Baosight(600845) 中泰证券·2024-09-24 00:38Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 28.51 CNY [1]. Core Insights - The company has recently won a significant IDC project with a major internet giant, which is expected to boost its IDC business growth, particularly in the North China market [2]. - The company is a leading third-party IDC provider in China, leveraging resources from the Baowu Group to enhance its IDC operations and expand its industrial robot and AI business segments [5]. - The company has launched a fully self-controlled PLC product line, marking a significant advancement in domestic industrial control systems [2][3]. - The company is positioned to benefit from the ongoing upgrade of smart manufacturing in the industry, with a comprehensive product matrix in industrial software and hardware [3]. Financial Performance Summary - The company's revenue is projected to grow from 12,916 million CNY in 2023 to 24,023 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 25% [1]. - Net profit is expected to increase from 2,554 million CNY in 2023 to 4,664 million CNY in 2026, reflecting a CAGR of around 28% [1]. - Earnings per share (EPS) are forecasted to rise from 0.89 CNY in 2023 to 1.62 CNY in 2026 [1]. - The company maintains a strong return on equity (ROE) of around 21% over the forecast period [1]. Market Position and Strategy - The company is actively expanding its IDC business, with a focus on green energy and sustainable practices, aiming for 100% renewable energy usage by 2030 [2]. - The company is enhancing its capabilities in AI computing services to support the development of large models and AI applications [2]. - The company is also focusing on the industrial robot market, having recently increased its stake in a robotics firm to enter the high-end heavy-duty robot market [3].