Baosight(SH:600845) Guoyuan Securities·2025-04-10 06:41Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 13.644 billion yuan in 2024, representing a year-on-year growth of 5.64%. However, the net profit attributable to shareholders decreased by 11.28% to 2.265 billion yuan [1]. - The company is focusing on AI-driven transformation in the steel industry, with a research and development expenditure of 1.461 billion yuan, a 0.50% increase year-on-year [2]. - The company has made significant advancements in large-scale PLC products, launching the Tianxing series of fully autonomous T3 and T4 PLC products [3]. - The long-term growth potential of the company is considered broad, with projected revenues of 14.635 billion yuan, 15.533 billion yuan, and 16.396 billion yuan for 2025, 2026, and 2027 respectively [4]. Financial Performance - In 2024, the company's operating income was 13.644 billion yuan, with a year-on-year increase of 5.64%. The net profit attributable to shareholders was 2.265 billion yuan, down 11.28% from the previous year [1][7]. - The company’s gross profit margin for software development and engineering services was 31.14%, while the service outsourcing segment had a gross profit margin of 44.93% [1]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.88 yuan, 0.96 yuan, and 1.03 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 30.92, 28.57, and 26.52 [4][7].