上海市长乐路 989 号世纪商贸广场 26-27 楼 邮编 200031 26-27th Floor, The Center, No.989 Changle Road, Shanghai 200031,P.R.C. Tel: (86-21) 5292-1111, (86-21) 6350-0777 Fax: (86-21) 5292-1001, (86-21) 6272-6366 www.watson-band.com.cn mail@watson-band.com.cn 上海市华诚律师事务所 第二期限制性股票计划预留第二批 第三个解除限售期解除限售的 法律意见书 上海市华诚律师事务所 二零二四年十月 上 海 北 京 香 港 哈尔滨 兰 州 烟 台 广 州 芝加哥 东 京 S h a n g h a i B e i j i n g H o n g K o n g H a r b i n L a n z h o u Y a n t a i G u a n g z h o u C h i c a g o T o k y o 关于上海宝信软件股份有限公司第二期限制性股票计划预留第二批第三个解除限售期解除限售的法律意 ...

上海市长乐路 989 号世纪商贸广场 26-27 楼 邮编 200031 26-27th Floor, The Center, No.989 Changle Road, Shanghai 200031,P.R.C. Tel: (86-21) 5292-1111, (86-21) 6350-0777 Fax: (86-21) 5292-1001, (86-21) 6272-6366 www.watson-band.com.cn mail@watson-band.com.cn 关于上海宝信软件股份有限公司 第三期限制性股票计划预留第一批 第一个解除限售期解除限售的 法律意见书 上海市华诚律师事务所 二零二四年十月 上 海 北 京 香 港 哈尔滨 兰 州 烟 台 广 州 芝加哥 东 京 S h a n g h a i B e i j i n g H o n g K o n g H a r b i n L a n z h o u Y a n t a i G u a n g z h o u C h i c a g o T o k y o 关于上海宝信软件股份有限公司第三期限制性股票计划预留第一批第一个解除限售期解除限售 ...

上海市长乐路 989 号世纪商贸广场 26-27 楼 邮编 200031 26-27th Floor, The Center, No.989 Changle Road, Shanghai 200031,P.R.C. Tel: (86-21) 5292-1111, (86-21) 6350-0777 Fax: (86-21) 5292-1001, (86-21) 6272-6366 www.watson-band.com.cn mail@watson-band.com.cn 上海市华诚律师事务所 关于上海宝信软件股份有限公司 上海市华诚律师事务所 二零二四年十月 上 海 北 京 香 港 哈尔滨 兰 州 烟 台 广 州 芝加哥 东 京 S h a n g h a i B e i j i n g H o n g K o n g H a r b i n L a n z h o u Y a n t a i G u a n g z h o u C h i c a g o T o k y o 关于上海宝信软件股份有限公司 调整第三期限制性股票计划回购价格和回购注销部分限制性股票的法律意见书 致：上海宝信软件股份有限公司 调 ...

公司于 2024 年 7 月 3 日披露了《董事、高级管理人员减持股份计划公告》， （公告编号：临 2024-031），因缴纳股权激励个人所得税等个人资金需求，上述 董事、高级管理人员拟自减持计划公告之日起 15 个交易日后的 3 个月内（窗口 期不减持），在符合上市公司董监高减持规定的前提下，通过集中竞价方式，合 计减持不超过 470,000 股股份（占公司总股本的 0.0163%），上述董事、高级管 理人员本次减持股份均不会超过其各自持有公司股份总数的 25%。 截至 2024 年 10 月 23 日，公司董事长夏雪松先生减持股份数量共计 100,000 股，减持股份数量占公司总股本的 0.0035%；副总经理陈健先生减持股份数量共 计 110,000 股，减持股份数量占公司总股本的 0.0038%；副总经理梁越永先生减 持股份数量共计 40,000 股，减持股份数量占公司总股本的 0.0014%；副总经理 黄颖雷先生减持股份数量共计 20,000 股，减持股份数量占公司总股本的 0.0007%； 1 证券代码：600845 900926 证券简称：宝信软件 宝信 B 公告编号：临 2024-043 上海 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40 RMB per share [3][4]. Core Insights - The company has secured a significant IDC project, marking a substantial milestone in its IDC business, which is expected to grow significantly due to increasing demand driven by AI [4]. - The company's revenue and net profit have shown positive growth, with a year-on-year revenue increase of 18.8% and a net profit increase of 14.56% in the first half of the year [4]. - The company is increasing its investment in high-tech research and development, planning to invest 540 million RMB in a smart manufacturing R&D center [5]. - The company is well-positioned in the IDC sector, with multiple data center projects planned across various regions, indicating strong future growth potential [5]. Summary by Sections Company Overview - The company operates in the computer industry, with a current A-share price of 28.85 RMB and a market capitalization of 61.195 billion RMB [1]. Recent Ratings - The company has received multiple "Buy" ratings in recent months, with the latest rating issued on May 31, 2024, at a price of 32.0 RMB [2]. Product Portfolio - The company's product mix consists of 72.18% software development, 27.03% service outsourcing, and 0.72% system integration equipment [2]. Financial Performance - In the first half of the year, the company reported a revenue of 6.743 billion RMB and a net profit of 1.331 billion RMB, with a gross margin of 36.13% [4]. - The company expects net profits to grow significantly over the next three years, with projections of 3.088 billion RMB in 2024, 4.052 billion RMB in 2025, and 5.155 billion RMB in 2026 [6]. Future Outlook - The company is focusing on expanding its IDC business and enhancing its technological capabilities, which are expected to drive future growth [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 28.51 CNY [1]. Core Insights - The company has recently won a significant IDC project with a major internet giant, which is expected to boost its IDC business growth, particularly in the North China market [2]. - The company is a leading third-party IDC provider in China, leveraging resources from the Baowu Group to enhance its IDC operations and expand its industrial robot and AI business segments [5]. - The company has launched a fully self-controlled PLC product line, marking a significant advancement in domestic industrial control systems [2][3]. - The company is positioned to benefit from the ongoing upgrade of smart manufacturing in the industry, with a comprehensive product matrix in industrial software and hardware [3]. Financial Performance Summary - The company's revenue is projected to grow from 12,916 million CNY in 2023 to 24,023 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 25% [1]. - Net profit is expected to increase from 2,554 million CNY in 2023 to 4,664 million CNY in 2026, reflecting a CAGR of around 28% [1]. - Earnings per share (EPS) are forecasted to rise from 0.89 CNY in 2023 to 1.62 CNY in 2026 [1]. - The company maintains a strong return on equity (ROE) of around 21% over the forecast period [1]. Market Position and Strategy - The company is actively expanding its IDC business, with a focus on green energy and sustainable practices, aiming for 100% renewable energy usage by 2030 [2]. - The company is enhancing its capabilities in AI computing services to support the development of large models and AI applications [2]. - The company is also focusing on the industrial robot market, having recently increased its stake in a robotics firm to enter the high-end heavy-duty robot market [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The recent successful bid for a major IDC project from a leading internet giant marks a significant milestone for the company's IDC business, with a total planned capacity of 160MW IT, of which the current project accounts for over 75% [4]. - The project aims to utilize 100% renewable energy by 2030, aligning with carbon peak goals, indicating strong growth potential for the company's intelligent computing center [4]. - The projected net profit for the company is estimated to be 30.7 billion, 40.1 billion, and 52.9 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 26.8, 20.5, and 15.5 times [4]. Financial Summary - Revenue is projected to grow from 12,916 million yuan in 2023 to 20,380 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.8% [6]. - The net profit is expected to increase from 2,554 million yuan in 2023 to 5,294 million yuan in 2026, with a year-on-year growth rate of 32.1% in 2026 [6]. - The gross margin is forecasted to improve from 36.9% in 2023 to 43.3% in 2026, indicating enhanced operational efficiency [6].

