Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 13.644 billion yuan for 2024, representing a year-on-year growth of 5.64%. However, the net profit attributable to shareholders decreased by 11.28% to 2.265 billion yuan, and the net profit after deducting non-recurring gains and losses fell by 8.91% to 2.198 billion yuan. The net cash flow from operating activities also declined by 35.94% to 1.671 billion yuan [2][5] - The short-term industry pressure and the group's contraction in actions may delay revenue realization, but the long-term potential and certainty of promoting large and medium-sized PLCs within the Baowu system remain optimistic. The expected net profits for 2025-2027 are projected to be 2.4 billion yuan, 2.54 billion yuan, and 2.72 billion yuan, with corresponding growth rates of 5.7%, 6.0%, and 7.1%, and PE ratios of 32.9x, 31.0x, and 29.0x respectively [2][5] Summary by Sections Revenue Performance - The company experienced a revenue growth of 6% for the entire year of 2024, while Q4 revenue declined by 5.11%. The software development and engineering services segment generated 9.91 billion yuan, up 6% year-on-year, while the outsourcing services segment brought in 3.66 billion yuan, up 5%. However, the system integration segment saw a significant decline of 30% to 0.07 billion yuan [11] - The revenue from actual transactions with Baowu Group was 6.92 billion yuan, down 5% year-on-year, which is significantly lower than the expected value in the 2024 report [11] Profitability Analysis - The company's gross margin for 2024 was 34.8%, a decrease of 2.2 percentage points year-on-year. The gross margins for software development and engineering services, and outsourcing services were 31.1% and 44.9%, respectively [11] - The company managed to optimize expenses, with sales, management, and R&D expense ratios at 1.9%, 13.6%, and 10.7%, respectively, showing slight year-on-year reductions [11] Cash Flow Situation - The operating cash flow for 2024 was 1.671 billion yuan, a decline of 36% year-on-year, primarily due to the deteriorating profitability of downstream customers affecting payment schedules [11] Business Development - The company is actively developing AI and robotics, responding to the group's strategy to promote intelligent transformation in the steel industry. The IDC business is expected to enter a new round of construction cycles, with a 47% year-on-year increase in ongoing projects [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 13.644 billion yuan in 2024, representing a year-on-year growth of 5.64%. However, the net profit attributable to shareholders decreased by 11.28% to 2.265 billion yuan [1][4]. - The company is focusing on AI-driven transformation in the steel industry, with a research and development expenditure of 1.461 billion yuan, a slight increase of 0.50% year-on-year [2]. - The company has made significant advancements in developing domestically produced PLC products and is progressing with the construction of its cloud computing center [3]. Financial Performance Summary - Revenue for 2024: 13.644 billion yuan, up 5.64% from 2023 [7]. - Net profit for 2024: 2.265 billion yuan, down 11.28% from 2023 [7]. - Operating cash flow for 2024: 1.671 billion yuan, down 35.94% year-on-year [1]. - Revenue projections for 2025-2027 are 14.635 billion, 15.533 billion, and 16.396 billion yuan, respectively [4]. - Net profit projections for 2025-2027 are 2.546 billion, 2.756 billion, and 2.968 billion yuan, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 13.644 billion yuan in 2024, representing a year-on-year growth of 5.64%. However, the net profit attributable to shareholders decreased by 11.28% to 2.265 billion yuan [1]. - The company is focusing on AI-driven transformation in the steel industry, with a research and development expenditure of 1.461 billion yuan, a 0.50% increase year-on-year [2]. - The company has made significant advancements in large-scale PLC products, launching the Tianxing series of fully autonomous T3 and T4 PLC products [3]. - The long-term growth potential of the company is considered broad, with projected revenues of 14.635 billion yuan, 15.533 billion yuan, and 16.396 billion yuan for 2025, 2026, and 2027 respectively [4]. Financial Performance - In 2024, the company's operating income was 13.644 billion yuan, with a year-on-year increase of 5.64%. The net profit attributable to shareholders was 2.265 billion yuan, down 11.28% from the previous year [1][7]. - The company’s gross profit margin for software development and engineering services was 31.14%, while the service outsourcing segment had a gross profit margin of 44.93% [1]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.88 yuan, 0.96 yuan, and 1.03 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 30.92, 28.57, and 26.52 [4][7].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事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。 近期，公司股价出现非理性波动。基于对公司发展前景的信心，为保护全体股东权益，宝信软件将采取 以下措施维护公司股价稳定： 4、作为央企旗下信息高科技公司和国产软件领军者，公司坚持服务国家战略、坚持科技自立自强，勇 担国家使命担当类战略任务，围绕战略性新兴产业布局、原创技术自主可控、产业链安全等相关工作， 突破了一批原创关键技术、推出了一批使命类产品、形成了一批行业示范应用，不断增强核心功能、加 速产业智慧化，不断提升核心竞争力、推动智慧产业化，在推进数实融合、赋能产业数智化转型升级等 方面彰显央企担当。 5、公司将聚焦人工智能、钢铁行业大模型、天行系列大型PLC、人形机器人本体及应用等核心技术和 重点领域，持续加大研发资源投入，保障核心技术突破；积极打造创新生态圈，通过共同承担国家、地 方重大科研项目、开展全链条协同创新等方式，加强产学研深度协同、融合创新；发挥标准引领作用， 强化标准化工作，研究策划布局国际标准，加强国际标准人才培 ...

上海宝信软件股份有限公司公告 股票代码：A600845 B900926 股票简称：宝信软件 宝信 B 编号：临 2025-011 上海宝信软件股份有限公司 关于维护公司股价稳定的公告 本公司董事会及全体董事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。 近期，公司股价出现非理性波动。基于对公司发展前景的信心，为保 护全体股东权益，宝信软件将采取以下措施维护公司股价稳定： - 1 - 上海宝信软件股份有限公司公告 5、公司将聚焦人工智能、钢铁行业大模型、天行系列大型 PLC、人形 机器人本体及应用等核心技术和重点领域，持续加大研发资源投入，保障 核心技术突破；积极打造创新生态圈，通过共同承担国家、地方重大科研 项目、开展全链条协同创新等方式，加强产学研深度协同、融合创新；发 挥标准引领作用，强化标准化工作，研究策划布局国际标准，加强国际标 准人才培养。公司研发投入从 2021 年的 12.9 亿元增长至 2024 年的 14.6 亿元。 1、公司全体董事、监事、高级管理人员承诺，自 2025 年 4 月 8 日起 半年内，不减持所持有的公司股份。 2 ...

全年业绩承压，四季度利润下滑较大。2024 年公司营业收入 136.44 亿元 （+5.64%）；归母净利润 22.65 亿元（-11.28%），扣非归母净利润 21.98 亿元（-8.91%）。单 Q4 来看，公司收入 38.88 亿元（-5.11%），归母净利 润 3.35 亿元（-50.89%），扣非归母净利润 3.13 亿元（-48.91%）。24 年钢 铁行业整体承压较大，导致利润整体下滑。 证券研究报告 | 2025年04月06日 宝信软件（600845.SH） 优于大市 全年业绩承压，IDC 和 PLC 业务有望回暖 核心业务保持平稳增长。分业务来看，软件开发及工程收入 99.10 亿元 （+6.31%），毛利率下降 1.02 个百分点；服务外包收入 36.56 亿元（+4.73%）， 毛利率下降 5.33 个百分点；系统集成收入 0.65 亿元（-30.13%），毛利率 下降 0.63 个百分点。 整体毛利率有所下降，费用率同时下降。公司 24 年毛利率 34.77%，下降 2.15 个百分点。费用率方面，销售、管理、研发费用率分别下降 0.08、0.44、0.55 个百分点。公司经营活动现金 ...

