Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][12] Core Views - The company has successfully applied its self-developed SCADA product, iPlat-BA, across multiple industries, achieving domestic substitution for foreign industrial control products [5][7] - The company is positioned as a rare domestic leader in large PLCs, with significant growth potential as it transitions from a market share of 0 to 1 in the large PLC sector [7] - The company is expected to see a steady increase in net profit, with forecasts of 30.7 billion, 40.1 billion, and 52.9 billion yuan for 2024, 2025, and 2026 respectively [5][8] Financial Summary - Revenue is projected to grow from 12,916 million yuan in 2023 to 20,380 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.8% [8][9] - The net profit is expected to increase from 2,554 million yuan in 2023 to 5,294 million yuan in 2026, with a CAGR of approximately 32.1% [8][9] - The gross margin is anticipated to improve from 36.9% in 2023 to 43.3% in 2026, indicating enhanced operational efficiency [8][9] - The company's P/E ratio is projected to decrease from 33.8 in 2023 to 16.3 in 2026, suggesting a more attractive valuation over time [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The report emphasizes strong government support for state-owned enterprises (SOEs) in terms of independent control and equipment upgrades, which is expected to significantly boost demand for the company's domestic intelligent manufacturing products. The projected net profits for 2024-2026 are estimated at 30.7 billion, 40.1 billion, and 52.9 billion yuan respectively, with corresponding P/E ratios of 29.9, 22.9, and 17.3 times [3][4] Summary by Sections Policy Insights - Recent central government documents and discussions have strongly advocated for SOEs to develop technological innovation and overcome critical technology bottlenecks. Policies such as fiscal subsidies for equipment upgrades and significant funding for SOE equipment updates are expected to drive demand for the company's products [3] Client Developments - The company’s self-developed large PLC has helped Hongwang Group enter the 2024 Fortune China 500 list with annual revenue of 7.77 billion USD, ranking 313th. The successful implementation of the PLC in Hongwang's operations demonstrates the strength of the company's domestic products [4] Industry Trends - Xinjie Electric reported a 26.67% year-on-year increase in PLC revenue for H1 2024, with a gross margin of 56.71%. This indicates a recovery in the industrial control supply chain. The company is positioned as a leading domestic large PLC provider, with a significant market opportunity as it transitions from a 0% to a 1% market share [5] Financial Projections - The company’s projected financials include: - Revenue: 14.08 billion yuan in 2024, growing to 20.38 billion yuan by 2026 - Net profit: 3.07 billion yuan in 2024, increasing to 5.29 billion yuan by 2026 - Gross margin expected to rise from 38.3% in 2024 to 43.3% in 2026 [6][9]

Summary of Conference Call Company/Industry Involved - The conference call is focused on Open Source Communications and its investment opportunities in the software and optical module sectors [1] Core Points and Arguments - The call emphasizes the importance of software solutions in enhancing communication speed and efficiency [1] - There is a significant investment opportunity identified in optical modules, which are crucial for high-speed data transmission [1] Other Important but Possibly Overlooked Content - The call is directed towards professional investment institutions, indicating a targeted audience for the information shared [1] - The initial part of the call includes a disclaimer, suggesting that the information is intended for a specific group of investors [1]

开源正券 计算款/IT 厚多 II ) 外部 宝体软件（600845.SH） 2024 年 07 月 26 日 自主可控大失企再进设备更新重磅利好 ~ q ~ ~ ~ ~ ~ ~ ~ 投資评级： 天入（集村） 养殖（分析养） jiangying@kysec.cn 证书编号：S0790523120003 ● 两举门失神还 3000 亿地关国优力参谈各更新，总将投助空住国产化有这产品 的客求，维持"天入" 详细 2024 年 7 月 25 日，两部门印发《关于办力支持大规模设备更新和消费品以旧换 新的茶千禧浅》, 找出: (1) 找茶杂种 3000 亿元左右趕长菊特别回後资金: (2) 中央财政贴总从 1 个百分点提高科 1.5 个百分点, 贴总病候 2 年, 贴总总规模 200 化元。此次政策是 2024 年 6 月份以未国家家三次出台政策力擴大規模逐备更新 和教育化升级，并且支持力度越预期办大。设备更新和智能制造相结相点，表们 认为有望大幅挂动宝位软件自主可控控能制造产品的客手。我们维持预计公司 2024-2026 辛ʱ寺寺利润预测分别为 30.7/40.1/52.9 亿元，当前殷价对应 PE 为 29.4/ ...