Investment Rating - Buy rating maintained for Baoxin Software (600845 SH) [2] Core Views - Baoxin Software launched its fully self-developed and controllable PLC products, T3 and T4 series, which are leading in multiple performance metrics compared to mainstream German PLCs [4] - The company's self-developed SCADA software has been successfully applied in multiple industries, including steel, energy, and transportation [4] - Baoxin Software is expected to achieve net profits of 3 07B, 4 01B, and 5 29B yuan in 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 26 8x, 20 5x, and 15 5x [4] Product Performance - T3 series: Medium-sized PLC with quad-core CPU, 2ns bit operation processing time, and 1ms minimum task cycle [4] - T4 series: Large-sized PLC with 4x CPU computing power, 2x faster processing for 50 000 points, and 3x more simultaneous field buses compared to mainstream German PLCs [4] Financial Projections - Revenue expected to grow from 14 08B yuan in 2024 to 20 38B yuan in 2026, with YoY growth rates of 9 0%, 17 9%, and 22 8% respectively [5] - Net profit margin projected to increase from 21 8% in 2024 to 26 0% in 2026 [5] - ROE expected to rise from 24 5% in 2024 to 32 1% in 2026 [5] Market Position - Baoxin Software is positioned as a leading state-owned enterprise in the field of autonomous and controllable industrial control systems [4] - The company's iPlat-BA SCADA software has been deployed in over 1 000 sets across various industries [4]

计算机 证 券 研 究 报 告 2024 年 09 月 21 日 宝信软件 (600845) ——PLC 全栈自主可控突破，打开工控业务天花板 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 20 日 | | 收盘价（元） | 28.51 | | 一年内最高/最低（元） | 49.33/28.03 | | 市净率 | 7.8 | | 息率（分红/股价） | 3.51 | | 流通 A 股市值（百万元） | 60,474 | | 上证指数/深证成指 | 2,736.81/8,075.14 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | | | | 每股净资产（元） | 3.63 | | 资产负债率 % | 44 ...

所涉相关问题的 法律意见书 上海市长乐路 989 号世纪商贸广场 26-27 楼 邮编 200031 26-27th Floor, The Center, No.989 Changle Road, Shanghai 200031,P.R.C. Tel: (86-21) 5292-1111, (86-21) 6350-0777 Fax: (86-21) 5292-1001, (86-21) 6272-6366 www.watson-band.com.cn mail@watson-band.com.cn 上海市华诚律师事务所 关于上海宝信软件股份有限公司 2024 年第一次临时股东大会 上海市华诚律师事务所 二零二四年九月 上 海 北 京 香 港 哈尔滨 兰 州 烟 台 广 州 芝加哥 东 京 S h a n g h a i B e i j i n g H o n g K o n g H a r b i n L a n z h o u Y a n t a i G u a n g z h o u C h i c a g o T o k y o 关于上海宝信软件股份有限公司 2024 年第一次临时股东大会所涉相关问题 ...