本次会议紧面向开源证券的专业投资机构客户或受邀客户 各位投资者大家晚上好 我是开源通信的手游分析师蒋颖非常感谢大家参加我们今天晚上的保信软件系列电话会议的第五场电话会议下面我先讲一下我们这边的核心观点我们认为当前位置就是底部布局保信软件的绝佳时机 那近期呢最核心的变化就是我们看到这个宝信的国产化的订单在Q3加速落地了那我们看到了这个国产化订单的一个拐点已经到了这个也契合了我们今天的一个这个电话会议的一个主题 我们之前反复有跟大家强调过今年是保信软件的动能转换的非常关键的核心的一年今年我们感觉跟2017年其实是特别像的2017年和2024年的 都是保信软件动能转换的非常关键的一年那我们可以回溯一下2017年那个时候呢保信软件的新业务发展这个IDC业务从西化转到这个也不是转嘛就是新增了一个新动能就是IDC业务那么经过几年的储备呢在2017年呢它的这个上架率逐渐的提升但是呢当时其实市场对保信软件的这个发展这个IDC业务依然是抱有这个 比较大的一个质疑那当时呢可能大家也会反复的把保信软件跟市场上的其他的IDC起的拿过来进行对比那进入2018年开始呢我们看到保信软件的IDC它的业绩呢这个上架率随着上架率的提升它的这个I ...

Summary of Conference Call Company/Industry Involved - The conference call was focused on Open Source Securities, targeting professional investment institutions or invited guests [1] Core Points and Arguments - The call aimed to provide insights and updates relevant to the investment community regarding Open Source Securities [1] Other Important but Possibly Overlooked Content - The specific details of financial performance, strategic initiatives, or market conditions were not provided in the document [1]

证券代码：600845 900926 证券简称：宝信软件 宝信 B 公告编号：临 2024-031 上海宝信软件股份有限公司董事、高级管理人员集中 竞价减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 董事、高级管理人员持股的基本情况 截至本公告披露日，公司董事长夏雪松先生持有 643,392 股 A 股，持有 792,122 股 B 股，合计持有 1,435,514 股，占公司总股本的 0.0498%；副总经理 陈健先生持有 475,100 股 A 股，持有 58,212 股 B 股，合计持有 533,312 股，占 公司总股本的 0.0185%；副总经理梁越永先生持有 203,657 股 A 股，占公司总股 本的 0.0071%；副总经理黄颖雷先生持有 299,475 股 A 股，持有 3,600 股 B 股， 合计持有 303,075 股，占公司总股本的 0.0105%；财务总监、首席运营官、董事 会秘书吕子男先生持有 443,461 股 A 股，占公司总股本的 0.0154%。 ...

