Boss Soft(SZ:300525) Minsheng Securities·2024-04-25 02:30Investment Rating - The report maintains a "Recommended" rating for the company [3][7]. Core Insights - In 2023, the company achieved revenue of 2.044 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 327 million yuan, up 28% year-on-year [2][3]. - The company's gross margin reached 66.66% in 2023, an increase of 5.03 percentage points year-on-year, driven by the transition to a productized and SaaS business model [3]. - The company has launched a 2024 equity incentive plan, granting 16 million restricted shares, which reflects management's confidence in future performance [3]. - The company is expected to benefit from the digital government construction wave, with projected net profits of 406 million, 506 million, and 612 million yuan for 2024, 2025, and 2026, respectively [3][4]. Financial Forecasts - Revenue forecasts for 2024, 2025, and 2026 are 2.369 billion, 2.861 billion, and 3.424 billion yuan, with growth rates of 15.9%, 20.8%, and 19.7% respectively [4]. - The net profit attributable to shareholders is projected to grow at rates of 24.2%, 24.6%, and 21.1% for the same years, reaching 406 million, 506 million, and 612 million yuan [4]. - The current market valuation corresponds to a PE ratio of 24, 19, and 16 for 2024, 2025, and 2026 respectively [4].