B-SOFT(300451)2025-05-19 14:50Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [17]. Core Views - The company is experiencing a steady advancement in smart healthcare, with its Hi-HIS system moving towards a new phase of nationwide promotion [7]. - In 2024, the company reported a revenue of 1.423 billion yuan, a year-on-year decline of 11.96%, and a net loss attributable to shareholders of 174 million yuan, compared to a profit of 37 million yuan in the previous year [1][3]. - The first quarter of 2025 saw a revenue of 290 million yuan, down 22.67% year-on-year, with a net loss of 16 million yuan, marking the first quarterly loss [1][3]. Financial Performance Summary - The total revenue for 2024 was 1.423 billion yuan, with a projected increase to 1.596 billion yuan in 2025, reflecting a growth rate of 12.2% [3]. - The net profit attributable to shareholders is expected to recover from a loss of 174 million yuan in 2024 to a profit of 77 million yuan in 2025, indicating a significant turnaround [3]. - The gross margin for 2024 was 45.18%, which is a decrease of 1.80 percentage points from the previous year, while the gross margin for Q1 2025 improved to 55.12%, an increase of 3.51 percentage points [7]. Market Position and Growth Potential - The company is positioned among the top tier of domestic healthcare information software providers and is expected to benefit from the ongoing push for healthcare informationization [7]. - In 2024, the company secured 31 new software orders in the smart healthcare and public health sectors, totaling 580 million yuan, with a year-on-year increase of 41% in order quantity [7]. - The company aims to achieve revenues of 1.596 billion yuan, 1.795 billion yuan, and 2.010 billion yuan for the years 2025, 2026, and 2027, respectively [7].