摘要 光模块业务：固晶贴片机已切入海外头部供应链，2026 年订单预期乐 观；通过收购中能宏思整合耦合机技术，实现从核心设备向整线自动化 解决方案商升级。 3C 业务：2026 年受 A 客户新款手机结构变化驱动进入需求大年，业绩 或超预期；2027 年受益于 A 客户 20 周年产品及 AR 眼镜新品打样，增 长态势延续。 半导体布局：固晶机已用于 A 客户手机摄像头贴装，2026 年预计小批 量产；AOI 检测设备已获订单；收购上海越士切入特气输送系统，覆盖 薄膜、刻蚀等设备商。 新能源与汽车：新能源板块自 2025 年起订单激增，成为第二大支柱； 汽车自动化通过收购上海沃联承接人形机器人产线订单，2026 年预计 实现较快增长。 安卓市场：2025 年起加大拓展，已获 vivo、OPPO 柔性模块化订单， 并切入小米、三星供应链，横向延伸至电子雾化及穿戴式医疗设备领域。 机器人代工：参股公司利宏机器人为智元代工"远征"系列，2025 年 订单增至大几百台并实现扭亏；剥离利宏旨在消除同行竞争障碍，提升 其零部件供应规模。 Q&A 博众精工 20260326 请介绍一下公司在半导体领域的业务布局、主要产品系 ...

[Table_Page] 深度分析|专用设备 证券研究报告 [Table_Title] AI 设备系列 光模块&服务器双轮驱动，自动化设备需求迫切 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-26 [Table_PicQuote] 相对市场表现 -20% -6% 8% 22% 36% 50% 03/25 05/25 08/25 10/25 01/26 03/26 专用设备 沪深300 | [分析师： Table_Author]孙柏阳 | | | --- | --- | | SAC 执证号：S0260520080002 | | | 021-38003680 | | | sunboyang@gf.com.cn | | | 分析师： | 汪家豪 | | SAC 执证号：S0260522120004 | | | SFC CE No. BWR740 | | | 021-38003792 | | | wangjiahao@gf.com.cn | | | 分析师： 王宁 | | | SAC 执证号：S0260523070004 | | | ...

证券代码：688097 证券简称：博众精工 公告编号：2026-008 博众精工科技股份有限公司 特此公告。 关于归还暂时补充流动资金的闲置募集资金的公告 博众精工科技股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2026 年 3 月 21 日 博众精工科技股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开第三届 董事会第十二次临时会议、第三届监事会第十一次临时会议，审议通过了《关于使用部 分闲置募集资金暂时补充流动资金的议案》，拟使用额度不超过人民币 30,000 万元（含 本数）的闲置募集资金暂时补充流动资金，用于与公司主营业务相关的生产经营，使用 期限自公司董事会审议通过之日起不超过 12 个月。具体情况详见 2025 年 3 月 25 日披 露于上海证券交易所网站（www.sse.com.cn）的《博众精工科技股份有限公司关于使用 部分闲置募集资金暂时补充流动资金的公告》（公告编号：2025-010） 根据上述决议，公司在规定期限内实际使用 30,000 万元闲置募集资金暂 ...

