Baosight(600845) 长江证券·2024-09-26 01:40Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has recently won a significant IDC project from a major internet giant, with a total of 120MW IT orders secured, indicating strong customer acquisition and competitive advantages [5][6]. - The IDC business is expected to recover, with the company poised to benefit from the increasing importance of technological self-sufficiency and domestic alternatives in the market [5][6]. - The projected net profits for the company from 2024 to 2026 are estimated at 3.01 billion, 3.75 billion, and 4.80 billion yuan, corresponding to PE ratios of 27.6x, 22.2x, and 17.3x respectively [5][6]. Summary by Sections Event Description - The company has successfully secured an IDC project, with the North China base expected to handle the project, which represents over 75% of the total planned capacity of 160MW [5][6]. - The company is expanding its IDC projects across various provinces, with a potential cabinet capacity exceeding 100,000 units, indicating significant revenue growth potential [5][6]. Business Analysis - Despite a slowdown in IDC growth due to increased competition and market saturation, the company maintains a competitive edge through resource acquisition and cost control [5][6]. - The company has a strong historical growth rate, with a CAGR of 28% from 2013 to 2021, and is expected to benefit from a recovery in demand driven by high computing power needs [5][6]. Financial Projections - The company’s revenue is projected to grow from 12.91 billion yuan in 2023 to 23.51 billion yuan in 2026, with a steady increase in gross profit margins [11]. - The net profit is expected to rise significantly, reflecting the company's robust growth strategy and market positioning [11].