Core Insights - In 2024, the company reported a revenue of 13.644 billion yuan, a year-on-year increase of 5.64%, while the net profit attributable to shareholders was 2.265 billion yuan, a decrease of 11.28% [1] - The overall gross margin declined to 34.77%, down 2.15 percentage points, primarily due to the impact of the outsourcing service business [1] - The company is accelerating the implementation of "AI+" applications in the industrial sector, with over 100 application instances formed [1] Financial Performance - The net cash flow from operating activities was 1.671 billion yuan, a year-on-year decrease of 35.94% [1] - The gross margin for the outsourcing service business was 44.93%, down 5.33 percentage points [1] - The company expects total revenues of 15.499 billion, 17.804 billion, and 20.379 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 13.59%, 14.88%, and 14.46% [3] Business Development - The company has developed a complete product matrix for industrial robots, covering payloads from 1KG to 500KG, and is expanding into new sectors such as new energy and metal processing [2] - The company is promoting the localization of large PLCs and core industrial software, with the launch of the Tianxing series of fully controllable PLC products [3] - The company is exploring "humanoid robot + AI" applications in various industries, achieving large-scale applications in steel, non-ferrous metals, and 3C electronics [2]

Core Viewpoint - The China Securities Central Enterprises New Momentum Theme Index has experienced a decline, reflecting the overall performance of selected central enterprise listed companies in manufacturing, technology, and modern services sectors [1][2] Group 1: Index Performance - The index opened lower and fluctuated, closing down 0.23% at 1593.32 points with a trading volume of 17.177 billion yuan [1] - Over the past month, the index has decreased by 0.93%, and it has fallen by 2.38% over the last three months and year-to-date [1] Group 2: Index Composition - The index comprises 45 representative listed companies from central enterprises under the State-owned Assets Supervision and Administration Commission, focusing on R&D investment, profitability, and industry cross-integration [1] - The top ten weighted stocks in the index are Hikvision (10.25%), Guodian NARI (9.28%), Changan Automobile (8.8%), AVIC Optoelectronics (7.12%), China Merchants Highway (3.75%), AVIC On-board (3.65%), Shenzhen South Road (3.58%), China Software (3.51%), Baoxin Software (3.4%), and AVIC High-Tech (2.74%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.81%), followed by the Shanghai Stock Exchange (40.91%) and the Beijing Stock Exchange (0.28%) [1] - The industry distribution of the index holdings shows that industrials account for 47.74%, information technology for 34.27%, consumer discretionary for 9.20%, financials for 4.14%, communication services for 3.83%, and materials for 0.83% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Financial Performance - The company's operating revenue for 2024 reached approximately CNY 13.64 billion, representing a year-on-year increase of 5.64% compared to CNY 12.92 billion in 2023[23]. - The net profit attributable to shareholders for 2024 was approximately CNY 2.27 billion, a decrease of 11.28% from CNY 2.55 billion in 2023[23]. - The basic earnings per share for 2024 was CNY 0.797, down 11.74% from CNY 0.903 in 2023[22]. - The net cash flow from operating activities decreased by 35.94% to approximately CNY 1.67 billion in 2024, compared to CNY 2.61 billion in 2023[23]. - The total assets as of the end of 2024 were approximately CNY 21.64 billion, a decrease of 1.12% from CNY 21.88 billion at the end of 2023[23]. - The company's net assets attributable to shareholders increased by 0.80% to approximately CNY 11.40 billion at the end of 2024, compared to CNY 11.31 billion at the end of 2023[23]. - The weighted average return on equity for 2024 was 20.67%, down from 24.65% in 2023, a decrease of 3.98 percentage points[22]. - The company reported a decrease in the weighted average return on equity after deducting non-recurring gains and losses to 20.11% in 2024, down from 23.30% in 2023[24]. Quarterly Performance - In Q1 2024, the company's operating revenue was approximately CNY 3.39 billion, with a net profit attributable to shareholders of CNY 589.68 million[9]. - In Q2 2024, the operating revenue slightly decreased to approximately CNY 3.35 billion, while the net profit attributable to shareholders increased to CNY 741.16 million[9]. - The third quarter of 2024 saw a further decline in operating revenue to approximately CNY 3.01 billion, with a net profit attributable to shareholders of CNY 599.45 million[9]. - The fourth quarter of 2024 projected an increase in operating revenue to approximately