Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 2024 performance exceeded market expectations, with revenue reaching 3.391 billion yuan, a year-on-year increase of 34.44%, and net profit attributable to the parent company of 590 million yuan, a year-on-year increase of 18.19% [2] - The company's operating cash flow and gross margin remain strong, with operating cash flow reaching 470 million yuan in Q1 2024, a year-on-year increase of 24.67%, and a gross margin of 32.68% [3] - The company is accelerating the localization of automation products and expanding its robotics business, with significant progress in PLC and robotics [3] Financial Performance - Revenue for 2024 is expected to reach 14.396 billion yuan, a year-on-year increase of 11.46%, with net profit attributable to the parent company expected to be 3.062 billion yuan, a year-on-year increase of 19.90% [2] - EPS for 2024 is forecasted to be 1.27 yuan per share, with a P/E ratio of 31.47 [2] - The company's operating cash flow in Q1 2024 was 470 million yuan, a year-on-year increase of 24.67%, and the gross margin was 32.68% [3] Business Development - The company signed a contract with Guangxi Hongwang for a 1550 cold rolling project, which will use the company's latest fully localized PLC products and is expected to be operational by March 2025 [3] - The company showcased its Turing robots at the 2024 Hannover Messe, highlighting its strategic focus on serving the global market with industrial robotics solutions [3] Market Data - The closing price of the company's stock is 40.09 yuan, with a one-year low/high range of 35.28/57.28 yuan [4] - The company's market capitalization is 96.363 billion yuan, with a P/B ratio of 8.05 [4] Financial Forecasts - Revenue for 2025 is expected to reach 16.622 billion yuan, a year-on-year increase of 15.46%, with net profit attributable to the parent company expected to be 3.782 billion yuan, a year-on-year increase of 23.53% [2] - EPS for 2025 is forecasted to be 1.57 yuan per share, with a P/E ratio of 25.48 [2] Key Financial Metrics - The company's ROE for 2024 is expected to be 22.76%, with a ROIC of 20.85% [7] - The company's net profit margin for 2024 is expected to be 21.27%, with a gross margin of 37.89% [7]

证券研究报告 | 季报点评 2024年04月25日 宝信软件（600845.SH） 24Q1 业绩超预期，PLC 及机器人有望打开新成长空间 事件：4 月 24 日，公司发布《2024 年第一季度报告》，实现营业收入 33.91 买入（维持） 亿元，同比增长34.44%（调整后）；归属于上市公司股东的净利润5.90亿元， 股票信息 同比增长18.19%（调整后），超出市场预期。 行业 IT 服务 24Q1业绩超预期，自动化及信息化业务快速增长。1）报告期内，公司实现营 前次评级 买入 业收入33.91亿元，同比增长34.44%（调整后）；归母净利润5.90亿元，同 4月24日收盘价(元) 40.09 比增长18.19%（调整后），主要系本期自动化及信息化业务收入同比增加所致， 总市值(百万元) 96,363.32 或反映了宝武系信息化及自动化需求持续释放。2）根据公司公告，2023 年公 总股本(百万股) 2,403.67 司实际发生关联交易收入 72.65 亿元，预计 2024 年发生关联交易收入 113.00 其中自由流通股(%) 72.19 亿元，同比增速预计达到55.54%。在钢铁数智化转型的大背景下 ...

证券研究报告 | 2024年04月25日 宝信软件（600845.SH）——2024 年一季报点评 买入 收入增速反弹，业绩持续稳健增长 核心观点 公司研究·财报点评 一季度收入高增长。公司发布24Q1财报，收入33.91亿元（+34.44%），归 计算机·IT服务Ⅱ 母净利润5.90亿元（+18.19%），扣非归母净利润5.86亿元（+20.31%）。 证券分析师：熊莉 证券分析师：库宏垚 公司收入和利润高增长，主要是自动化及信息化业务收入同比增加所致。同 021-61761067 021-60875168 xiongli1@guosen.com.cn kuhongyao@guosen.com.cn 时，在23年12月，公司以1.95亿元增资方式获得“上海图灵”42%的股权， S0980519030002 S0980520010001 并取得实际控制权，自24年1月起，“上海图灵”纳入公司合并报表。 基础数据 毛利率同比有所下降，费用控制效果初显。公司24Q1毛利率为32.68%，同 投资评级 买入(维持) 合理估值 比下降7.58个百分点。结合23年毛利率创历史新高，低毛利率业务较少； 收盘价 40.09 ...

