Summary of Shanghai Baosight Software (600845.SS) Conference Call Company Overview - **Company**: Shanghai Baosight Software - **Ticker**: 600845.SS - **Industry**: Software and Automation for Manufacturing, particularly in the Steel Industry Key Financial Results - **4Q24 Results**: - Revenue: Rmb3,888 million, down 5% YoY - Gross Profit: Rmb1,226 million, down 4% YoY - EBIT: Rmb348 million, down 41% YoY - Net Income: Rmb335 million, down 51% YoY - Gross Profit Margin: 32%, flat YoY - Operating Profit Margin: 9%, down 5 percentage points YoY - Net Profit Margin: 9%, down 8 percentage points YoY - All figures missed Goldman Sachs estimates by 7% to 53% [1][2][8] Related-Party Revenue - **2024 Related-Party Revenue**: Rmb6,916 million, down 5% YoY, missing prior guidance by 39% [1][6] - **2025 Guidance**: Targeting Rmb10,200 million in related-party revenue, indicating a 10% decline from 2024 [2][6] Industry Outlook - **Steel Industry Investment**: Continued uncertainties expected, with depressed capacity utilization and margins forecasted for 2025 [2] - **Steel Demand**: Anticipated to stabilize YoY after a prolonged contraction since 2021 [2][3] Revised Financial Forecasts - **Net Income Forecasts**: Revised down by 12-14% for 2025-2030 to reflect current results and industry outlook [2][7] - **New Revenue Estimates**: - 2024: Rmb13,644 million - 2025E: Rmb15,286 million - 2026E: Rmb17,091 million - 2027E: Rmb19,529 million - 2028E: Rmb22,269 million - 2029E: Rmb25,496 million - 2030E: Rmb28,996 million [7] Investment Thesis - **Growth Drivers**: - Increased spending on production software to enhance manufacturing efficiency - Continued consolidation in the steel industry by Baowu Steel Group - Proven track record of expanding into new markets and customers - **Risks**: - 51% of revenue from related-party transactions, exposing the company to fluctuations in spending from Baowu [10][11] Valuation - **12-Month Price Target**: Rmb28.5, based on a 27X 2026E PE discounted back to 2025E with a 10.5% cost of equity [2][11] - **Current Price**: Rmb28.46, indicating a minimal upside of 0.1% [12] Conclusion - The company is rated as Neutral, reflecting a fair valuation compared to peers in the China Industrial Tech sector, with significant reliance on related-party revenue and a challenging outlook for the steel industry [10][11]

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：A600845 B900926 股票简称：宝信软件 宝信B 编号：临2025-012 上海宝信软件股份有限公司 2025年度日常关联交易公告（更新版） 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。 重要内容提示： ●2025年度日常关联交易需提交股东大会审议。 2、关联董事王成然、蒋立诚、谢力在表决本议案时回避表决； ●关联交易按照公开、公允、公正的原则进行交易，符合公司和全体股东的共同利益，不会损害中小股 东利益，不会影响公司独立性。 根据上海证券交易所《股票上市规则》对上市公司关联交易的要求，为规范关联交易，公司根据2025年 度经营计划和以前年度关联交易实际情况，对2025年度日常关联交易进行了合理预计，经公司第十届董 事会第二十七次会议审议通过，拟提交公司2024年度股东大会审议批准。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会审计委员会和独立董事专门会议已审议通过本议案； ■ 3、本议案尚需获得股东大会批准，关联股东应回避表决。 ...

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 2025-012 上海宝信软件股份有限公司 2025 年度日常关联交易公告（更新版） 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。 重要内容提示： 根据上海证券交易所《股票上市规则》对上市公司关联交易的要求， 为规范关联交易，公司根据 2025 年度经营计划和以前年度关联交易实际情 况，对 2025 年度日常关联交易进行了合理预计，经公司第十届董事会第二 十七次会议审议通过，拟提交公司 2024 年度股东大会审议批准。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会审计委员会和独立董事专门会议已审议通过本议案； - 1 - 说明：公司在预计 2024 年日常关联交易额度时是基于经营需要和业务开展进度进行的判 断，以与关联方可能发生的业务上限金额进行预计，但实际发生额主要根据市场情况、双方业 务发展、实际需求及具体执行进度确定，导致实际发生额与预计金额存在一定差异。以上与关 联方实际发生的关联 ...

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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company's overall performance is under pressure, with a significant decline in profits in Q4 2024. The projected revenue for 2024 is 13.644 billion yuan (+5.64%), while the net profit attributable to shareholders is expected to be 2.265 billion yuan (-11.28%) [8][3] - The core business segments are showing stable growth, with software development and engineering revenue at 9.910 billion yuan (+6.31%), and service outsourcing revenue at 3.656 billion yuan (+4.73%). However, system integration revenue has decreased significantly [8][2] - The company is expected to benefit from the growth of the AIDC industry and increased domestic production efforts in PLC, with successful project bids indicating potential recovery in IDC business [2][3] Financial Performance Summary - The company's gross margin for 2024 is projected to be 34.77%, a decrease of 2.15 percentage points. The operating cash flow has also seen a significant decline, with a net cash flow from operating activities of 1.671 billion yuan, down approximately 35.9% year-on-year [2][18] - The company has completed significant related transactions with Baowu Group, amounting to 6.399 billion yuan in 2024, with expectations of further growth in 2025 [2][3] - The financial forecasts for 2025-2027 indicate a recovery in net profit, with estimates of 2.800 billion yuan, 3.311 billion yuan, and 3.804 billion yuan respectively [3][4]

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]