Investment Rating - Buy rating maintained for Baoxin Software (600845 SH) [2][3] Core Views - The Chinese government has allocated approximately 300 billion yuan in ultra-long-term special treasury bonds to promote equipment renewal, which is expected to significantly boost demand for Baoxin Software's domestically produced intelligent manufacturing products [3] - Recent policies emphasize technological innovation in state-owned enterprises, providing strong support for Baoxin Software's development in domestic substitution [4] - Baoxin Software is a leading domestic large-scale PLC manufacturer with a comprehensive layout in the domestic intelligent manufacturing industry chain, positioning it well for the domestic substitution trend [5] Financial Projections - Revenue is projected to grow from 14 083 million yuan in 2024E to 20 380 million yuan in 2026E, with a CAGR of 20 2% [6] - Net profit attributable to the parent company is expected to increase from 3 068 million yuan in 2024E to 5 294 million yuan in 2026E, with a CAGR of 31 4% [6] - Gross margin is forecasted to improve from 38 3% in 2024E to 43 3% in 2026E [6] - ROE is projected to rise from 24 5% in 2024E to 32 1% in 2026E [6] Valuation Metrics - Current P E ratio stands at 29 4x for 2024E, expected to decrease to 17 1x by 2026E [6] - P B ratio is 7 5x for 2024E, projected to decline to 5 7x by 2026E [6] - EV EBITDA ratio is 23 1x for 2024E, estimated to drop to 13 4x by 2026E [6] Industry Position - Baoxin Software is a rare domestic leader in large-scale PLC, a critical component in industrial control systems [5] - The company has developed a comprehensive product portfolio including domestic large-scale PLC SCADA industrial control software, information software, AI models, robotics, and AIDC [5] - The domestic substitution trend in the intelligent manufacturing sector presents significant growth opportunities for Baoxin Software [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Views - The report highlights that recent government policies are significantly promoting equipment upgrades and digital transformation, which will drive the demand for the company's domestic manufacturing products [5]. - The company is positioned to benefit from the national emphasis on technological innovation and domestic substitution, particularly as a state-owned enterprise [6]. - The company is recognized as a leading domestic PLC provider, with a comprehensive layout in the domestic manufacturing industry chain, indicating potential for long-term growth in domestic substitution [7]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated to be 3.07 billion, 4.01 billion, and 5.29 billion yuan respectively, with corresponding P/E ratios of 30.0, 22.9, and 17.4 times [5]. - Revenue is expected to grow from 12.92 billion yuan in 2023 to 20.38 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.8% [8]. - The gross margin is projected to improve from 36.9% in 2023 to 43.3% in 2026, while the net profit margin is expected to increase from 19.8% to 26.0% over the same period [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [5][12]. Core Insights - The company is positioned as a rare domestic leader in large PLC (Programmable Logic Controller) manufacturing, benefiting from the national push for domestic substitution in high-tech sectors [5]. - The company has developed over 200 core process algorithms over nearly a decade and launched its self-developed large PLC in July 2021, marking the beginning of domestic substitution in this market [5]. - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 30.7 billion, 40.1 billion, and 52.9 billion yuan respectively, with corresponding P/E ratios of 29.2, 22.4, and 16.9 times [5]. Financial Summary - The company's revenue for 2024 is projected to be 14.083 billion yuan, with a year-over-year growth of 9.0% [8]. - The net profit for 2024 is expected to be 3.068 billion yuan, reflecting a year-over-year increase of 20.1% [8]. - The gross margin is anticipated to improve to 38.3% in 2024, with a net margin of 21.8% [8]. - The return on equity (ROE) is projected to reach 24.5% in 2024, increasing to 32.1% by 2026 [8]. Market Position and Strategy - The company is focusing on three main lines for domestic substitution: product development centered on large PLCs, expansion into state-owned enterprises, and global outreach with projects in Indonesia and plans for a subsidiary in Saudi Arabia [7]. - Recent government policies supporting digital and intelligent transformation are expected to boost demand for the company's domestic manufacturing products [6].

