上海宝信软件股份有限公司公告 证券代码：A600845 B900926 证券简称：宝信软件 宝信B 编号：临2024-035 上海宝信软件股份有限公司 合资设立江西宝信暨关联交易的公告 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。 为了集合双方的优势与能力，铸成信息科技领域核心竞争力，为制造 业企业提供软件和信息技术服务。上海宝信软件股份有限公司（以下简称 "公司"）与新余钢铁集团有限公司（简称"新钢集团"）共同出资设立宝 信软件（江西）有限公司（以最终工商登记结果为准，简称"江西宝信"）， 江西宝信将立足新钢集团，辐射江西区域，成为江西区域一流的信息科技 服务公司。 一、关联交易概述 江西宝信的注册资本金为 2,500 万元，其中： | 股东 | 出资金额（万元） | 持股比例 | | --- | --- | --- | | 上海宝信软件股份有限公司 | 1,275 | 51% | | 新余钢铁集团有限公司 | 1,225 | 49% | | 合计 | 2,500 | 100% | 本次关联交易不构成《上市公司重大资产重组 ...

证券代码：600845 900926 证券简称：宝信软件 宝信 B 公告编号：2024-039 上海宝信软件股份有限公司 发行股份及支付现金购买资产暨关联交易之部分限售股份 上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下， 上市股数为 26,819,455 股。 本次股票上市流通总数为 26,819,455 股。 本次股票上市流通日期为 2024 年 9 月 2 日。 一、本次限售股上市类型 2021 年 6 月 16 日，上海宝信软件股份有限公司（以下简称"公司"或"上市 公司"）收到中国证券监督管理委员会核发的《关于核准上海宝信软件股份有限公 司向马钢（集团）控股有限公司（以下简称"马钢集团"）等发行股份购买资产申 请的批复》（证监许可[2021]1968 号），核准公司向特定对象发行股份购买相关资产 （以下简称"本次发行"）。具体内容详见公司于2021年6月17日披露的临2021-045 号公告。 因公司于 2021 年 6 月 9 ...

计算机/IT 服务Ⅱ 公 司 研 究 宝信软件（600845.SH） 2024 年 08 月 22 日 自研 SCADA 多行业成功应用，自主可控加速推进 ——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 | 2024/8/22 | | 当前股价 ( 元 ) | 29.89 | | 一年最高最低 ( 元 ) | 50.38/29.40 | | 总市值 ( 亿元 ) | 862.15 | | 流通市值 ( 亿元 ) | 626.00 | | 总股本 ( 亿股 ) | 28.84 | | 流通股本 ( 亿股 ) | 20.94 | | 近 3 个月换手率 (%) | 18.1 | 股价走势图 -32% -24% -16% -8% 0% 8% 2023-08 2023-12 2024-04 2024-08 宝信软件 沪深300 数据来源：聚源 相关研究报告 《政策、客户、产业交叉验证，宝信 国产智造迎拐点— ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The report emphasizes strong government support for state-owned enterprises (SOEs) in terms of independent control and equipment upgrades, which is expected to significantly boost demand for the company's domestic intelligent manufacturing products. The projected net profits for 2024-2026 are estimated at 30.7 billion, 40.1 billion, and 52.9 billion yuan respectively, with corresponding P/E ratios of 29.9, 22.9, and 17.3 times [3][4] Summary by Sections Policy Insights - Recent central government documents and discussions have strongly advocated for SOEs to develop technological innovation and overcome critical technology bottlenecks. Policies such as fiscal subsidies for equipment upgrades and significant funding for SOE equipment updates are expected to drive demand for the company's products [3] Client Developments - The company’s self-developed large PLC has helped Hongwang Group enter the 2024 Fortune China 500 list with annual revenue of 7.77 billion USD, ranking 313th. The successful implementation of the PLC in Hongwang's operations demonstrates the strength of the company's domestic products [4] Industry Trends - Xinjie Electric reported a 26.67% year-on-year increase in PLC revenue for H1 2024, with a gross margin of 56.71%. This indicates a recovery in the industrial control supply chain. The company is positioned as a leading domestic large PLC provider, with a significant market opportunity as it transitions from a 0% to a 1% market share [5] Financial Projections - The company’s projected financials include: - Revenue: 14.08 billion yuan in 2024, growing to 20.38 billion yuan by 2026 - Net profit: 3.07 billion yuan in 2024, increasing to 5.29 billion yuan by 2026 - Gross margin expected to rise from 38.3% in 2024 to 43.3% in 2026 [6][9]

Summary of Conference Call Company/Industry Involved - The conference call is focused on Open Source Communications and its investment opportunities in the software and optical module sectors [1] Core Points and Arguments - The call emphasizes the importance of software solutions in enhancing communication speed and efficiency [1] - There is a significant investment opportunity identified in optical modules, which are crucial for high-speed data transmission [1] Other Important but Possibly Overlooked Content - The call is directed towards professional investment institutions, indicating a targeted audience for the information shared [1] - The initial part of the call includes a disclaimer, suggesting that the information is intended for a specific group of investors [1]

开源正券 计算款/IT 厚多 II ) 外部 宝体软件（600845.SH） 2024 年 07 月 26 日 自主可控大失企再进设备更新重磅利好 ~ q ~ ~ ~ ~ ~ ~ ~ 投資评级： 天入（集村） 养殖（分析养） jiangying@kysec.cn 证书编号：S0790523120003 ● 两举门失神还 3000 亿地关国优力参谈各更新，总将投助空住国产化有这产品 的客求，维持"天入" 详细 2024 年 7 月 25 日，两部门印发《关于办力支持大规模设备更新和消费品以旧换 新的茶千禧浅》, 找出: (1) 找茶杂种 3000 亿元左右趕长菊特别回後资金: (2) 中央财政贴总从 1 个百分点提高科 1.5 个百分点, 贴总病候 2 年, 贴总总规模 200 化元。此次政策是 2024 年 6 月份以未国家家三次出台政策力擴大規模逐备更新 和教育化升级，并且支持力度越预期办大。设备更新和智能制造相结相点，表们 认为有望大幅挂动宝位软件自主可控控能制造产品的客手。我们维持预计公司 2024-2026 辛ʱ寺寺利润预测分别为 30.7/40.1/52.9 亿元，当前殷价对应 PE 为 29.4/ ...

