Baosight(600845) 群益证券·2024-09-24 08:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40 RMB per share [3][4]. Core Insights - The company has secured a significant IDC project, marking a substantial milestone in its IDC business, which is expected to grow significantly due to increasing demand driven by AI [4]. - The company's revenue and net profit have shown positive growth, with a year-on-year revenue increase of 18.8% and a net profit increase of 14.56% in the first half of the year [4]. - The company is increasing its investment in high-tech research and development, planning to invest 540 million RMB in a smart manufacturing R&D center [5]. - The company is well-positioned in the IDC sector, with multiple data center projects planned across various regions, indicating strong future growth potential [5]. Summary by Sections Company Overview - The company operates in the computer industry, with a current A-share price of 28.85 RMB and a market capitalization of 61.195 billion RMB [1]. Recent Ratings - The company has received multiple "Buy" ratings in recent months, with the latest rating issued on May 31, 2024, at a price of 32.0 RMB [2]. Product Portfolio - The company's product mix consists of 72.18% software development, 27.03% service outsourcing, and 0.72% system integration equipment [2]. Financial Performance - In the first half of the year, the company reported a revenue of 6.743 billion RMB and a net profit of 1.331 billion RMB, with a gross margin of 36.13% [4]. - The company expects net profits to grow significantly over the next three years, with projections of 3.088 billion RMB in 2024, 4.052 billion RMB in 2025, and 5.155 billion RMB in 2026 [6]. Future Outlook - The company is focusing on expanding its IDC business and enhancing its technological capabilities, which are expected to drive future growth [5].