B-SOFT(SZ:300451)2025-05-24 00:20Investment Rating - The report maintains an "Outperform" rating for the company with a target price raised to 6.71 RMB from 5.25 RMB, reflecting a forward PE of 70x for 2025 [1][10]. Core Insights - The company is experiencing short-term pressure on revenue and profit due to project delays, with 2024 revenue projected at 1.42 billion RMB, a decrease of 11.96% year-on-year, and a net loss of 174 million RMB [11]. - Despite the challenges, the company is expanding its smart healthcare and public health business, with significant software orders and the implementation of its "Huikang Cloud" strategy [12]. - The integration of AI technologies is accelerating, with the launch of new products and platforms aimed at enhancing healthcare services and operational efficiency [13]. Financial Summary - Revenue projections for 2025-2027 are 1.61 billion RMB, 1.85 billion RMB, and 2.17 billion RMB, representing year-on-year growth rates of 13.4%, 14.8%, and 17.0% respectively [10][11]. - Net profit attributable to shareholders is expected to recover to 148 million RMB in 2025, with EPS projected at 0.10 RMB [10][11]. - The company reported a significant decline in net profit for 2024, with a loss of 174 million RMB compared to a profit of 37 million RMB in the previous year [11].