Baosight(600845) 开源证券·2024-06-10 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The report highlights the urgent need for energy conservation and carbon reduction in the steel industry, which is expected to boost demand for domestic intelligent manufacturing [4]. - The company is positioned as a rare domestic player with self-developed large PLCs, aiming to expand its product offerings in three main areas: product development, industry penetration, and globalization [5]. - The company is projected to achieve net profits of 3.07 billion, 4.01 billion, and 5.29 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 32.3, 24.8, and 18.7 times [4]. Financial Summary - The company's revenue is expected to grow from 12.92 billion yuan in 2023 to 14.08 billion yuan in 2024, reflecting a year-on-year increase of 9% [7]. - The net profit for 2023 is projected at 2.55 billion yuan, with an expected increase to 3.07 billion yuan in 2024, representing a growth rate of 20.1% [7]. - The gross margin is anticipated to improve from 36.9% in 2023 to 38.3% in 2024, while the net margin is expected to rise from 19.8% to 21.8% in the same period [7]. Industry Insights - The national policy aims to reduce energy consumption and carbon emissions in the steel industry by specific percentages by the end of 2025, which is likely to enhance the penetration of intelligent manufacturing and industrial internet [4]. - The company has established strong partnerships with private steel enterprises, showcasing the recognition of its products in the market [6].