宝信软件(600845.SH) 设备更新贴息政策落地,宝信软件核心受益 2024 年 06 月 25 日 ——公司信息更新报告 投资评级:买入(维持) 蒋颖(分析师) jiangying@kysec.cn 证书编号:S0790523120003 | 日期 | 2024/6/25 | |-------------------------|-------------| | 当前股价 ( 元 ) | 32.02 | | 一年最高最低 ( 元 ) | 53.54/31.81 | | 总市值 ( 亿元 ) | 923.59 | | 流通市值 ( 亿元 ) | 670.61 | | 总股本 ( 亿股 ) | 28.84 | | 流通股本 ( 亿股 ) | 20.94 | | 近 3 个月换手率 (%) | 25.19 | 股价走势图 宝信软件 沪深300 -40% -30% -20% -10% 0% 10% 2023-06 2023-10 2024-02 数据来源:聚源 相关研究报告 《入选国资委"科改企业","科特估" 有望重塑估值—公司信息更新报告》- 四部门印发实施设备更新贷款财政贴息政策通知,力推年底前落地,有望 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company, Baoxin Software, is selected as a "Ke Gai Enterprise" by the State-owned Assets Supervision and Administration Commission (SASAC), which is expected to reshape its valuation under the "Ke Te Gu" framework [4] - Baoxin Software is a leading domestic high-tech enterprise with breakthroughs in key technologies such as large-scale PLC, robotics, SCADA software, and real-time databases, positioning it to benefit significantly from the development of new productive forces [4] - The company's domestic substitution strategy is divided into three main lines: product end, industry end, and globalization, with potential for long-term growth [5] - The company's products have been widely recognized by private steel enterprises, such as Hongwang Group, which has adopted Baoxin's fully localized PLC products in multiple bases [6] Financial Projections - Revenue is projected to grow from 13,150 million yuan in 2022 to 20,380 million yuan in 2026, with a CAGR of 11.5% [7] - Net profit attributable to the parent company is expected to increase from 2,186 million yuan in 2022 to 5,294 million yuan in 2026, with a CAGR of 24.8% [7] - Gross margin is forecasted to rise from 33.0% in 2022 to 43.3% in 2026, while net margin is expected to increase from 16.6% to 26.0% over the same period [7] - ROE is projected to grow from 21.1% in 2022 to 32.1% in 2026, indicating improving profitability [7] Valuation Metrics - The current P/E ratio is 31.2x for 2024, 23.9x for 2025, and 18.1x for 2026, suggesting a relatively attractive valuation [7] - The P/B ratio is expected to decline from 9.6x in 2022 to 6.1x in 2026, reflecting potential undervaluation [7] Industry and Market Context - The company is positioned in the IT services sector, with a focus on domestic substitution and technological innovation [1] - Baoxin Software's parent company, China Baowu, is actively promoting the development of new productive forces, further supporting the company's growth [4] - The company has made significant progress in global expansion, with projects in Indonesia and plans to establish a branch in Saudi Arabia [5]

Investment Rating - The report maintains a "Buy" rating for Baoxin Software (600845 SH) [1] Core Views - Baoxin Software is a leading domestic industrial software company specializing in steel industry digitalization It benefits from industry consolidation capacity optimization and intelligent manufacturing which open up incremental space for informatization and automation transformation [7] - The company is accelerating its expansion into non-steel markets and has made breakthroughs in large-scale PLC and industrial robotics which are expected to become new growth drivers [7] - Baoxin Software is expected to achieve net profits of 3 146 billion yuan 3 942 billion yuan and 5 087 billion yuan in 2024 2025 and 2026 respectively with EPS of 1 09 yuan 1 37 yuan and 1 76 yuan [3] Financial Projections - Revenue is projected to grow by 22% 23% and 25% in 2024 2025 and 2026 respectively reaching 15 695 billion yuan 19 302 billion yuan and 24 170 billion yuan [1] - Net profit is expected to grow by 23% 25% and 29% in the same period [1] - The current stock price corresponds to a PE ratio of 30X 24X and 19X for 2024-2026 [8] Business Overview - Baoxin Software is a subsidiary of Baowu Group and has a comprehensive layout in informatization automation and robotics Its business covers industrial software automation robotics smart transportation and new-generation information infrastructure [13][14] - The company has a strong presence in the steel industry and is expanding into non-steel markets such as transportation non-ferrous metals pharmaceuticals and chemicals [19] - Baoxin Software has a rich product matrix in industrial software including MES ERP and PLC and has achieved significant breakthroughs in large-scale PLC and industrial robotics [19][20] Industry Trends - The domestic PLC market is expected to grow from 15 4 billion yuan in 2021 to 19 3 billion yuan in 2026 with a CAGR of 4 7% [34] - The industrial internet market is also growing rapidly with the domestic market size reaching 1 37 trillion yuan in 2023 and expected to continue expanding [43] - The domestic industrial software market is expected to grow steadily with a CAGR of 13 1% from 2012 to 2023 reaching 282 4 billion yuan in 2023 [28] Key Developments - Baoxin Software has signed contracts with Guangxi Hongwang and Gangdi Technology for the application of its self-developed PLC products [20] - The company is actively exploring new business models such as BOO and RaaS in the industrial robotics sector [2] - Baoxin Software is leveraging its resources in the IDC sector and is planning to expand its data center business with the development of AIGC [2]

