Baosight(SH:600845) Changjiang Securities·2025-05-01 07:17Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 2.538 billion yuan in Q1 2025, a year-on-year decrease of 25.16%. The net profit attributable to the parent company was 445 million yuan, down 24.60% year-on-year. The cash flow from operating activities was 484 million yuan, an increase of 3.0% year-on-year. The company is accelerating its IDC construction, with a capital expenditure of 395 million yuan in Q1, a year-on-year increase of 159% [2][4][9]. Summary by Sections Revenue Performance - The company experienced a continuous decline in revenue for three consecutive quarters, with Q1 2025 showing a revenue growth rate of -25%. The average price of rebar in Q1 2025 was 3,319 yuan per ton, reflecting a year-on-year decrease of 13% [9]. Profitability - The gross profit margin in Q1 2025 was 34.8%, showing an increase of 2.1 percentage points year-on-year. The total expenses decreased by 7% year-on-year, leading to a profit decline primarily due to revenue impacts [9]. Cash Flow - The operating cash flow stabilized with a net amount of 484 million yuan in Q1 2025, reflecting a year-on-year increase of 3%. The cash received from sales was 2.691 billion yuan, up 7.5% year-on-year [9]. Business Development - The company is actively responding to group strategies by promoting AI-driven intelligent transformation in the steel industry. The construction of the Baoxin Cloud North China base is progressing well, with a total investment of approximately 1.743 billion yuan planned for the A4A5A6 building project [9].