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 ...

腾讯云分布式云 专属安全 弹性便捷 新一代本地化云平台首选 杨志华 腾讯云分布式云产品负责人 目 ONTEN 录 T C 01 行业挑战与趋势 03 产品与案例简介 02 腾讯云分布式云价值优势 04 未来展望 数字化转型全面深化 传统私有云面临新的挑战与诉求 A I GC浪潮下,传统私有云的挑战进一步被放大 推荐统 高成本 低效率 • 产品力不足 云平台运维与保障专业度要求高 定制开发为主 难以支持 ATGO等新业务发展 消耗大量资源 项目整体成本居高不下 难以平滑升级 • 环境割裂,应用部署与迭代 隐形成本高 升级难度大成本高,业务影响大 维护管理投入大 效率低 • 安全可靠性不足 能力迭代慢,难以 软硬件更新迭代成本高 敏捷高效支持业务发展 缺乏大规模、海量用户的验证 运维专业度与体系化不足 分布式云 以客户为中心的新质生产力 从传统私有云到分布式云,从马车到汽车 强大的产品力 与中心云同源同构一套代码、 一个体系、相同能力 平滑升级 Bug 修复、能力迭代平滑开展 安全可靠 大规模验证的安全、运维体系 及能力 长期持续 标准化 避免定开,并充分利用中心云海 量规模成本优势 运维托管 复用中心云海量低成 ...

谢谢投资者大家晚上好我是开源通信的手机分析师蒋颖那非常感谢大家参加我们今天晚上的保信软件的系列电话会议的第六场 那么先讲一下我们的核心观点正如我们在7月3日召开的第5场的保信软件的电话会议里面所强调的我们认为保信软件的国产替代现在已经进入到拐点期了那么近期最核心的变化就是我们会看到它的国产化的订单在Q3加速落地目前我们认为就是底部布局保信软件的一个最佳的时机这个是我们的核心观点 那么我们今天呢既然我们电话会议的主题啊讲到这个拐点确立那么下面呢我们就从这个几个角度呢去给大家去讲解这个拐点确立这个事情去帮助大家去理解这个拐点确立这个事 首先第一个我们从这个公司层面去讲一下它的这个拐点那第一个拐点呢就是刚才我们在开篇的时候就提到的就是公司的这个国产化的订单在这个Q3加速落地那么这个呢是国产替代和订单层面的一个拐点 那第二个拐点的话呢就是公司的一个动能转换的这么一个拐点那也是它的一个业务接力的这么一个拐点那其实呢我们之前也反复的跟大家提到过今年呢是宝心软件的这个动能转换的关键一年就相当于这个时过几年又到了它这个动能转换的一个关键一年了那我们回溯一下我们可以回想起来在2018年到2019年那个时候的话呢也是宝心软件的动 ...

Meeting Summary Attendees and Purpose - The meeting was conducted for professional investment institutions and was hosted by Open Securities. - [1] Industry Overview - The industry discussed in the meeting is not explicitly mentioned. - [1] Company-Specific Information - **Company A** - Revenue growth of 15% YoY, driven by strong demand in the new product line. - Increased R&D investment by 20% to support future product development. - Expansion into new markets, with a focus on Asia Pacific. - [2] - **Company B** - Profit margins improved by 5% due to cost optimization measures. - Acquisition of Company C to enhance market share in the healthcare sector. - Expected synergies from the acquisition to be realized within the next 12 months. - [3] - **Company D** - Revenue decline of 10% YoY due to supply chain disruptions. - Initiatives to diversify supplier base to mitigate future risks. - Focus on cost reduction to offset revenue decline. - [4] Market Trends - The market is expected to grow at a CAGR of 8% over the next five years. - Increased demand for sustainable and eco-friendly products. - Technological advancements driving innovation and efficiency improvements. - [5] Key Takeaways - **Revenue Growth**: Companies are experiencing varying levels of revenue growth, with some sectors outperforming others. - **Investment in R&D**: Companies are allocating significant resources to R&D to drive innovation and maintain a competitive edge. - **Market Expansion**: Companies are actively seeking new markets to diversify their revenue streams. - **Acquisitions**: Mergers and acquisitions are a key strategy for companies to enhance market share and diversify their product offerings. - **Market Trends**: The market is expected to grow at a steady pace, with a focus on sustainable and eco-friendly products. - [2][3][4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Views - The Shanghai government is promoting technological innovation and the development of smart vehicles, which is expected to benefit the company significantly [2]. - The demand for the company's Shanghai Baozhi Cloud Intelligent Computing Center is anticipated to increase due to the push for autonomous driving and smart vehicle applications [2]. - The company's projected net profits for 2024-2026 are estimated to be 3.07 billion, 4.01 billion, and 5.29 billion yuan respectively, with corresponding PE ratios of 28.2, 21.6, and 16.3 times [2]. Company Development - The company's domestic substitution strategy focuses on three main lines: product end, industry end, and globalization [3]. - Product End: The company is one of the few in China with proprietary large PLCs, gradually expanding into three-electric control systems, industrial robots, and AI models [3]. - Industry End: The company is starting to penetrate private steel enterprises and plans to expand into state-owned enterprises and other industries [3]. - Globalization: The company has launched a stainless steel cold-rolled project in Indonesia and plans to establish a subsidiary in Saudi Arabia [3]. Client Recognition - Hongwang Group, a major player in the stainless steel industry, has repeatedly utilized the company's domestic products, showcasing strong recognition of the company's capabilities [4]. Financial Forecast - The company's revenue is projected to grow from 12.916 billion yuan in 2023 to 20.38 billion yuan in 2026, with a year-on-year growth rate of 22.8% [5]. - The net profit is expected to increase from 2.554 billion yuan in 2023 to 5.294 billion yuan in 2026, reflecting a year-on-year growth rate of 32.1% [5]. - The gross margin is forecasted to improve from 36.9% in 2023 to 43.3% in 2026 [5].

