Baosight(600845) 华龙证券·2024-05-07 08:00Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [3] Core Views - The company's Q1 2024 revenue exceeded expectations, with a year-on-year growth of 34.44%, primarily driven by increased revenue from automation and information technology services. The domestic industrial software market is rapidly developing under dual policy and market support, positioning the company as a key beneficiary in the industry [3][4] - The company is expected to benefit significantly from its PCL and robotics layout, with projected net profits for 2024-2026 being 30.20 billion, 34.27 billion, and 38.99 billion yuan respectively, corresponding to PE ratios of 31.9, 28.1, and 24.7 times [3][4] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 14,730 million yuan, reflecting a growth rate of 14.0% compared to 2023. The net profit attributable to shareholders is projected to be 3,020 million yuan for 2024, with an 18.3% growth rate [4][5] - The company's return on equity (ROE) is expected to increase to 24.4% in 2024, with earnings per share (EPS) projected at 1.26 yuan [4][5] Market Position and Strategy - The company has established a comprehensive domestic control over mid-to-large PLC products, enhancing its competitive edge in the market. The demand from downstream industries is anticipated to be further released under policy catalysis [2][3] - The company is also expanding into artificial intelligence and computing power, leveraging the "East Data West Computing" policy to build cloud computing nodes, which is expected to open new revenue growth avenues [2][3] Investment and Growth Potential - The company has increased its stake in Turing Robotics by 1.95 billion yuan, gaining a 42% share and actual control, which is expected to enhance its position in the high-end industrial robotics sector [2][3] - The financial forecasts indicate a steady growth trajectory, with total assets projected to reach 22,572 million yuan by 2024, and total liabilities at 9,755 million yuan [5]