（文章来源：证券日报） 证券日报网讯 9月4日晚间，博众精工发布公告称，根据中国证券监督管理委员会、上海证券交易所、 中国证券登记结算有限责任公司有关业务规则的规定，公司于2025年9月4日收到中国证券登记结算有限 责任公司出具的《过户登记确认书》，公司2024年限制性股票激励计划首次授予部分第一个归属期的股 份过户登记工作已完成。本次归属股票数量：1，234，220股；本次归属股票来源：公司从二级市场回 购的公司A股普通股股票。 ...

证券代码：688097 证券简称：博众精工 公告编号：2025-046 博众精工科技股份有限公司 2024 年限制性股票激励计划首次授予部分第一个归属期 归属结果公告 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。 重要内容提示： 本次归属股票数量：1,234,220 股 本次归属股票来源：博众精工科技股份有限公司（以下简称"公司"）从二级 市场回购的公司 A 股普通股股票 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责任公司 有关业务规则的规定，公司于 2025 年 9 月 4 日收到中国证券登记结算有限责任公司出 具的《过户登记确认书》，公司 2024 年限制性股票激励计划首次授予部分第一个归属 期的股份过户登记工作已完成。现将相关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （1）2024 年 5 月 23 日，公司召开第三届董事会第六次会议，审议通过了《关于 公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制 性股票激励计划实施考核管理办 ...

格隆汇9月3日丨博众精工(688097.SH)在投资者互动平台表示，公司成功开发出国产首台商用200kV热场 发射透射电子显微镜，除整机外，公司也已实现超高稳定度高压电源、热场发射电子枪、热场(肖特基) 电子源、高稳定度恒流源等核心技术与关键零部件的自主可控。目前公司仪器仪表业务属于发展阶段， 电源属于透射电镜的核心零部件，营收占比不大。 但是透射电镜具有极高的行业垄断性与技术门槛， 根据前瞻网数据，目前全球透射电镜市场份额主要由美国和日本的企业占据。此前，我国中高端透射电 镜全部依赖进口，国产化尚属空白。根据QYR的统计及预测，2024年全球透射电子显微镜(TEM)市场销 售额达到7.29亿美元，预计2031年将达到10.83亿美元，年复合增长率(CAGR)为5.9%(2025-2031)。 公司 自主研发的200kV透射电子显微镜，该显微镜的点分辨率达到0.25纳米，晶格分辨率达到0.14纳米，相 同配置情况下，其性能指标达到国际先进水平，有望填补国内空白，加快透射电子显微镜国产化进度。 ...

证券代码：688097 证券简称：博众精工 博众精工科技股份有限公司 博众精工科技股份有限公司 2025 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证明文件或法人单位证明、授权委 托书等，上述登记材料均需提供复印件一份，个人登记材料复印件须个人签字， 法定代表人证明文件复印件须加盖公司公章，经验证后领取会议资料，方可出席 会议。 会议开始后，会议签到登记应当终止，由会议主持人宣布现场出席会议的股 东（及股东代理人）人数及其所持有表决权的股份总数，在此之后进场的股东（及 股东代理人）无权参与现场投票表决。 三、会议按照会议通知上所列顺序审议、表决议案。 年第一次临时股东会会议资料 目 录 博众精工科技股份有限公司 2025 年第一次临时股东会会议资料 博众精工科技股份有限公司 为了维护全体股东的合法权益，确保股东在博众精工科技股份有限公司（以 下简称"公司"）依法行使股东权利，确保股东会的正常秩序和议事效率，根据 《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司股东会规则》以 及《博众精工科技股份有限公司章程》 （以下简称" 《公 ...

证券代码：688097 证券简称：博众精工 博众精工科技股份有限公司 2025 年第一次临时股东会会议资料 2025 年 9 月 2025 年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东在博众精工科技股份有限公司（以 下简称"公司"）依法行使股东权利，确保股东会的正常秩序和议事效率，根据 《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司股东会规则》以 及《博众精工科技股份有限公司章程》（以下简称"《公司章程》"）、《博众精工科 技股份有限公司股东大会议事规则》等相关规定，特制定本会议须知，内容如下： 一、为保证本次股东会的严肃性和正常秩序，切实维护与会股东（或股东代 理人）的合法权益，除出席会议的股东（或股东代理人）、公司董事、监事、高 级管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他无关人员 进入会场。 | | | 博众精工科技股份有限公司 2025 年第一次临时股东会会议资料 博众精工科技股份有限公司 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证明文件或法人单位证明、授权委 托书等，上述登记材 ...

