Baosight(600845) 开源证券·2024-09-22 12:00Investment Rating - Buy rating maintained for Baoxin Software (600845 SH) [2] Core Views - Baoxin Software launched its fully self-developed and controllable PLC products, T3 and T4 series, which are leading in multiple performance metrics compared to mainstream German PLCs [4] - The company's self-developed SCADA software has been successfully applied in multiple industries, including steel, energy, and transportation [4] - Baoxin Software is expected to achieve net profits of 3 07B, 4 01B, and 5 29B yuan in 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 26 8x, 20 5x, and 15 5x [4] Product Performance - T3 series: Medium-sized PLC with quad-core CPU, 2ns bit operation processing time, and 1ms minimum task cycle [4] - T4 series: Large-sized PLC with 4x CPU computing power, 2x faster processing for 50 000 points, and 3x more simultaneous field buses compared to mainstream German PLCs [4] Financial Projections - Revenue expected to grow from 14 08B yuan in 2024 to 20 38B yuan in 2026, with YoY growth rates of 9 0%, 17 9%, and 22 8% respectively [5] - Net profit margin projected to increase from 21 8% in 2024 to 26 0% in 2026 [5] - ROE expected to rise from 24 5% in 2024 to 32 1% in 2026 [5] Market Position - Baoxin Software is positioned as a leading state-owned enterprise in the field of autonomous and controllable industrial control systems [4] - The company's iPlat-BA SCADA software has been deployed in over 1 000 sets across various industries [4]