Baosight(SH:600845) Guoyuan Securities·2025-04-10 08:23Investment 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][4]. - The company is focusing on AI-driven transformation in the steel industry, with a research and development expenditure of 1.461 billion yuan, a slight increase of 0.50% year-on-year [2]. - The company has made significant advancements in developing domestically produced PLC products and is progressing with the construction of its cloud computing center [3]. Financial Performance Summary - Revenue for 2024: 13.644 billion yuan, up 5.64% from 2023 [7]. - Net profit for 2024: 2.265 billion yuan, down 11.28% from 2023 [7]. - Operating cash flow for 2024: 1.671 billion yuan, down 35.94% year-on-year [1]. - Revenue projections for 2025-2027 are 14.635 billion, 15.533 billion, and 16.396 billion yuan, respectively [4]. - Net profit projections for 2025-2027 are 2.546 billion, 2.756 billion, and 2.968 billion yuan, respectively [4].