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].

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 宝信软件(600845)公司点评报告 2025 年 04 月 10 日 [Table_Title] 营收实现稳健增长，AI 驱动转型升级 ——宝信软件(600845.SH)2024 年年度报告点评 [Table_Summary] 事件： 公司于 2025 年 3 月 31 日收盘后发布《2024 年年度报告》。 点评： 坚持创新引领做强，营业收入实现稳健增长 2024 年，公司的研发费用为 14.61 亿元，同比增长 0.50%。公司系统探究 人工智能技术驱动新型工业化进程的实践路径，策划大模型在工业场景中 的创新应用方向；整合钢铁行业海量数据与专业知识，基于"平台、数据、 算力、模型、场景"构建五位一体的"宝联登钢铁行业大模型"并完成首 发，为钢铁企业提供一体化、集成化的"人工智能+钢铁"解决方案；推进 行业高质量语料库建设，牵头完成行业标准《人工智能钢铁大模型数据集技 术要求》草案编制；梳理 AI 应用场景，重点推进高炉大模型、转炉大模型、 AI 主操、一体化配煤配矿等试点示范项目，形成 100 项以上"AI+"应用实例。 立足全栈国 ...

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 ...

全年业绩承压，四季度利润下滑较大。2024 年公司营业收入 136.44 亿元 （+5.64%）；归母净利润 22.65 亿元（-11.28%），扣非归母净利润 21.98 亿元（-8.91%）。单 Q4 来看，公司收入 38.88 亿元（-5.11%），归母净利 润 3.35 亿元（-50.89%），扣非归母净利润 3.13 亿元（-48.91%）。24 年钢 铁行业整体承压较大，导致利润整体下滑。 证券研究报告 | 2025年04月06日 宝信软件（600845.SH） 优于大市 全年业绩承压，IDC 和 PLC 业务有望回暖 核心业务保持平稳增长。分业务来看，软件开发及工程收入 99.10 亿元 （+6.31%），毛利率下降 1.02 个百分点；服务外包收入 36.56 亿元（+4.73%）， 毛利率下降 5.33 个百分点；系统集成收入 0.65 亿元（-30.13%），毛利率 下降 0.63 个百分点。 整体毛利率有所下降，费用率同时下降。公司 24 年毛利率 34.77%，下降 2.15 个百分点。费用率方面，销售、管理、研发费用率分别下降 0.08、0.44、0.55 个百分点。公司经营活动现金 ...

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]

Financial Performance - The company's operating revenue for 2024 reached approximately CNY 13.64 billion, representing a year-on-year increase of 5.64% compared to CNY 12.92 billion in 2023[23]. - The net profit attributable to shareholders for 2024 was approximately CNY 2.27 billion, a decrease of 11.28% from CNY 2.55 billion in 2023[23]. - The basic earnings per share for 2024 was CNY 0.797, down 11.74% from CNY 0.903 in 2023[22]. - The net cash flow from operating activities decreased by 35.94% to approximately CNY 1.67 billion in 2024, compared to CNY 2.61 billion in 2023[23]. - The total assets as of the end of 2024 were approximately CNY 21.64 billion, a decrease of 1.12% from CNY 21.88 billion at the end of 2023[23]. - The company's net assets attributable to shareholders increased by 0.80% to approximately CNY 11.40 billion at the end of 2024, compared to CNY 11.31 billion at the end of 2023[23]. - The weighted average return on equity for 2024 was 20.67%, down from 24.65% in 2023, a decrease of 3.98 percentage points[22]. - The company reported a decrease in the weighted average return on equity after deducting non-recurring gains and losses to 20.11% in 2024, down from 23.30% in 2023[24]. Quarterly Performance - In Q1 2024, the company's operating revenue was approximately CNY 3.39 billion, with a net profit attributable to shareholders of CNY 589.68 million[9]. - In Q2 2024, the operating revenue slightly decreased to approximately CNY 3.35 billion, while the net profit attributable to shareholders increased to CNY 741.16 million[9]. - The third quarter of 2024 saw a further decline in operating revenue to approximately CNY 3.01 billion, with a net profit attributable to shareholders of CNY 599.45 million[9]. - The fourth quarter of 2024 projected an increase in operating revenue to approximately CNY 3.89 billion, but the net profit attributable to shareholders is expected to drop to CNY 335.19 million[9]. Research and Development - Research and development expenses totaled RMB 1.461 billion, accounting for 10.71% of operating revenue[54]. - The total investment in research and development remained stable, with no capitalized R&D expenses reported[54]. - The company is focusing on the development of artificial intelligence as a key driver for high-quality development, with significant applications in various industries such as healthcare, finance, and education[72]. - The company is leveraging AI technology to drive innovation in industrial software, significantly improving R&D efficiency through autonomous decision-making in design and process optimization[73]. Market Expansion and Strategy - The company is actively expanding into non-steel markets such as non-ferrous metals, mining, chemicals, and urban rail transit, aiming to create new business growth points[39]. - The company is planning to expand its market presence through potential mergers and acquisitions, aiming for growth in the steel industry[178]. - The company aims to enhance its core capabilities in artificial intelligence, focusing on the development of foundational technologies, including DeepSeek, and plans to release a full version of its AI platform for the steel industry[80]. - The company is committed to independent and controllable technological innovation, particularly in PLC core technology and AI integration, to expand into new industries such as non-ferrous metals and mining[81]. Environmental and Social Responsibility - The company has invested in environmental protection management, establishing new management procedures to enhance daily operations[133]. - The company has actively engaged in environmental protection training and initiatives, emphasizing ecological responsibility among employees[135]. - The company reduced carbon emissions by 39,488 tons during the reporting period[136]. - The rooftop photovoltaic project at Luojing Base has a total scale of 13.89 MWp for solar power generation and a 0.5 MW/1 MWh energy storage station, expected to be operational in 2024[136]. Corporate Governance and Management - The company has established a robust internal control management system, ensuring effective internal controls in all significant aspects of financial and non-financial reporting[129]. - The company has implemented a stock incentive plan, with adjustments made to the repurchase price and the number of restricted stocks granted[126]. - The company held a total of 9 board meetings in the year, with 4 conducted in person and 5 via communication methods[108]. - The company’s board of directors has established specialized committees, including the Audit Committee and the Compensation and Assessment Committee[109]. Shareholder and Executive Information - The total number of shares held by executives increased from 3,866,957 to 4,270,349, representing a change of 403,392 shares during the reporting period[96]. - Chairman Xia Xuesong's shareholding increased by 139,252 shares, ending the year with 1,335,514 shares, while his pre-tax compensation was 2.1094 million yuan[95]. - General Manager Wang Jianhu's shareholding rose by 85,027 shares to 510,155, with a pre-tax compensation of 1.8006 million yuan[95]. - The total pre-tax compensation for all executives amounted to 14.0099 million yuan[96]. Financial Controls and Audit - The audit report issued by Tianjian Accounting Firm confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2024[188]. - The audit opinion was unqualified, indicating no significant issues were found in the financial reporting process[188]. - The company is committed to maintaining necessary internal controls to ensure the financial statements are free from material misstatement due to fraud or error[195]. - The governance structure is responsible for overseeing the financial reporting process, ensuring compliance with accounting standards[195].