan Securities·2024-10-30 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total operating revenue of 1.24 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.9%. The net profit attributable to shareholders reached 34.89 million yuan, up 93.0% year-on-year, while the net profit excluding non-recurring items was 22.68 million yuan, reflecting a growth of 148.6% year-on-year [2][3] - In Q3 alone, the company achieved an operating revenue of 530 million yuan, a year-on-year increase of 10.1%, with a net profit attributable to shareholders of 72.61 million yuan, up 15.5% year-on-year [2] - The gross margin for the first three quarters was 63.8%, a slight decrease of 0.7 percentage points year-on-year. However, the sales expense ratio, management expense ratio, and R&D expense ratio collectively decreased by 2.6 percentage points compared to the same period last year [3] - The company is focusing on digital ticketing, smart tax finance, digital procurement, and smart city + digital rural business. The promotion of fully digital electronic invoices for railway passenger transport starting November 1, 2024, is expected to accelerate the company's digital ticketing and electronic voucher business [3] Financial Summary - The company is projected 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% [3] - The net profit attributable to shareholders is expected to be 400 million, 500 million, and 640 million yuan for the same years, with year-on-year growth rates of 23%, 25%, and 28% [3] - The gross margin is forecasted to improve to 67.5%, 68.3%, and 69.1% over the next three years [5][6]