Baosight(600845) 东吴证券·2024-04-25 16:00Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 2024 performance exceeded market expectations, with revenue reaching 3.391 billion yuan, a year-on-year increase of 34.44%, and net profit attributable to the parent company of 590 million yuan, a year-on-year increase of 18.19% [2] - The company's operating cash flow and gross margin remain strong, with operating cash flow reaching 470 million yuan in Q1 2024, a year-on-year increase of 24.67%, and a gross margin of 32.68% [3] - The company is accelerating the localization of automation products and expanding its robotics business, with significant progress in PLC and robotics [3] Financial Performance - Revenue for 2024 is expected to reach 14.396 billion yuan, a year-on-year increase of 11.46%, with net profit attributable to the parent company expected to be 3.062 billion yuan, a year-on-year increase of 19.90% [2] - EPS for 2024 is forecasted to be 1.27 yuan per share, with a P/E ratio of 31.47 [2] - The company's operating cash flow in Q1 2024 was 470 million yuan, a year-on-year increase of 24.67%, and the gross margin was 32.68% [3] Business Development - The company signed a contract with Guangxi Hongwang for a 1550 cold rolling project, which will use the company's latest fully localized PLC products and is expected to be operational by March 2025 [3] - The company showcased its Turing robots at the 2024 Hannover Messe, highlighting its strategic focus on serving the global market with industrial robotics solutions [3] Market Data - The closing price of the company's stock is 40.09 yuan, with a one-year low/high range of 35.28/57.28 yuan [4] - The company's market capitalization is 96.363 billion yuan, with a P/B ratio of 8.05 [4] Financial Forecasts - Revenue for 2025 is expected to reach 16.622 billion yuan, a year-on-year increase of 15.46%, with net profit attributable to the parent company expected to be 3.782 billion yuan, a year-on-year increase of 23.53% [2] - EPS for 2025 is forecasted to be 1.57 yuan per share, with a P/E ratio of 25.48 [2] Key Financial Metrics - The company's ROE for 2024 is expected to be 22.76%, with a ROIC of 20.85% [7] - The company's net profit margin for 2024 is expected to be 21.27%, with a gross margin of 37.89% [7]