B-SOFT(300451) 东北证券·2025-04-24 07:54Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][5]. Core Insights - The company reported a revenue of 1.423 billion yuan for 2024, a decrease of 11.96% year-on-year, and a net profit attributable to shareholders of -174 million yuan [1]. - The gross margin for the year was 45.18%, down by 1.8 percentage points compared to the previous year [1]. - In Q4 2024, the company achieved a revenue of 254 million yuan, reflecting a significant decline of 44.65% year-on-year, with a net profit of -226 million yuan [1]. - The company has expanded its business in smart healthcare and public health, securing 31 new software orders worth a total of 580 million yuan [1]. - The HI-HIS new product has been successfully implemented in several key projects across regions such as South China, Central China, and Northwest China, with a 41% year-on-year increase in new orders [1][2]. Financial Summary - The financial summary indicates a projected revenue growth for the company, with estimates of 1.599 billion yuan in 2025, 1.857 billion yuan in 2026, and 2.153 billion yuan in 2027, reflecting growth rates of 12.39%, 16.14%, and 15.95% respectively [4][13]. - The net profit is expected to recover to 9 million yuan in 2025, 65 million yuan in 2026, and 136 million yuan in 2027, showing significant growth from the negative profit in 2024 [4][13]. - The report highlights a projected gross margin improvement, with estimates of 45.6% in 2025, 46.3% in 2026, and 46.9% in 2027 [4][13].