Baosight(600845) 国信证券·2024-11-05 04:10Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company's revenue and profit faced pressure in the third quarter, with total revenue for the first three quarters at 9.757 billion yuan (+10.64%) and net profit attributable to the parent company at 1.930 billion yuan (+3.16%). In Q3 alone, revenue was 3.014 billion yuan (-4.06%) and net profit was 599 million yuan (-15.50%), primarily impacted by downstream industry conditions [1][8]. - The gross margin has decreased year-on-year, with a gross margin of 36.06% for the first three quarters, down 3.51 percentage points. However, cost control measures have shown effectiveness, with sales, management, and R&D expenses decreasing by 10.04%, 22.47%, and 7.44% respectively [1]. - The company successfully launched its fully autonomous and controllable PLC products, marking a significant breakthrough in domestic industrial control systems. The T3 and T4 series PLC products are expected to accelerate domestic substitution in the automation field [2]. - The IDC business has regained growth momentum, with the company recently winning a major IDC project from a leading internet giant, which is expected to significantly contribute to future revenue growth [3]. Financial Summary - For the years 2024 to 2026, the revised net profit forecasts are 2.907 billion yuan, 3.626 billion yuan, and 4.423 billion yuan respectively, down from previous estimates due to pressures in the downstream steel industry. The corresponding PE ratios are projected to be 27, 22, and 18 times [11][12]. - The company’s total revenue is projected to reach 14.910 billion yuan in 2024, with a growth rate of 15.4%, followed by 18.066 billion yuan in 2025 and 21.863 billion yuan in 2026, reflecting a robust growth trajectory [4][12].