Baosight(SH:600845) KAIYUAN SECURITIES·2024-02-19 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][12] Core Views - The company is positioned to benefit from significant domestic substitution opportunities in the large PLC market, which has been historically dominated by foreign companies [5][7] - The company has successfully developed its own large PLC products, becoming the first in China and the third globally to possess complete proprietary rights for hardware, runtime, and configuration software [6][7] - The projected net profits for the company from 2023 to 2025 are estimated to be 2.59 billion, 3.27 billion, and 4.27 billion yuan respectively, with corresponding EPS of 1.08, 1.36, and 1.78 yuan [5][8] Financial Summary - The company's revenue is expected to grow from 15.42 billion yuan in 2023 to 25.21 billion yuan in 2025, reflecting a year-on-year growth of 17.3% and 30.4% respectively [8] - The gross profit margin is projected to increase from 37.5% in 2023 to 41.0% in 2025 [8] - The company's total assets are forecasted to rise from 21.67 billion yuan in 2023 to 33.47 billion yuan in 2025 [9]