Baosight(600845) 开源证券·2024-09-22 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The recent successful bid for a major IDC project from a leading internet giant marks a significant milestone for the company's IDC business, with a total planned capacity of 160MW IT, of which the current project accounts for over 75% [4]. - The project aims to utilize 100% renewable energy by 2030, aligning with carbon peak goals, indicating strong growth potential for the company's intelligent computing center [4]. - The projected net profit for the company is estimated to be 30.7 billion, 40.1 billion, and 52.9 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 26.8, 20.5, and 15.5 times [4]. Financial Summary - Revenue is projected to grow from 12,916 million yuan in 2023 to 20,380 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.8% [6]. - The net profit is expected to increase from 2,554 million yuan in 2023 to 5,294 million yuan in 2026, with a year-on-year growth rate of 32.1% in 2026 [6]. - The gross margin is forecasted to improve from 36.9% in 2023 to 43.3% in 2026, indicating enhanced operational efficiency [6].