Boss Soft(300525) Minsheng Securities·2024-10-30 23:30Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a net profit of 0.35 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 93.01%, with a non-recurring net profit of 0.23 billion yuan, up 148.58% [2]. - In Q3 2024, the company reported a net profit of 0.73 million yuan, a 15.45% increase year-on-year, and a revenue of 5.26 billion yuan, reflecting a 10.13% growth [2]. - The company is well-positioned to benefit from fiscal reforms and has established a strong presence in the digital finance sector, contributing to the stability of national fiscal operations [2]. - The acceleration of national electronic voucher reforms is expected to enhance the company's electronic voucher business, particularly with the upcoming implementation of fully digital electronic invoices in railway passenger transport [2]. - Future profit forecasts for the company are 4.06 billion yuan, 5.06 billion yuan, and 6.12 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding valuations of 32, 25, and 21 times earnings [2]. Financial Performance Summary - The company’s revenue is projected to grow from 2,044 million yuan in 2023 to 3,424 million yuan in 2026, with growth rates of 6.51%, 15.86%, 20.77%, and 19.70% respectively [5]. - The net profit is expected to increase from 372 million yuan in 2023 to 680 million yuan in 2026, with growth rates of 28.40%, 24.16%, 24.65%, and 21.11% respectively [5]. - The earnings per share (EPS) are forecasted to rise from 0.44 yuan in 2023 to 0.82 yuan in 2026 [6]. Cash Flow and Balance Sheet Overview - The company’s cash flow from operating activities is projected to improve from 329 million yuan in 2023 to 758 million yuan in 2026 [7]. - Total assets are expected to grow from 4,295 million yuan in 2023 to 6,001 million yuan in 2026, indicating a solid financial position [6].