Baosight(600845) 开源证券·2024-04-09 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The report highlights a strategic partnership between the company and Wuhan Gangdi Technology, aiming to expand into the port and other industries with domestic products [4]. - The company is expected to benefit significantly from the push for equipment updates in the industrial sector, with projected net profits for 2024-2026 being 30.2 billion, 38.3 billion, and 50.6 billion yuan respectively [4]. - The collaboration with Hongwang Group demonstrates the company's strong recognition in the domestic market, with significant projects underway that utilize the company's proprietary PLC products [4]. - The report emphasizes the company's unique position as a domestic provider of large PLCs, which is expected to drive long-term growth as domestic projects are implemented [4]. Financial Summary and Valuation Metrics - The company's total revenue for 2022 was 13.15 billion yuan, with a projected increase to 14.02 billion yuan in 2024, reflecting a year-on-year growth of 8.5% [5]. - The gross profit margin is expected to improve from 36.9% in 2023 to 38.1% in 2024, indicating enhanced profitability [5]. - The earnings per share (EPS) is projected to rise from 1.06 yuan in 2023 to 1.26 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 30.9 times [5].