Boss Soft(300525) 海通证券·2024-04-28 02:32Investment Rating - The report maintains an "Outperform the Market" rating for the company [25][19]. Core Views - The company has demonstrated excellent profit performance, with a notable increase in gross margin, indicating a mature business model and improved operational efficiency. The digital ticket business is progressing well, and the stock incentive plan reflects confidence in future growth [19][9]. - The company aims for significant growth in various sectors, including digital ticketing and smart finance, with a focus on expanding market share and enhancing its leading position in the industry [3][27]. Financial Summary - In 2023, the company achieved a revenue of 2.044 billion yuan, a year-on-year increase of 6.5%, and a net profit of 327 million yuan, up 28.4% year-on-year. The gross margin for 2023 was 66.66%, an increase of 5.03 percentage points [9][29]. - The company forecasts revenues of 2.4 billion yuan in 2024, with a projected net profit of 416 million yuan, reflecting a growth rate of 27% [29][19]. - The earnings per share (EPS) are expected to be 0.55 yuan in 2024, with further increases to 0.69 yuan in 2025 and 0.83 yuan in 2026 [29][19]. Business Development Goals - The company has clear development goals for 2024, focusing on expanding its digital ticketing and smart finance services, enhancing collaboration across business segments, and ensuring sustainable revenue growth [3][27]. - The digital ticketing sector is expected to see a significant increase in transaction volume, with the company leveraging policy reforms to expand its services in various sectors [3][27]. Market Position and Strategy - The company is enhancing its service capabilities in the digital economy, aiming to build a comprehensive ecosystem that integrates various applications and services [27]. - The stock incentive plan involves granting 16 million restricted shares to 120 key personnel, with performance targets set for net profit growth over the next three years [9][19].