Baosight(SH:600845) KAIYUAN SECURITIES·2024-06-26 01:30Investment 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].