Summary of the Conference Call Company Overview - The conference call pertains to Baoxing Human Rights, discussing the performance for the fiscal year 2023 and the first quarter of 2024 [1] Core Points and Arguments - The company achieved significant progress and results across various business sectors during the year 2023 [1] Other Important Content - The call emphasizes the company's commitment to sharing updates on its latest performance and future development plans [1]

各位投资者好欢迎参加宝兴软件2023年度及2024年第一季度业绩说明会非常的荣幸能够再次与各位分享我们公司的最新业绩和未来发展规划在过去的2023年里公司在各个业务领域取得了显著的进展和成绩感谢各位股东对公司的支持和信任 今天的说明会将重点介绍以下几个方面的内容一公司基本情况介绍二财务分析经营业绩持续增长三主要业务领域的发展状况及亮点现在进入第一部分上海宝信软件股份有限公司为中国领先的工业软件行业应用解决方案和服务提供商 上海宝信软件股份有限公司其中国跑五实际控制宝钢股份控股的上市软件企业总部位于上海自由贸易使用区是国家规划布局内重点软件企业国家级企业技术中心中国最新竞争力IT服务企业之一宝信软件依托钢铁及先进材料业雄厚的产业基础和丰富的应用场景坚持以创新为驱动 提供以钢铁业为代表的流程性制造数字化智慧化综合解决方案历经40年研发展公司在推动数实融合赋能产业数字化转型升级等方面做出了重要的贡献成为中国领先的工业软件行业应用解决方案和服务提供商产品与服务业绩涵盖钢铁有色化工矿山交通等多个行业 公司的使命是产业智慧化智慧产业化愿景是产业智慧化的领先者智慧产业化的创新者是员工和企业共同发展的示范者公司的核心价值观是 ...

本次会议紧面向开源证券的专业投资机构客户或受邀者 下研究观点的及时交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 谢谢 好的各位投资者大家晚上好我是开源通信的手艺分析师蒋颖非常感谢大家参加今天晚上的保讯软件的系列电话会议的第四场电话会议那么我们先来讲一下我们的核心观点我们认为当前的位置就是底部布局保讯软件的绝佳的这么一个时机 那我们为什么提出这样的观点呢那我们从三个方面来看啊第一个呢就是短期来讲的话那之前呢公司的股价呢确实也前段时间受到各种不实传闻的影响那随着各种不实传闻被逐个击破那短期的这个利空因素呢已经全部释放完毕了 第二个呢从公司短期的一个业绩来看的话那公司的这个季度业绩呢有望这个逐步改善那从这个国产化的订单来看那么我们预计呢从这个进入到三季度那公司的订单呢有望呈现出一个加速落底的这么一个状态那第三呢从这个非常长远的一个角度来讲的话我们看到整个智能制造这个行业呢在上行 那公司呢作为这个国产替代的这块的领头羊也是国内非常稀缺的自主可控的龙头那我们觉 ...

本次会议请面向开源证券的专业投资机构客户获得 下研究观点的及时交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 好的各位投资者大家晚上好我是开源通信的手艺分析师蒋颖那非常感谢大家参加今天晚上的保讯软件的系列电话会议的第四场电话会议那么我们先来讲一下我们的这个核心观点就我们认为呢当前的位置就是布局底部布局保讯软件的绝佳的这么一个时机 我们为什么提出这样的观点呢我们从三个方面来看第一个就是短期来讲之前公司的股价确实也前段时间受到各种不实传闻的影响随着各种不实传闻被逐个击破短期的利空因素已经全部释放完毕了 第二个呢从公司短期的一个业绩来看的话那公司的这个季度业绩呢有望这个逐步改善那从这个国产化的订单来看那么我们预计呢从这个进入到三季度那公司的订单呢有望呈现出一个加速落底的这么一个状态那第三呢从这个非常长远的一个角度来讲的话我们看到整个智能制造这个行业呢在上行 那公司呢作为这个国产替代的这块的领头羊也是国内非常稀缺的自主可控的龙头那我们觉得呢它是具备比较广阔 ...