博思软件（300525）：电子凭证全国推广政策出台

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights the recent issuance of a national policy promoting electronic vouchers, which is expected to significantly impact the company's operations and market position [7] - The company is positioned as a dual-role service provider, both as a budget integration service provider and an electronic voucher issuance platform, which provides a competitive advantage in the market [7] - The report maintains the profit forecast for the company, projecting revenues of 2.35 billion, 2.68 billion, and 3.13 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 361 million, 438 million, and 534 million yuan for the same years [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 2,142 million yuan - 2025: 2,352 million yuan (growth of 9.8% YoY) - 2026: 2,684 million yuan (growth of 14.1% YoY) - 2027: 3,125 million yuan (growth of 16.5% YoY) [6] - Net profit projections are as follows: - 2024: 302 million yuan - 2025: 361 million yuan (growth of 19.5% YoY) - 2026: 438 million yuan (growth of 21.1% YoY) - 2027: 534 million yuan (growth of 22.1% YoY) [6] - The report indicates a low current penetration rate of electronic vouchers, suggesting significant replacement opportunities in the market, with 699,000 budget units expected to replace accounting software in the next three years [7]