B-SOFT(SZ:300451) Huachuang Securities·2024-04-23 10:02Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 4.50 yuan [7][26]. Core Views - The company achieved a revenue of 1.616 billion yuan in 2023, representing a year-on-year growth of 5.81%. However, the net profit attributable to the parent company decreased by 13.93% to 37 million yuan, and the net profit after deducting non-recurring items fell by 27.44% to 34 million yuan [7][10]. - The Hi-HIS system is entering a new phase of nationwide promotion, with a significant increase in order amounts year-on-year. The company signed 22 Hi-HIS-related orders in 2023, with a substantial increase in order value [7][10]. - The collaboration with Philips is expected to create a new growth engine for the business, focusing on the integration of medical information products and Philips' medical devices [7][10]. Financial Summary - The company forecasts revenue growth from 1.898 billion yuan in 2024 to 2.683 billion yuan in 2026, with corresponding net profits projected to rise from 161 million yuan to 309 million yuan during the same period [2][7]. - The earnings per share (EPS) is expected to increase from 0.10 yuan in 2024 to 0.20 yuan in 2026, with a price-to-earnings (P/E) ratio decreasing from 37 times to 19 times [2][7]. - The company is positioned in the first tier of domestic medical information software suppliers and is expected to benefit from supportive government policies in the healthcare information industry [7][10].