Financial Performance - The company's operating revenue for the first half of 2024 reached ¥6,742,664,532.45, representing an increase of 18.77% compared to ¥5,676,931,362.51 in the same period last year[14]. - Net profit attributable to shareholders was ¥1,330,841,441.55, up 14.56% from ¥1,161,715,660.51 in the previous year[14]. - The net cash flow from operating activities increased by 30.11%, amounting to ¥1,591,820,347.36 compared to ¥1,223,481,678.98 in the same period last year[14]. - Basic earnings per share rose to ¥0.469, reflecting a 13.83% increase from ¥0.412 in the previous year[15]. - The total assets of the company decreased by 6.73% to ¥20,408,925,427.72 from ¥21,882,684,637.81 at the end of the previous year[14]. - The net assets attributable to shareholders decreased by 7.29% to ¥10,482,765,363.99 from ¥11,307,489,966.48 at the end of the previous year[14]. - The company reported a weighted average return on equity of 11.82%, an increase of 0.28 percentage points compared to 11.54% in the previous year[15]. - The company achieved operating revenue of 6.74 billion RMB, representing an 18.77% increase compared to the same period last year[25]. - The net profit attributable to shareholders was 1.33 billion RMB, with a net operating cash flow of 1.59 billion RMB, reflecting a 30.11% increase year-on-year[23]. Assets and Liabilities - The total assets as of June 30, 2024, were ¥17,907,639,503.90, a decrease from ¥19,370,476,493.96 at the end of 2023[83]. - The total liabilities decreased to ¥8,049,161,115.03 from ¥8,773,913,759.31, indicating a reduction of approximately 8.2%[83]. - The equity attributable to shareholders totaled ¥9,858,478,388.87, down from ¥10,596,562,734.65, representing a decline of about 7%[83]. - The cash and cash equivalents decreased to ¥4,142,681,876.30 from ¥5,459,863,104.42, a decline of approximately 24.1%[81]. - The accounts receivable increased to ¥2,691,425,045.21 from ¥2,366,849,131.54, reflecting a growth of 13.7%[81]. - The total liabilities as of June 30, 2024, were CNY 8,209,187,265.37, down from CNY 8,892,788,686.01, indicating a decrease of about 7.68%[79]. - The total assets decreased from CNY 21,882,684,637.81 to CNY 20,408,925,427.72, a decline of approximately 6.71%[79]. Research and Development - The company’s R&D expenses were 598.15 million RMB, a decrease of 6.24% from the previous year[25]. - The company focused on innovation and strategic emerging industries, enhancing its capabilities in key technologies and mission-critical product development[22]. - The company is advancing the development of a fully domestic large PLC product matrix, successfully signing key projects and expanding application ranges[22]. - The company is committed to building a fully autonomous and controllable industrial internet platform, filling gaps in the metallurgical process industry and supporting smart manufacturing[20]. - The company has developed a full series of self-developed industrial robots, covering various applications in industries such as 3C, new energy, and metal processing[18]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new regions by the end of 2024, aiming for a revenue increase of 20% in these markets[39]. - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions to enhance its technological capabilities[190]. - The company is focusing on mergers and acquisitions to address growth gaps, emphasizing the need for effective post-merger integration strategies[39]. - The company is investing RMB 200,000 million in new technology development, focusing on artificial intelligence and big data services[37]. Environmental Responsibility - The company is committed to environmental responsibility, implementing daily energy-saving measures and promoting waste classification management[45]. - The company purchased 93,400 green power certificates during the reporting period to contribute to low-carbon operations[46]. Shareholder Information - The total number of shares increased to 2,884,409,605 after a capital increase plan where every 10 shares resulted in 2 additional shares[68]. - The company repurchased and canceled 402,866 restricted shares during the reporting period[68]. - The total number of common shareholders as of the end of the reporting period is 55,728[70]. - The top shareholder, Baoshan Iron & Steel Co., Ltd., holds 1,410,134,219 shares, representing 48.89% of the total shares[72]. Financial Instruments and Accounting Policies - The company does not have any preferred shares or perpetual bonds as part of its financial instruments[33]. - The company has not made any significant changes to its accounting policies or estimates for the 2024 fiscal year[186]. - The company recognizes revenue based on the performance obligations identified in contracts, determining whether they are fulfilled over time or at a point in time[174]. - The company assesses the fair value of equity-settled share-based payments at the grant date and recognizes the corresponding cost over the service period[32]. User Engagement and Performance - User data indicates that the company achieved a significant increase in user engagement, with a growth rate of 42% compared to the previous year[37]. - The company has reported a significant increase in user data across various subsidiaries, with some showing growth rates as high as 25%[190].

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [5][12]. Core Insights - The company is positioned as a rare domestic leader in large PLC (Programmable Logic Controller) manufacturing, benefiting from the national push for domestic substitution in high-tech sectors [5]. - The company has developed over 200 core process algorithms over nearly a decade and launched its self-developed large PLC in July 2021, marking the beginning of domestic substitution in this market [5]. - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 30.7 billion, 40.1 billion, and 52.9 billion yuan respectively, with corresponding P/E ratios of 29.2, 22.4, and 16.9 times [5]. Financial Summary - The company's revenue for 2024 is projected to be 14.083 billion yuan, with a year-over-year growth of 9.0% [8]. - The net profit for 2024 is expected to be 3.068 billion yuan, reflecting a year-over-year increase of 20.1% [8]. - The gross margin is anticipated to improve to 38.3% in 2024, with a net margin of 21.8% [8]. - The return on equity (ROE) is projected to reach 24.5% in 2024, increasing to 32.1% by 2026 [8]. Market Position and Strategy - The company is focusing on three main lines for domestic substitution: product development centered on large PLCs, expansion into state-owned enterprises, and global outreach with projects in Indonesia and plans for a subsidiary in Saudi Arabia [7]. - Recent government policies supporting digital and intelligent transformation are expected to boost demand for the company's domestic manufacturing products [6].