格隆汇9月3日丨博众精工(688097.SH)在投资者互动平台表示，公司在消费电子行业内深耕二十余年， 具备成熟的项目经验及深厚的自动化设备技术积累。除了目前服务的大客户外，公司也在横向开拓其他 客户和市场，把成熟的技术复制到其他客户及其他产品线。2025年上半年，公司取得vivo 等客户的手 机柔性模块化产线订单。目前公司还在开拓三星、oppo、传音、荣耀、小米等客户。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has achieved steady growth in performance, with a revenue of 1.876 billion yuan and a net profit of 163 million yuan for the first half of 2025, representing year-on-year increases of 2.34% and 69.69% respectively [2][3]. - The company's gross margin and net margin for the first half of 2025 were 32.64% and 8.21%, showing a decrease of 3.62 percentage points and an increase of 2.85 percentage points respectively [2]. - The company is focusing on its core consumer electronics business while actively expanding into new clients and sectors, which is expected to mitigate performance volatility caused by industry cycles [2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 1.876 billion yuan and a net profit of 163 million yuan, with a gross margin of 32.64% and a net margin of 8.21% [2][3]. - The company’s expenses were well-controlled, with sales, management, financial, and R&D expense ratios at 9.14%, 5.9%, 1.58%, and 12.55% respectively [2]. Business Segments - The new energy business showed rapid growth, generating approximately 570 million yuan in revenue, a year-on-year increase of 30.3% [3]. - The semiconductor business also experienced significant growth, with revenue reaching approximately 35.84 million yuan, a year-on-year increase of 314.4% [3]. - The company has signed a strategic cooperation agreement with CATL for charging and swapping station equipment, which is expected to benefit from ongoing construction in this area [3]. Future Projections - The company is projected to achieve net profits of 515 million yuan, 734 million yuan, and 856 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.15, 1.64, and 1.92 yuan [4][5]. - The report anticipates a multi-driver business structure with "3C + New Energy + Automotive" as the growth engines [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.30 yuan per share [7][4]. Core Insights - The company has demonstrated stable operations with revenue and profit growth, achieving a revenue of 1.876 billion yuan in H1 2025, a year-on-year increase of 2.34%, and a net profit of 163 million yuan, up 69.69% year-on-year [1]. - The gross margin for H1 2025 was 32.64%, a decrease of 3.62 percentage points year-on-year, while the net margin improved by 2.85 percentage points to 8.21% [1]. Business Development - The company has diversified its business across various sectors, including consumer electronics, new energy equipment, and automotive automation equipment, enhancing its competitive edge through vertical integration and smart manufacturing technologies [2][3]. - In the consumer electronics segment, the company covers a wide range of products, including smartphones, tablets, and smart wearables, while also extending its capabilities into component assembly and testing [2]. - The new energy equipment sector has seen significant growth, with lithium battery equipment shipments increasing and new orders for smart charging stations and logistics solutions rising by over 70% compared to the same period in 2024 [2]. - The automotive automation equipment division has established stable partnerships with well-known domestic and international manufacturers, significantly increasing the number of new international projects [2]. Financial Forecast - The company is projected to achieve revenues of 5.834 billion yuan, 6.826 billion yuan, and 7.937 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 514 million yuan, 649 million yuan, and 815 million yuan [4][6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.15 yuan, 1.45 yuan, and 1.82 yuan, respectively, with price-to-earnings (P/E) ratios of 32, 25, and 20 times [4][6].

证券研究报告·公司点评报告·自动化设备 博众精工（688097） 2025 年中报点评：业绩快速增长，3C 设备& 换电站业务齐发力 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,840 | 4,954 | 6,027 | 8,277 | 10,601 | | 同比（%） | 0.59 | 2.36 | 21.65 | 37.34 | 28.08 | | 归母净利润（百万元） | 390.41 | 398.39 | 554.96 | 733.21 | 933.78 | | 同比（%） | 17.80 | 2.05 | 39.30 | 32.12 | 27.36 | | EPS-最新摊薄（元/股） | 0.87 | 0.89 | 1.24 | 1.64 | 2.09 | | P/E（现价&最新摊薄） | 40.84 | 40.02 | 28.73 | 21.75 | 17.08 | [Table_Tag] [ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong performance in the new energy sector, with a diversified business layout supporting long-term development [1] - In H1 2025, the company achieved total operating revenue of 1.876 billion yuan, a year-on-year increase of 2.34%, and a net profit attributable to the parent company of 163 million yuan, a year-on-year increase of 69.69% [3][5] - The consumer electronics business accounted for 62.75% of total revenue, while the new energy sector saw a 30.3% year-on-year growth, contributing 30.35% to total revenue [5] Summary by Sections Financial Performance - In H1 2025, the company reported a comprehensive gross margin of 32.64% and a net profit margin of 8.21% [5] - The sales gross margin for Q2 was 33.12%, down 5.59 percentage points year-on-year, while the net profit margin increased by 6.05 percentage points to 16.63% [5] - The company’s operating expenses as a percentage of revenue were 9.14% for sales, 5.9% for management, 12.55% for R&D, and 1.58% for financial expenses [5] Business Segments - The consumer electronics segment is expected to grow rapidly due to Apple's upcoming product launches, including new iPhone models [5] - The new energy business is expanding with a focus on smart charging and battery swapping stations, having received orders for over 500 stations and delivered more than 300 [5][6] - The semiconductor segment has seen significant growth, with a year-on-year revenue increase of 314.4% in H1 2025, driven by high-precision equipment orders from leading global companies [6] Future Outlook - The company is projected to achieve net profits of 513 million yuan, 630 million yuan, and 757 million yuan for the years 2025, 2026, and 2027 respectively [9] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 31.1x for 2025, 25.3x for 2026, and 21.1x for 2027 [9] - The diversified business structure, particularly in new energy and semiconductors, is expected to enhance the company's profitability as these segments mature [9]