中科软：盈利能力提升显著，现金流好转

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company has shown significant improvement in profitability and cash flow, with a notable increase in net profit and a positive trend in cash flow from operating activities [8][9]. - The overseas business is expected to drive sustainable high-quality development, with revenue from clients outside the mainland reaching 235 million yuan, a year-on-year increase of 15.41% [7]. - The company emphasizes a "similar reuse" development model, enhancing customer stickiness and improving management efficiency, which contributes to profitability [8]. Financial Performance Summary - Revenue Forecast: Projected revenues for 2024, 2025, and 2026 are 68.58 billion yuan, 73.43 billion yuan, and 80.27 billion yuan respectively, with growth rates of 5%, 7%, and 9% [7]. - Net Profit Forecast: Expected net profits for the same years are 7.20 billion yuan, 8.32 billion yuan, and 9.87 billion yuan, with corresponding growth rates of 10%, 16%, and 19% [7]. - Earnings Per Share (EPS): EPS is projected to increase from 0.79 yuan in 2023 to 1.19 yuan in 2026 [2][7]. - Cash Flow: The company reported a net cash flow from operating activities of -6.32 billion yuan in Q1 2024, an improvement from -9.29 billion yuan in the same period last year [9]. Cost Control and Efficiency - The company has effectively controlled costs, with sales, management, and R&D expense ratios decreasing compared to the previous year [9]. - The cash flow improvement is attributed to increased cash receipts from sales and reduced cash payments for goods and services [9].