Core Viewpoint - On March 18, brokerages provided target prices for listed companies, with notable increases for Nanjing Steel, Fuyao Glass, and Wancheng Group, showing target price increases of 47.23%, 45.45%, and 43.52% respectively, across the steel, automotive parts, and retail sectors [1][2]. Group 1: Target Price Increases - Nanjing Steel (600282) received a target price of 8.51 yuan, reflecting a target price increase of 47.23% [2] - Fuyao Glass (600660) has a target price of 84.00 yuan, with a target price increase of 45.45% [2] - Wancheng Group (300972) was assigned a target price of 280.00 yuan, indicating a target price increase of 43.52% [2] - Wanhua Chemical (600309) has a target price of 113.60 yuan, with a target price increase of 40.84% [2] - China Merchants Shekou (001979) received a target price of 12.80 yuan, reflecting a target price increase of 35.02% [2] Group 2: Brokerage Recommendations - A total of 34 listed companies received brokerage recommendations on March 18, with China Merchants Shekou, CITIC Publishing, Fuyao Glass, and Wancheng Group each receiving recommendations from three brokerages [3][4] - China Merchants Shekou (001979) closed at 9.48 yuan with three brokerage recommendations [4] - Fuyao Glass (600660) closed at 57.75 yuan, also receiving three brokerage recommendations [4] - Wancheng Group (300972) closed at 195.09 yuan, with three brokerages recommending it [4] Group 3: Rating Adjustments - On March 18, one company had its rating upgraded, with Zhongtai Securities raising Shanghai Bank's rating from "Hold" to "Buy" [5] - Shanghai Bank (601229) is now rated "Buy" by Zhongtai Securities [5] Group 4: First Coverage - Eight companies received initial coverage on March 18, with Hesheng Co. receiving a "Strong Buy" rating from Huachuang Securities [6] - Tian Gong Co. was given an "Add" rating by Dongwu Securities [6] - Neipu Mining (300818) received an "Add" rating from Guotai Junan Securities [6] - Bozhong Precision (688097) was rated "Add" by Northeast Securities [6] - Bojie Co. (002975) received a "Buy" rating from Zhongyou Securities [6]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4]. Core Insights - The company focuses on automation assembly and testing equipment, with deep integration into the Apple supply chain and expansion into new markets such as Huawei and Samsung [2]. - In the semiconductor sector, the company has made technological breakthroughs, filling domestic gaps and fostering multi-industry collaboration [3]. - Revenue projections for 2025-2027 are estimated at 65.71 billion, 77.94 billion, and 92.50 billion yuan, with corresponding net profits of 5.91 billion, 7.61 billion, and 8.78 billion yuan, indicating significant growth potential [4]. Summary by Relevant Sections Automation and Consumer Electronics - The company’s products cover a full range of consumer electronics, including smartphones, tablets, and AR/MR/VR devices, with a focus on modular production lines and automated equipment [2]. - The company has established partnerships with major clients and is expanding into new markets, enhancing its technological advantages [2]. Semiconductor Equipment - The company is developing products for precision components and advanced packaging, achieving international standards in technology and securing bulk orders from leading global firms [3]. - It has competitive advantages in high-precision systems and is expanding its client base, positioning itself favorably in the domestic semiconductor equipment market [3]. Financial Projections - Revenue and net profit are expected to grow significantly, with a projected revenue increase of 32.63% in 2025 and a net profit growth of 48.43% [5]. - The company’s earnings per share are forecasted to rise from 0.89 yuan in 2024 to 1.97 yuan in 2027, reflecting strong financial performance [5].

[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2026 年 03 月 18 日 [Table_Title] 至简动力 5 轮累计融资 20 亿元， Figure 03 自主整理客厅 ——人形机器人周报 [Table_Summary] 报告要点： 周度行情回顾 2026 年 3 月 8 日至 3 月 13 日，人形机器人概念指数下跌 1.37%，相 较沪深 300 指数跑输 1.55pct；年初至今累计涨跌幅来看，人形机器 人概念指数上涨 0.31%，相较沪深 300 指数跑输 0.54pct。 A 股人形机器人指数（iFinD 概念）相关个股中，博众精工周涨幅 最大（+38.28%），华培动力周跌幅最大（-23.42%)。 周度热点回顾 政策端，江苏省工业和信息化厅提出鼓励企业加快脑机接口与智能物 联、虚拟现实、具身智能等技术融合；上交所未来产业沙龙划重点 6G 产业化迎来产学研资协同新契机。 产品技术迭代方面，Figure 发布新视频展示机器人 Figure 03 能够完 全自主地整理客厅；科沃斯 AWE 2026 首展仿生机器人及家庭服务管 家机器人；美团核心本地商业 CEO ...

Investment Rating - The report rates the humanoid robotics industry as "Outperform the Market" [2] Core Insights - The humanoid robotics index experienced a decline of 1.37% during the week of March 9 to March 13, 2026, maintaining a volatile pattern. The current PE ratio is at a 23.81% percentile over the past three months [2] - Key companies in the humanoid robotics sector are accelerating their listings in Hong Kong, enhancing their global presence and supply chain influence [2] - The upcoming NVIDIA GTC 2026 conference is expected to be a significant catalyst for advancements in robotics and AI, focusing on industrial-grade embodied intelligence and foundational models [2] Summary by Sections Industry Overview - The humanoid robotics industry is in a transitional phase from engineering to mass production, with technological advancements and event-driven catalysts influencing short-term pricing [2][19] - The report highlights the importance of production rhythm and application scenarios for long-term growth [2] Market Performance - The humanoid robotics index has shown fluctuations, with notable gains from companies like Bozhong Precision (+38.28%) and Shuangyi Technology (+26.27%), while companies like Huapei Power (-23.42%) and Hengfeng Tools (-17.09%) faced significant declines [2][14] - The report emphasizes the need to monitor the production and iteration progress of leading humanoid robotics manufacturers [2] Investment Recommendations - The report recommends investing in companies with core component capabilities that can enhance value through collaboration with complete machine manufacturers, such as reducers, screws, motors, sensors, and control systems [2] - It also suggests focusing on platform-type manufacturers with integrated algorithm and control system capabilities, as their market leadership is expected to become more evident with the advancement of industrialization [2]

Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [2]. Core Insights - The report highlights the increasing capital expenditure in the optical module industry driven by AI demand, with a focus on the production processes and equipment for traditional pluggable optical modules and CPO (Co-Packaged Optics) products [1][6]. - The optical module is identified as a core component for optical communication, essential for high-speed interconnections within data centers, with significant growth expected in the market [9][40]. - CPO technology is noted for its higher integration and smaller size, offering significant improvements in bandwidth, power consumption, and space efficiency compared to traditional pluggable optical modules [29][36]. Summary by Sections 1. Overview of Pluggable Optical Module Equipment - Pluggable optical modules are crucial for optical-electrical conversion in data centers, consisting of components like TOSA, ROSA, and driver circuits [9]. - The production process includes key steps such as die bonding, wire bonding, optical coupling, packaging, and aging tests [11][15]. 2. Differences Between CPO and Pluggable Optical Modules - CPO integrates optical engines with switching chips on the same substrate, enhancing signal transmission efficiency and reducing energy consumption [17][29]. - The report outlines the core differences in production processes, including chip interconnection methods, optical coupling precision, packaging, and testing systems [30][33]. 3. Investment Recommendations - The optical module sector is positioned as a critical area for AI computing infrastructure, with ongoing investments in high-speed pluggable optical modules and CPO technology development [40]. - Key companies to watch in the optical module equipment industry include Bozhong Precision, Keri Technology, Kaige Precision, Robotec, and Quick Intelligent [6][41].

Investment Rating - The report maintains a positive investment outlook on the optical module equipment industry, highlighting significant growth potential driven by AI developments and technological upgrades in packaging and testing equipment [2]. Core Insights - The demand for optical modules is experiencing explosive growth due to the expansion of AI computing power, with a shift from 400G to 800G and accelerating towards 1.6T, indicating a high demand cycle for equipment [2][23]. - The core value segments in the optical module packaging process are die bonding, coupling, and testing, which together account for over 60% of the value, with increasing precision and automation requirements [2][58]. - Domestic substitution, automation upgrades, and the introduction of advanced packaging present structural opportunities for equipment manufacturers, particularly in high-precision areas still dominated by foreign suppliers [2][32]. Summary by Sections Section 1: AI Development and Optical Module Demand - AI advancements are driving a surge in optical module demand, with a transition towards higher specifications like CPO and OIO expected to shape future trends [4][23]. - The optical module market is projected to see significant growth, with 800G and 1.6T modules expected to reach over 52 million units shipped by 2026 [24][26]. Section 2: Core Packaging and Testing Equipment - The main processes in optical module packaging include die bonding, coupling, and testing, which are critical for ensuring high performance and reliability [53][55]. - The report emphasizes the importance of high-precision die bonding and coupling processes, which are essential for achieving optimal optical performance [70][74]. Section 3: Key Companies and Investment Recommendations - The report recommends focusing on companies such as Robotech (coupling equipment), Keri Technology (die bonding), and others that are well-positioned to benefit from the industry's growth [2][32]. - It highlights the potential of companies like Lumentum and Coherent, which are expanding their production capacities to meet rising demand [33][32].

证券代码：688097 证券简称：博众精工 公告编号：2026-007 注：本次权益变动后天津信科弘创股权投资合伙企业（有限合伙）的持股比例 5.00% 为四舍五入所致，实际持股比例为 4.99%，下同。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | ☑其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控 | | | 股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 天津信科弘创股权投资 合伙企业（有限合伙） | □ □ | 控股股东/实控人 控股股东/实控人的一致行动人 | 91120118MADYD0L73J ☑ □ 不适用 | | | ☑ | 其他直接持股股东 | | 博众精工科技股份有限公司 关于持股 5%以上股东权益变动触及 5%刻度 的提示性公告 ...