Baosight(600845) 长江证券·2024-09-25 01:10Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company successfully launched its full-stack self-controlled PLC series products T3 and T4 on September 20, 2024, marking a significant milestone in its product development [5][6]. - The new products feature a fully self-developed stack from the operating system to the programming environment, which is a major advancement for the company [5][6]. - The company is expected to achieve net profits attributable to shareholders of 3.01 billion yuan, 3.75 billion yuan, and 4.80 billion yuan for the years 2024 to 2026, corresponding to PE ratios of 27.1x, 21.8x, and 17.0x respectively [5][6]. Summary by Sections Product Launch and Development - The company held a product launch event after three years, introducing the T3 and T4 PLCs, which are comparable in performance and compatibility to overseas products [5][6]. - The new PLCs support six processing units for parallel computing, with a single instruction execution time of less than 1 nanosecond and a scanning cycle as low as 200 microseconds [5][6]. - The launch of Tianxing IDE and Tianxing DSF aims to create an integrated industrial control environment for downstream customers, facilitating rapid application and secondary development [5][6]. Market Position and Growth Potential - The company has made significant progress in domestic substitution, with successful applications of its self-developed SCADA software in major projects [6]. - The company is expanding into high-end robotics, showcasing its products and solutions in various industries, which is expected to enhance its market presence [6]. - The emphasis on technological independence and self-control positions the company as a leader in the industrial software sector, with potential for large-scale domestic substitution of PLCs [6].