Baosight(600845) 开源证券·2024-06-23 04:00Investment Rating - Buy (Maintained) [2] Core Views - The company, Baoxin Software, is selected as a "Ke Gai Enterprise" by the State-owned Assets Supervision and Administration Commission (SASAC), which is expected to reshape its valuation under the "Ke Te Gu" framework [4] - Baoxin Software is a leading domestic high-tech enterprise with breakthroughs in key technologies such as large-scale PLC, robotics, SCADA software, and real-time databases, positioning it to benefit significantly from the development of new productive forces [4] - The company's domestic substitution strategy is divided into three main lines: product end, industry end, and globalization, with potential for long-term growth [5] - The company's products have been widely recognized by private steel enterprises, such as Hongwang Group, which has adopted Baoxin's fully localized PLC products in multiple bases [6] Financial Projections - Revenue is projected to grow from 13,150 million yuan in 2022 to 20,380 million yuan in 2026, with a CAGR of 11.5% [7] - Net profit attributable to the parent company is expected to increase from 2,186 million yuan in 2022 to 5,294 million yuan in 2026, with a CAGR of 24.8% [7] - Gross margin is forecasted to rise from 33.0% in 2022 to 43.3% in 2026, while net margin is expected to increase from 16.6% to 26.0% over the same period [7] - ROE is projected to grow from 21.1% in 2022 to 32.1% in 2026, indicating improving profitability [7] Valuation Metrics - The current P/E ratio is 31.2x for 2024, 23.9x for 2025, and 18.1x for 2026, suggesting a relatively attractive valuation [7] - The P/B ratio is expected to decline from 9.6x in 2022 to 6.1x in 2026, reflecting potential undervaluation [7] Industry and Market Context - The company is positioned in the IT services sector, with a focus on domestic substitution and technological innovation [1] - Baoxin Software's parent company, China Baowu, is actively promoting the development of new productive forces, further supporting the company's growth [4] - The company has made significant progress in global expansion, with projects in Indonesia and plans to establish a branch in Saudi Arabia [5]