Baosight(600845) 开源证券·2024-11-18 14:02Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company emphasizes the active promotion of domestic PLC (Programmable Logic Controller) production to ensure product autonomy and control, with significant advancements in its T3 and T4 series products, which outperform major German PLCs in several performance metrics [2] - The company is accelerating its global layout in robotics, achieving breakthroughs in high-performance drive systems for heavy-load industrial robots, and is expanding its market presence in various advanced applications [2] - A partnership with Donghai Lanfan Technology Co., Ltd. has been established, marking a significant step in promoting domestic software replacement in the petrochemical industry [2] Financial Summary and Valuation Indicators - Revenue (in million CNY): - 2022A: 13,150 - 2023A: 12,916 - 2024E: 14,083 - 2025E: 16,229 - 2026E: 19,603 - Year-over-Year (YOY) growth rates: - 2022A: 11.8% - 2023A: -1.8% - 2024E: 9.0% - 2025E: 15.2% - 2026E: 20.8% [2] - Net profit attributable to the parent company (in million CNY): - 2022A: 2,186 - 2023A: 2,554 - 2024E: 2,868 - 2025E: 3,464 - 2026E: 4,451 - Gross margin and net margin: - Gross margin: 33.0% (2022A), 36.9% (2023A), 36.8% (2024E), 38.9% (2025E), 39.6% (2026E) - Net margin: 16.6% (2022A), 19.8% (2023A), 20.4% (2024E), 21.3% (2025E), 22.7% (2026E) [2] - Price-to-Earnings (P/E) ratios: - 2022A: 37.8 - 2023A: 32.4 - 2024E: 28.8 - 2025E: 23.9 - 2026E: 18.6 [2]