Q1 营收利润超预期，PLC+工业机器人前景广阔 宝信软件（600845.SH）/通 证券研究报告/公司点评 2024年4月24日 信 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：40.09元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 13,150 12,916 15,703 19,386 24,203 分析师：陈宁玉 增长率yoy% 12% -2% 22% 23% 25% 执业证书编号：S0740517020004 净利润（百万元） 2,186 2,554 3,146 4,103 5,168 电话：021-20315728 增长率yoy% 20% 17% 23% 30% 26% 每股收益（元） 0.91 1.06 1.31 1.71 2.15 Email：chenny@zts.com.cn 每股现金流量 1.05 1.09 0.97 1.35 1.68 研究助理：杨雷 净资产收益率 21% 21% 21% 22% 22% Email：yanglei01@zts.c ...

[Table_Page] 年报点评|IT服务Ⅱ 证券研究报告 [宝Table_信Title] 软件（600845.SH） [公Tab司le_I评nves级t] 买入 当前价格 36.90元 毛利率提升，宝武系需求旺盛助力成长 合理价值 50.75元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-24  公司披露23年年报及24年一季报。1.23年营收129.16亿元，同比减 [相Tab对le_P市icQ场uote表] 现 少1.8%；归母净利润25.54亿元，同比+16.8%；扣非归母净利润24.13 亿元，同比+15.2%。2. 24Q1营收33.91亿元，同比+34.4%。 22% 13%  23年主要业务毛利率均明显提升，24Q1毛利率有一定波动，关注后续 4% 变化。23年软件开发及工程服务毛利率同比增加3.45pct，服务外包毛 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 利率同比增加 4.22pct，两大主要业务毛利率提升推动公司综合毛利率 -13% 同比增加 3.89pct。未来受益较高毛利率自主可 ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [2][6]. Core Insights - The company has demonstrated robust revenue growth, with Q1 2024 revenue reaching RMB 3.391 billion, a year-on-year increase of 34.4%. The net profit attributable to shareholders was RMB 590 million, up 18.2% year-on-year [3]. - The automation and information technology sectors are experiencing rapid growth, contributing significantly to the company's revenue. Despite a decline in gross margin by 7.58 percentage points to 32.68%, effective cost control measures have been implemented [3]. - The company has acquired a controlling stake in Turing Robotics, which showcased its products at the Hannover Industrial Fair, indicating a strategic move to enhance its capabilities in the industrial robotics sector [3]. - The demand for computing power is expected to rise due to the influence of AI and the digital economy, with the company actively participating in the construction of national computing hubs and data centers [4]. Financial Summary - The company's net profit is projected to grow from RMB 2.186 billion in 2022 to RMB 5.155 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 27.23% [5]. - Earnings per share (EPS) are expected to increase from RMB 0.91 in 2022 to RMB 2.14 in 2026, with a similar growth trajectory [5]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 41 in 2024 to 17 by 2026, indicating an improving valuation as earnings grow [5].

计算机/IT服务Ⅱ 公 司 研 宝信软件（600845.SH） 业绩超预期，宝信图灵机器人全球扩张，国产化持续落地 究 2024年04月23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 日期 2024/4/23 证 书编号：S0790523120003  业绩实现高增长，图灵机器人亮相德国工业博览会，维持“买入”评级 当前股价(元) 36.90 2024年4月23日公司发布2024年第一季度报告，2024Q1实现营收33.91亿元， 公 一年最高最低(元) 57.28/35.28 司 同比增长 34.44%，实现归母净利润 5.90 亿元，同比增长 18.19%，实现扣非归 信 总市值(亿元) 886.96 母净利润 5.86 亿元，同比增长 20.31%，实现经营性净现金流 4.70 亿元，同比 息 流通市值(亿元) 640.30 更 增长24.58%，营收增长主要是自动化及信息化业务收入同比增加所致。2024Q1 总股本(亿股) 24.04 新 实现毛利率 32.68%，随着高毛利率自研国产化产品推进和确认，我们判断长期 报 流通股本(亿股) 1 ...

| 第一章 总则------------------------------------------------------------------2 | | --- | | 第二章 经营宗旨和范围--------------------------------------------------------3 | | 第三章 股份------------------------------------------------------------------3 | | 第一节 股份发行------------------------------------------------------3 | | 第二节 股份增减和回购------------------------------------------------4 | | 第三节 股份转让------------------------------------------------------4 | | 第四章 股东和股东大会--------------------------------------------------------5 | | ...

