宝信软件：经营阶段性承压，期待全新PLC产品推广

Investment Rating - The report maintains a Buy rating for Baoxin Software (600845 SH) [8] Core Views - Baoxin Software experienced temporary operational pressure in Q3 2024, with revenue and net profit declining year-over-year, primarily due to downstream industry challenges [1][4] - The company's contract liabilities and inventory increased marginally in Q3, indicating potential operational recovery [4] - The launch of the fully self-developed PLC product line is expected to drive future growth, supported by the company's competitive advantages in the IDC business [6] Financial Performance Revenue - In the first three quarters of 2024, Baoxin Software achieved revenue of 9 757 billion yuan, a year-over-year increase of 10 64% [1][4] - Q3 2024 revenue was 3 014 billion yuan, a year-over-year decrease of 4 06%, below expectations due to weak demand in the steel industry [4] Profit - Net profit attributable to shareholders in the first three quarters of 2024 was 1 930 billion yuan, a year-over-year increase of 3 16% [1][4] - Q3 2024 net profit was 599 million yuan, a year-over-year decrease of 15 50%, with a gross margin of 35 90%, down 3 86 percentage points year-over-year [4][5] Cash Flow - Operating cash flow for the first three quarters of 2024 was 1 986 billion yuan, a year-over-year increase of 5 38%, but Q3 operating cash flow decreased by 40 40% year-over-year [4][5] Business Highlights - The company launched the Tianxing series of fully self-developed PLC products in September 2024, marking a significant milestone in its automation business [6] - Baoxin's IDC business continued to expand, with the successful bid for a major internet company's project in the North China base [6] Future Outlook - The report forecasts net profit attributable to shareholders of 3 01 billion yuan, 3 75 billion yuan, and 4 80 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 26 0x, 20 9x, and 16 3x [6] - The company's long-term growth is expected to be driven by the promotion of self-developed PLC products and the domestic substitution trend [6]