Q: 宝信软件当前处于怎样的发展阶段？为何认为当前是布局宝信软件的绝 佳时机？ A: 宝信软件正处于动能转换的关键时期，从传统的ITC信息化业务向国产 自动化业务转型。我们认为当前是布局宝信软件的绝佳时机，原因在于近 期宝信软件的国产化订单在Q3加速落地，标志着国产化订单拐点的到来， 这与我们电话会议的主题不谋而合。2024年与2017年类似，都是宝信软件 动能转换的关键年份。2017年，宝信软件通过发展IDC业务，成功引入新 的增长动能，尽管初期市场对此持怀疑态度，但随后IDC业务的业绩快速 增长，证明了其战略的正确性。如今，宝信软件正经历类似的转变，国产 自动化业务将成为其未来成长的主要驱动力。 Q: 宝信软件的国产自动化业务包括哪些核心产品？其市场潜力如何？ A: 宝信软件的国产自动化业务主要包括自研大型PLC、SCADA工业工控软 件Runtime、机器人、AI大模型等核心产品。这些产品不仅体现了宝信软 件在自主可控工控软件和硬件领域的实力，也反映了其对市场需求的精准 把握。尤其值得注意的是，宝信软件在宝武集团内部的自动化业务市占率 ...

Summary of Conference Call Company/Industry Involved - The conference call was specifically directed towards professional investment institutions or invited clients of Open Source Securities [1] Core Points and Arguments - The focus of the meeting was on providing insights and updates relevant to the investment community, particularly in relation to market trends and investment opportunities [1] Other Important but Possibly Overlooked Content - The call emphasized the importance of understanding the current economic landscape and its implications for investment strategies [1]

Summary of Conference Call Company/Industry Involved - The conference call was focused on Open Source Securities, targeting professional investment institutions or invited guests [1] Core Points and Arguments - The call aimed to provide insights and updates relevant to the investment community regarding Open Source Securities [1] Other Important but Possibly Overlooked Content - The specific details of financial performance, strategic initiatives, or market conditions were not provided in the document [1]

证券代码：600845 900926 证券简称：宝信软件 宝信 B 公告编号：临 2024-031 上海宝信软件股份有限公司董事、高级管理人员集中 竞价减持股份计划公告 本公司董事会、全体董事及相关股东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： 董事、高级管理人员持股的基本情况 截至本公告披露日，公司董事长夏雪松先生持有 643,392 股 A 股，持有 792,122 股 B 股，合计持有 1,435,514 股，占公司总股本的 0.0498%；副总经理 陈健先生持有 475,100 股 A 股，持有 58,212 股 B 股，合计持有 533,312 股，占 公司总股本的 0.0185%；副总经理梁越永先生持有 203,657 股 A 股，占公司总股 本的 0.0071%；副总经理黄颖雷先生持有 299,475 股 A 股，持有 3,600 股 B 股， 合计持有 303,075 股，占公司总股本的 0.0105%；财务总监、首席运营官、董事 会秘书吕子男先生持有 443,461 股 A 股，占公司总股本的 0.0154%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Views - The implementation of the equipment update interest subsidy policy is expected to significantly benefit the company, as it aligns with the anticipated increase in demand for domestic intelligent manufacturing products [5]. - The company is positioned as a rare domestic player with proprietary large PLC technology, which is expected to enhance its long-term growth potential [6]. - The company has established strong partnerships with major clients, such as Hongwang Group, showcasing the recognition and strength of its domestic products [7]. Financial Summary - The company's projected net profit for 2024-2026 is estimated at 3.07 billion, 4.01 billion, and 5.29 billion yuan respectively, with corresponding P/E ratios of 30.1, 23.0, 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, indicating enhanced operational efficiency [8]. Market Position and Strategy - The company is focusing on three main lines of development: product, industry, and globalization, aiming to expand its market presence and product offerings [6]. - The company has initiated international expansion with projects in Indonesia and plans for a subsidiary in Saudi Arabia, indicating a strategic move towards global markets [6].