股票代码：A600845 B900926 股票简称：宝信软件 宝信B 编号：临2024-020 上海宝信软件股份有限公司第十届董事会第十九次会议通知于 2024 年 4 月 12 日以电子邮件的方式发出，于 2024 年 4 月 23 日以通讯表决方式召 开，应到董事 11 人，实到 11 人，监事和高级管理人员列席了会议。本次 会议符合《公司章程》和有关法律、法规的要求，会议合法有效。 会议由董事长夏雪松先生主持，审议了以下议案： 上海宝信软件股份有限公司公告 上海宝信软件股份有限公司 第十届董事会第十九次会议决议公告 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。 表决情况：同意 11 票，反对 0 票，弃权 0 票。是否通过：通过。 本次会议还听取了 2024 年第一季度内控检查工作报告。 特此公告。 上海宝信软件股份有限公司 董 事 会 2024 年 4 月 24 日 一、2024 年第一季度报告的议案 本议案已经公司董事会审计委员会审议通过，同意提交董事会审议。 表决情况：同意 11 票，反对 0 票，弃权 0 票。 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥3,391,127,645.46, representing a year-on-year increase of 34.44% compared to ¥2,522,490,740.15 in the same period last year[4] - Net profit attributable to shareholders of the listed company was ¥589,681,019.87, an increase of 18.19% from ¥498,913,812.01 in the previous year[4] - Basic earnings per share for the period was ¥0.250, reflecting a growth of 17.37% compared to ¥0.213 in the same period last year[5] - Operating profit for Q1 2024 was RMB 655,689,461.03, compared to RMB 573,615,608.46 in Q1 2023, reflecting a growth of 14.3%[18] - Net profit for Q1 2024 was RMB 589,384,795.18, up 14.9% from RMB 513,085,018.60 in Q1 2023[18] - The company reported a total comprehensive income of ¥526,815,176.65 for Q1 2024, compared to ¥449,471,667.54 in Q1 2023[27] Cash Flow and Assets - The net cash flow from operating activities was ¥469,884,059.44, showing an increase of 24.58% from ¥377,166,316.45 in the previous year[5] - Cash flow from operating activities for Q1 2024 was ¥527,254,005.31, compared to ¥450,009,793.86 in Q1 2023, indicating an increase of 17.2%[29] - The company's cash and cash equivalents reached RMB 6.26 billion, up from RMB 5.96 billion, indicating a growth of about 5.1%[13] - The total cash and cash equivalents at the end of the period amounted to 6,234,097,706.87 RMB, an increase from 5,756,910,976.34 RMB at the end of the previous period[21] - Total assets at the end of the reporting period amounted to ¥22,581,419,164.72, a 3.19% increase from ¥21,882,684,637.81 at the end of the previous year[5] - Total assets as of March 31, 2024, were RMB 22.58 billion, compared to RMB 21.88 billion at the end of 2023, reflecting an increase of approximately 3.2%[16] Liabilities and Equity - The company's total liabilities decreased to RMB 9.64 billion from RMB 9.79 billion, a reduction of about 1.5%[15] - The company's equity attributable to shareholders increased to RMB 11.97 billion from RMB 11.31 billion, marking a growth of approximately 5.8%[15] - The total liabilities amounted to 8,553,080,210.28 RMB, a decrease from 8,773,913,759.31 RMB in the previous period[24] Shareholder Information - The company reported a total of 61,305 common shareholders at the end of the reporting period[9] - The largest shareholder, Baoshan Iron & Steel Co., Ltd., holds 1,175,111,849 shares, representing 48.89% of the total shares[9] Operational Highlights - The increase in operating revenue was primarily driven by growth in automation and information technology business income[8] - The company aims to continue expanding its market presence and investing in new technologies to drive future growth[17] Research and Development - Research and development expenses for Q1 2024 were RMB 320,382,724.38, slightly down from RMB 325,154,088.25 in Q1 2023[17] - Research and development expenses for Q1 2024 amounted to ¥248,275,666.32, slightly up from ¥241,640,095.06 in Q1 2023[26] Inventory and Accounts - The company’s inventory decreased to RMB 3.10 billion from RMB 3.52 billion, indicating a decline of approximately 12%[13] - The inventory decreased to 2,196,447,677.47 RMB from 2,658,906,996.44 RMB, indicating a reduction of about 17.4%[23] - The company reported a decrease in accounts payable to RMB 3.64 billion from RMB 3.58 billion, a slight reduction of about 1.7%[15] - The accounts receivable increased to 2,572,396,693.74 RMB from 2,366,849,131.54 RMB, reflecting a growth of approximately 8.7%[23] Other Financial Metrics - The gross profit margin for Q1 2024 was approximately 32.8%, compared to 43.5% in Q1 2023, indicating a decrease in profitability[26] - The company did not conduct an audit for the Q1 financial statements[3] - The company acquired a 42% stake in Shanghai Turing Intelligent Manufacturing Robot Co., Ltd. for RMB 195 million, gaining actual control starting January 2024[12]