计算机/IT 服务Ⅱ 公 司 研 究 宝信软件(600845.SH) 2024 年 07 月 17 日 数智化改造可抵免税额,宝信国产智造需求提升 ——公司信息更新报告 投资评级:买入(维持) 蒋颖(分析师) jiangying@kysec.cn 证书编号:S0790523120003 企业专用设备数字化、智能化改造投入可抵免部分企业当年应纳税额,核心 利好宝信软件 近日财政部和税务总局发布《关于节能节水、环境保护、安全生产专用设备数字 化智能化改造企业所得税政策的公告》,提到:(1)本公告所称专用设备数字化、 智能化改造,是指企业利用信息技术和数字技术对专用设备进行技术改进和优 化,从而提高该设备的数字化和智能化水平;(2)企业在 2024 年 1 月 1 日至 2027 年 12 月 31 日期间发生的专用设备数字化、智能化改造投入,不超过该专用设备 购置时原计税基础 50%的部分,可按照 10%比例抵免企业当年应纳税额。企业 当年应纳税额不足抵免的,可以向以后年度结转,但结转年限最长不得超过五年。 目前宝信软件已形成以国产大型 PLC& SCADA 工控软件、信息化软件、AI 大模 型、机器人、AIDC ...

腾讯云分布式云 专属安全 弹性便捷 新一代本地化云平台首选 杨志华 腾讯云分布式云产品负责人 目 ONTEN 录 T C 01 行业挑战与趋势 03 产品与案例简介 02 腾讯云分布式云价值优势 04 未来展望 数字化转型全面深化 传统私有云面临新的挑战与诉求 A I GC浪潮下,传统私有云的挑战进一步被放大 推荐统 高成本 低效率 • 产品力不足 云平台运维与保障专业度要求高 定制开发为主 难以支持 ATGO等新业务发展 消耗大量资源 项目整体成本居高不下 难以平滑升级 • 环境割裂,应用部署与迭代 隐形成本高 升级难度大成本高,业务影响大 维护管理投入大 效率低 • 安全可靠性不足 能力迭代慢,难以 软硬件更新迭代成本高 敏捷高效支持业务发展 缺乏大规模、海量用户的验证 运维专业度与体系化不足 分布式云 以客户为中心的新质生产力 从传统私有云到分布式云,从马车到汽车 强大的产品力 与中心云同源同构一套代码、 一个体系、相同能力 平滑升级 Bug 修复、能力迭代平滑开展 安全可靠 大规模验证的安全、运维体系 及能力 长期持续 标准化 避免定开,并充分利用中心云海 量规模成本优势 运维托管 复用中心云海量低成 ...

谢谢投资者大家晚上好我是开源通信的手机分析师蒋颖那非常感谢大家参加我们今天晚上的保信软件的系列电话会议的第六场 那么先讲一下我们的核心观点正如我们在7月3日召开的第5场的保信软件的电话会议里面所强调的我们认为保信软件的国产替代现在已经进入到拐点期了那么近期最核心的变化就是我们会看到它的国产化的订单在Q3加速落地目前我们认为就是底部布局保信软件的一个最佳的时机这个是我们的核心观点 那么我们今天呢既然我们电话会议的主题啊讲到这个拐点确立那么下面呢我们就从这个几个角度呢去给大家去讲解这个拐点确立这个事情去帮助大家去理解这个拐点确立这个事 首先第一个我们从这个公司层面去讲一下它的这个拐点那第一个拐点呢就是刚才我们在开篇的时候就提到的就是公司的这个国产化的订单在这个Q3加速落地那么这个呢是国产替代和订单层面的一个拐点 那第二个拐点的话呢就是公司的一个动能转换的这么一个拐点那也是它的一个业务接力的这么一个拐点那其实呢我们之前也反复的跟大家提到过今年呢是宝心软件的这个动能转换的关键一年就相当于这个时过几年又到了它这个动能转换的一个关键一年了那我们回溯一下我们可以回想起来在2018年到2019年那个时候的话呢也是宝心软件的动 ...