Boss Soft(SZ:300525) Bank of China Securities·2025-05-06 01:21Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [1][5]. Core Insights - The company, 博思软件, reported a revenue of 2.142 billion RMB for 2024, reflecting a year-on-year growth of 4.79%. However, the net profit attributable to shareholders decreased by 7.44% to 302 million RMB. The company is focusing on two main business lines: AI and electronic vouchers, which are expected to drive sustainable revenue growth [3][5][8]. - The company has established an AI research and development center and is actively developing vertical scenario strategies using "industry-specific large models + intelligent agents" to enhance its business ecosystem [8]. - The electronic voucher products have been implemented in various regions, serving over 6,000 budget units and enterprises, indicating a strong market presence and application [8]. Financial Summary - For 2024, the company achieved a gross margin of 65.83%, a decrease of 0.83 percentage points year-on-year. The net profit margin was 14.11%, down by 1.87 percentage points [8]. - The company expects revenues of 2.524 billion RMB, 2.890 billion RMB, and 3.211 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 434 million RMB, 530 million RMB, and 620 million RMB for the same years [5][7]. - The earnings per share (EPS) are forecasted to be 0.57 RMB, 0.70 RMB, and 0.82 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 26.3, 21.5, and 18.4 [5][7]. Business Performance - The company’s digital ticketing business generated 886 million RMB in revenue for 2024, a year-on-year increase of 1.30%. The smart finance and digital procurement sectors also saw revenue growth, with 710 million RMB and 462 million RMB respectively [8]. - The company has been enhancing its cash flow management, with a net cash flow from operating activities of 350 million RMB in 2024, an increase of 6.37% year-on-year [8].