CNY 3.89 billion, but the net profit attributable to shareholders is expected to drop to CNY 335.19 million[9]. Research and Development - Research and development expenses totaled RMB 1.461 billion, accounting for 10.71% of operating revenue[54]. - The total investment in research and development remained stable, with no capitalized R&D expenses reported[54]. - The company is focusing on the development of artificial intelligence as a key driver for high-quality development, with significant applications in various industries such as healthcare, finance, and education[72]. - The company is leveraging AI technology to drive innovation in industrial software, significantly improving R&D efficiency through autonomous decision-making in design and process optimization[73]. Market Expansion and Strategy - The company is actively expanding into non-steel markets such as non-ferrous metals, mining, chemicals, and urban rail transit, aiming to create new business growth points[39]. - The company is planning to expand its market presence through potential mergers and acquisitions, aiming for growth in the steel industry[178]. - The company aims to enhance its core capabilities in artificial intelligence, focusing on the development of foundational technologies, including DeepSeek, and plans to release a full version of its AI platform for the steel industry[80]. - The company is committed to independent and controllable technological innovation, particularly in PLC core technology and AI integration, to expand into new industries such as non-ferrous metals and mining[81]. Environmental and Social Responsibility - The company has invested in environmental protection management, establishing new management procedures to enhance daily operations[133]. - The company has actively engaged in environmental protection training and initiatives, emphasizing ecological responsibility among employees[135]. - The company reduced carbon emissions by 39,488 tons during the reporting period[136]. - The rooftop photovoltaic project at Luojing Base has a total scale of 13.89 MWp for solar power generation and a 0.5 MW/1 MWh energy storage station, expected to be operational in 2024[136]. Corporate Governance and Management - The company has established a robust internal control management system, ensuring effective internal controls in all significant aspects of financial and non-financial reporting[129]. - The company has implemented a stock incentive plan, with adjustments made to the repurchase price and the number of restricted stocks granted[126]. - The company held a total of 9 board meetings in the year, with 4 conducted in person and 5 via communication methods[108]. - The company’s board of directors has established specialized committees, including the Audit Committee and the Compensation and Assessment Committee[109]. Shareholder and Executive Information - The total number of shares held by executives increased from 3,866,957 to 4,270,349, representing a change of 403,392 shares during the reporting period[96]. - Chairman Xia Xuesong's shareholding increased by 139,252 shares, ending the year with 1,335,514 shares, while his pre-tax compensation was 2.1094 million yuan[95]. - General Manager Wang Jianhu's shareholding rose by 85,027 shares to 510,155, with a pre-tax compensation of 1.8006 million yuan[95]. - The total pre-tax compensation for all executives amounted to 14.0099 million yuan[96]. Financial Controls and Audit - The audit report issued by Tianjian Accounting Firm confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2024[188]. - The audit opinion was unqualified, indicating no significant issues were found in the financial reporting process[188]. - The company is committed to maintaining necessary internal controls to ensure the financial statements are free from material misstatement due to fraud or error[195]. - The governance structure is responsible for overseeing the financial reporting process, ensuring compliance with accounting standards[195].

Group 1 - The internal control audit report for Shanghai Baoxin Software Co., Ltd. indicates that the company maintained effective internal controls over financial reporting as of December 31, 2024 [1] - The responsibility for establishing and implementing effective internal controls lies with the company's board of directors, as per relevant regulations [1] - The audit firm acknowledges the inherent limitations of internal controls, which may not prevent or detect misstatements [1] Group 2 - The audit opinion states that Baoxin Software Company has maintained effective internal controls in all material respects according to the basic norms and related regulations [1] - The audit was conducted in accordance with the guidelines for internal control audits and relevant professional standards [1]