Boss Soft(300525) 申万宏源·2024-11-04 00:44Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a revenue of 1.24 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 12.9%, and a net profit attributable to shareholders of 34.89 million yuan, up 93% year-over-year [5][6]. - In Q3 2024, the company achieved a revenue of 530 million yuan, with a year-over-year growth of 10.1%, and a net profit of 72.61 million yuan, reflecting a year-over-year increase of 15.5% [5][6]. - The company's business structure is diversified, covering digital certificates, smart finance, and digital procurement, which helps stabilize performance across various customer segments [6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 63.8%, slightly down by 0.7 percentage points year-over-year, while the gross margin for Q3 2024 was 64.7%, down by 5.7 percentage points year-over-year [6]. - The company’s operating cash flow showed a net outflow of 330 million yuan, which is an improvement compared to the previous year [7]. - The company expects to achieve revenues of 2.386 billion, 2.834 billion, and 3.323 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 393 million, 486 million, and 584 million yuan for the same years [8].