Baosight(600845) 国盛证券·2024-08-28 13:14Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's H1 2024 performance met expectations, with revenue of 6.743 billion and a year-on-year growth of 18.77%, and a net profit of 1.331 billion, reflecting a 14.56% increase [1] - The software development and engineering services remain the main growth drivers, with revenue from these segments reaching 5.087 billion [1] - The company is expected to benefit from the ongoing digital transformation in the steel industry, with projected related transaction revenue of 11.3 billion for 2024, a year-on-year increase of 55.54% [1] - The cash flow quality is high, with net cash flow from operating activities increasing by 30.11% to 1.592 billion [1] - The company has strengthened its industrial intelligence capabilities, with new products like PLC and robots expected to drive long-term growth [2] Financial Summary - For 2024-2026, the company is projected to achieve revenues of 15.617 billion, 18.954 billion, and 23.042 billion respectively, with net profits of 3.051 billion, 3.744 billion, and 4.602 billion [2] - The company's gross margin is expected to improve, reaching 37.0% in 2024 [6] - The report highlights a significant increase in earnings per share (EPS), projected to rise from 0.76 in 2022 to 1.60 by 2026 [6]