Baosight(SH:600845) KAIYUAN SECURITIES·2024-04-01 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The successful signing of the 1550 cold-rolled project with Guangxi Hongwang demonstrates the strong capabilities of the company's domestic PLC products, with a contract value of approximately 700 million RMB and an expected production capacity of 1.5 million tons per year [2]. - The company forecasts net profits for 2024-2026 to be 3.02 billion, 3.83 billion, and 5.06 billion RMB respectively, with corresponding P/E ratios of 29.6, 23.4, and 17.7 times [2]. - The company is positioned to benefit from the domestic replacement trend in large PLC systems, industrial robots, and AI models, which are expected to drive long-term growth [2]. Financial Summary and Valuation Indicators - Revenue (in million RMB): 2022A: 13,150; 2023A: 12,916; 2024E: 14,017; 2025E: 16,357; 2026E: 20,070, with a year-on-year growth of 11.8%, -1.8%, 8.5%, 16.7%, and 22.7% respectively [6]. - Net profit (in million RMB): 2022A: 2,186; 2023A: 2,554; 2024E: 3,020; 2025E: 3,828; 2026E: 5,060, with a year-on-year growth of 20.2%, 16.8%, 18.2%, 26.8%, and 32.2% respectively [6]. - Gross margin: 2022A: 33.0%; 2023A: 36.9%; 2024E: 38.1%; 2025E: 41.3%; 2026E: 42.5% [6]. - Net margin: 2022A: 16.6%; 2023A: 19.8%; 2024E: 21.5%; 2025E: 23.4%; 2026E: 25.2% [6]. - Return on equity (ROE): 2022A: 21.1%; 2023A: 21.6%; 2024E: 20.4%; 2025E: 21.2%; 2026E: 22.3% [6].