Investment Rating - Buy rating maintained for Baoxin Software (600845 SH) [2][3] Core Views - The Chinese government has allocated approximately 300 billion yuan in ultra-long-term special treasury bonds to promote equipment renewal, which is expected to significantly boost demand for Baoxin Software's domestically produced intelligent manufacturing products [3] - Recent policies emphasize technological innovation in state-owned enterprises, providing strong support for Baoxin Software's development in domestic substitution [4] - Baoxin Software is a leading domestic large-scale PLC manufacturer with a comprehensive layout in the domestic intelligent manufacturing industry chain, positioning it well for the domestic substitution trend [5] Financial Projections - Revenue is projected to grow from 14 083 million yuan in 2024E to 20 380 million yuan in 2026E, with a CAGR of 20 2% [6] - Net profit attributable to the parent company is expected to increase from 3 068 million yuan in 2024E to 5 294 million yuan in 2026E, with a CAGR of 31 4% [6] - Gross margin is forecasted to improve from 38 3% in 2024E to 43 3% in 2026E [6] - ROE is projected to rise from 24 5% in 2024E to 32 1% in 2026E [6] Valuation Metrics - Current P E ratio stands at 29 4x for 2024E, expected to decrease to 17 1x by 2026E [6] - P B ratio is 7 5x for 2024E, projected to decline to 5 7x by 2026E [6] - EV EBITDA ratio is 23 1x for 2024E, estimated to drop to 13 4x by 2026E [6] Industry Position - Baoxin Software is a rare domestic leader in large-scale PLC, a critical component in industrial control systems [5] - The company has developed a comprehensive product portfolio including domestic large-scale PLC SCADA industrial control software, information software, AI models, robotics, and AIDC [5] - The domestic substitution trend in the intelligent manufacturing sector presents significant growth opportunities for Baoxin Software [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Views - The report highlights that recent government policies are significantly promoting equipment upgrades and digital transformation, which will drive the demand for the company's domestic manufacturing products [5]. - The company is positioned to benefit from the national emphasis on technological innovation and domestic substitution, particularly as a state-owned enterprise [6]. - The company is recognized as a leading domestic PLC provider, with a comprehensive layout in the domestic manufacturing industry chain, indicating potential for long-term growth in domestic substitution [7]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated to be 3.07 billion, 4.01 billion, and 5.29 billion yuan respectively, with corresponding P/E ratios of 30.0, 22.9, and 17.4 times [5]. - Revenue is expected to grow from 12.92 billion yuan in 2023 to 20.38 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.8% [8]. - The gross margin is projected to improve from 36.9% in 2023 to 43.3% in 2026, while the net profit margin is expected to increase from 19.8% to 26.0% over the same period [8].

计算机/IT 服务Ⅱ 公 司 研 究 宝信软件(600845.SH) 2024 年 07 月 18 日 稀缺的国产替代大央企,迎国产化风口 ——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 稀缺的国产大型 PLC 龙头,纵深布局国产智造全产业链,维持"买入"评级 党的二十届三中全会再次强调发展新质生产力,国家始终高度重视关键高科技领 域国产替代,并且要求央企切实发挥在新型举国体制中的骨干支撑作用,加快关 键核心技术攻关。宝信软件是央企,是国内稀缺的国产大型 PLC 龙头。大型 PLC 工业软件在工控领域至关重要,我国大型 PLC 市场份额长期由外资垄断,公司 经过近 10 年积累与沉淀,形成核心工艺算法超 200 项,于 2021 年 7 月正式推出 自研国产大型 PLC,拉开大型 PLC 国产替代序幕,目前正逐步迈入大型 PLC 市 占率从 0 到 1 提升的高速发展期。以大型 PLC 为抓手,公司目前已形成以国产 大型 PLC& SCADA 工控软件、信息化软件、AI 大模型、机器人、AIDC 等为核 心的国产智造产 ...

计算机/IT 服务Ⅱ 公 司 研 究 宝信软件(600845.SH) 2024 年 07 月 17 日 数智化改造可抵免税额,宝信国产智造需求提升 ——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 企业专用设备数字化、智能化改造投入可抵免部分企业当年应纳税额,核心 利好宝信软件 近日财政部和税务总局发布《关于节能节水、环境保护、安全生产专用设备数字 化智能化改造企业所得税政策的公告》,提到:(1)本公告所称专用设备数字化、 智能化改造,是指企业利用信息技术和数字技术对专用设备进行技术改进和优 化,从而提高该设备的数字化和智能化水平;(2)企业在 2024 年 1 月 1 日至 2027 年 12 月 31 日期间发生的专用设备数字化、智能化改造投入,不超过该专用设备 购置时原计税基础 50%的部分,可按照 10%比例抵免企业当年应纳税额。企业 当年应纳税额不足抵免的,可以向以后年度结转,但结转年限最长不得超过五年。 目前宝信软件已形成以国产大型 PLC& SCADA 工控软件、信息化软件、AI 大模 型、机器人、AIDC ...