宝信软件（600845）：AI赋能钢铁革新，工业机器人落地生根

Investment Rating - The report assigns a rating of "Buy" for the company [1] Core Views - The company is a leader in the industrial software industry, actively promoting AI-enabled innovations in the steel industry and building a self-controlled industrial software system through its self-developed platform [1][17] - The company is expected to achieve revenue growth from 2025 to 2027, with projected revenues of 147.38 billion, 163.47 billion, and 183.68 billion yuan respectively [3][12] - The report highlights the company's focus on AI applications in the steel industry, integrating vast amounts of data and expertise to create comprehensive AI solutions [7][22] Financial Summary - Revenue for 2023 is projected at 12,916 million yuan, with a slight decline of 1.8% from the previous year, followed by a growth of 5.6% in 2024 [3][26] - Net profit for 2023 is expected to be 2,554 million yuan, with a significant increase of 16.8% from the previous year, but a decline of 11.3% is anticipated in 2024 [3][26] - The company’s earnings per share (EPS) for 2025 is estimated at 0.84 yuan, with a projected increase to 1.18 yuan by 2027 [3][12] Revenue Breakdown - Software development business is the main revenue source, expected to generate 99.11 billion yuan in 2024, accounting for 72.64% of total revenue [7][11] - Service outsourcing business is projected to contribute 36.56 billion yuan in 2024, representing 26.80% of total revenue [8][11] - System integration equipment business is a non-core segment, expected to generate only 0.65 billion yuan in 2024 [9][11] Growth Drivers - The company is leveraging AI to drive innovation in the steel industry, with over 100 AI application instances developed [7][22] - The industrial robot market is expected to grow at an annual rate of over 15%, with the company actively developing humanoid robots for various applications [40] - The report emphasizes the importance of self-controlled industrial automation as a core guarantee for development [39] Valuation Analysis - The report uses both PE and PS valuation methods, estimating a reasonable valuation of 969.99 billion yuan, corresponding to a target price of 33.64 yuan per share [12][14] - The company is expected to maintain a competitive edge in the market due to its strong self-developed platform and strategic positioning in AI and industrial robotics [14][22]