Boss Soft(SZ:300525) NORTHEAST SECURITIES·2025-04-30 13:45Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [5]. Core Insights - The company's revenue for 2024 is projected to be 2.142 billion yuan, representing a year-on-year growth of 4.79%. However, the net profit attributable to shareholders is expected to decline by 7.44% to 302 million yuan due to credit impairment losses and reduced government subsidies [1][4]. - The first quarter of 2025 is anticipated to see a revenue of 257 million yuan, a decrease of 1.17% year-on-year, with a net loss of approximately 63.49 million yuan, reflecting a 12.79% decline [1]. - The company is well-positioned to benefit from the ongoing "Digital China" initiative, with over 70% of provinces initiating smart governance reforms, creating a significant market opportunity for its AI business [2]. Financial Summary - The company's financial performance shows a projected revenue increase to 2.482 billion yuan in 2025, with net profit expected to rebound to 431 million yuan, a growth of 42.56% [4]. - The gross profit margin is forecasted to improve from 65.83% in 2024 to 67.5% in 2025, indicating enhanced profitability [4]. - The earnings per share (EPS) is expected to rise from 0.41 yuan in 2024 to 0.57 yuan in 2025, reflecting the company's recovery trajectory [4]. Market Position and Strategy - The company is actively developing customized AI tools for government applications, such as the "Intelligent Pre-examination System," which can enhance project approval efficiency by 60% [2]. - It has successfully implemented electronic voucher products across various government levels, serving over 6,000 budget units and enterprises, which positions the company as a leader in the digital voucher space [3]. - The company is also expanding its AI applications in areas like digital certificates, smart finance, and digital procurement, indicating a broad strategic focus on digital transformation in governance [2][3].