Boss Soft(SZ:300525) Minsheng Securities·2025-05-05 05:23Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the fiscal IT sector and potential benefits from the upcoming digital government construction wave [4][6]. Core Insights - The company reported a revenue of 2.142 billion yuan in 2024, a year-on-year increase of 4.79%, but a decline in net profit attributable to shareholders by 7.44% to 302 million yuan [1][2]. - The revenue growth has slowed down, with 2024 and Q1 2025 showing growth rates of 4.8% and -1.2% respectively, attributed to macroeconomic pressures and a focus on AI investments impacting profitability [2][3]. - The company is focusing on two strategic directions: "AI + Electronic Certificates," providing diverse AI products and electronic certificate services to over 6,000 budget units and enterprises across multiple provinces [4][3]. Financial Performance Summary - For 2024, the company achieved total revenue of 2.142 billion yuan, with a projected revenue increase to 2.459 billion yuan in 2025, reflecting a growth rate of 14.8% [5][10]. - The net profit attributable to shareholders is expected to recover to 387 million yuan in 2025, representing a growth of 28.1% from 2024 [5][10]. - The company's earnings per share (EPS) is projected to increase from 0.40 yuan in 2024 to 0.51 yuan in 2025, with a corresponding decrease in the price-to-earnings (PE) ratio from 38 to 29 [5][10].