25Q3 营收业绩稳健增长，多轮驱动业务成长 ——博众精工 2025 三季报点评 ◼ 事件 公司发布 2025 年三季报，2025 年前三季度公司实现营业收入 36.53 亿 元，YoY+11.57%；实现归母净利润 3.32 亿元，YoY+30.94%，扣非后 归母净利润 2.04 亿元，YoY+3.46%。 博众精工(688097) 公司研究/公司点评 ◼ 核心观点 25Q3 营收增速提升，业绩稳健增长。25Q3 公司实现营业收入 17.77 亿元，YoY+23.31%，营收增速提升。25Q3 公司归母净利润/扣非后归 母净利 1.70/1.28 亿元，YoY +7.44%/+4.65%。25 年前三季度公司毛利 率/净利率分别为 29.65%/8.72%，同比分别变动-5.13/+1.12pct；25 年前 三季度费用控制得当，期间费率下降，销售/管理/财务/研发费率分别 为 6.84%/5.1%/1.35%/ 11.04%，同比分别变动-0.63/-0.19/-0.29/-0.66pct。 公司形成"3C +新能源+汽车"多轮驱动业务格局。3C 业务方面，公 司作为组装段核心设备商，有望受益于苹果创新 ...

资料显示，博众精工科技股份有限公司位于江苏省吴江经济技术开发区湖心西路666号，成立日期2006 年9月22日，上市日期2021年5月12日，公司主营业务涉及从事自动化设备、自动化柔性生产线、自动化 关键零部件以及工装夹(治)具等产品的研发、设计、生产、销售及技术服务,同时,为客户提供数字化工 厂的整体解决方案。主营业务收入构成为：自动化设备(线)86.26%，治具及零配件11.96%，核心零部件 1.66%，其他(补充)0.12%。 博众精工所属申万行业为：机械设备-自动化设备-其他自动化设备。所属概念板块包括：全息概念、新 型工业化、MR混合现实、人形机器人、快递概念等。 11月4日，博众精工盘中下跌2.00%，截至10:21，报32.32元/股，成交3223.87万元，换手率0.22%，总市 值144.36亿元。 资金流向方面，主力资金净流出231.77万元，特大单买入0.00元，占比0.00%，卖出137.19万元，占比 4.26%；大单买入292.87万元，占比9.08%，卖出387.45万元，占比12.02%。 博众精工今年以来股价涨24.23%，近5个交易日跌3.23%，近20日跌12.36%， ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company has demonstrated steady revenue growth, achieving a revenue of 3.653 billion yuan in Q1-Q3 2025, a year-on-year increase of 11.57%, and a net profit attributable to shareholders of 332 million yuan, up 30.94% year-on-year [1] - The gross margin has slightly declined, with a gross margin of 29.65% in Q1-Q3 2025, down 5.13 percentage points year-on-year [2] - The company has diversified its business across multiple sectors, including consumer electronics, new energy equipment, and semiconductor equipment, with significant advancements in automation and efficiency [3] Financial Performance Summary - For Q3 2025, the company reported a revenue of 1.777 billion yuan, a year-on-year increase of 23.31%, and a net profit of 170 million yuan, up 7.44% year-on-year [1] - The company’s operating expenses have been well-managed, with a total expense ratio of 24.32% in Q1-Q3 2025, down 1.77 percentage points year-on-year [2] - The projected revenue for 2025-2027 is expected to be 5.834 billion, 6.826 billion, and 7.937 billion yuan respectively, with net profits of 514 million, 649 million, and 815 million yuan [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has achieved rapid growth in performance, with significant contributions from both 3C equipment and battery swap station businesses [5] - For the first three quarters of 2025, the company reported a revenue of 3.653 billion yuan, a year-on-year increase of 11.57%, and a net profit attributable to shareholders of 332 million yuan, up 30.94% year-on-year [2] - The sales gross margin slightly decreased to 29.65%, down 5.13 percentage points year-on-year, while the net profit margin increased to 8.71%, up 1.12 percentage points year-on-year [3] - The company’s contract liabilities increased significantly by 364.63% year-on-year, indicating a substantial rise in order volume [4] Financial Performance Summary - The company’s total revenue for 2023 is projected at 4.84 billion yuan, with a year-on-year growth of 0.59% [1] - The net profit attributable to shareholders for 2023 is estimated at 390.41 million yuan, reflecting a year-on-year increase of 17.80% [1] - The earnings per share (EPS) for 2025 is projected to be 1.24 yuan, with a price-to-earnings (P/E) ratio of 26.89 based on the current price [1] - The operating cash flow for the first three quarters of 2025 improved significantly, reaching 710 million yuan, a year-on-year increase of 411.18% [4] Business Segment Insights - The 3C business is expected to benefit from partnerships with major North American clients, focusing on flexible modular production lines and key projects [5] - The company is positioned to benefit from the rapid expansion of battery swap stations, with plans to complete 1,000 stations by 2025 and a long-term goal of increasing to 30,000 stations [5]

外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即香港中央结算有限公司。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括华夏中证机器人ETF、鹏华中证1000 指数增强A，持股增加占比达0.27%。本期较上一季度持股减少的公募基金共计1个，即金信民长混合 A，持股减少占比小幅下跌。本期较上一季度新披露的公募基金共计2个，包括中欧金安量化混合A、中 欧中证500指数增强A。本期较上一季未再披露的公募基金共计136个，主要包括天弘中证机器人ETF、 国寿安保成长优选股票A、南方中证1000ETF、国寿安保智慧生活股票A、博时科创100ETF等。 2025年10月31日，博众精工(688097.SH)发布2025年第三季报。截至2025年10月30日，共有15个机构投 资者披露持有博众精工A股股份，合计持股量达3.19亿股，占博众精工总股本的71.50%。其中，前十大 机构投资者包括江苏博众智能科技集团有限公司、苏州众二股权投资合伙企业(有限合伙)、天津信科弘 创股权投资合伙企业(有限合伙)、苏州众一投资管理合伙企业(有限合伙)、香港中央结算有限公司、苏 州众十投资合伙企业(有限合伙)、苏州众 ...

Group 1 - The company Bozhong Precision (SH 688097) held its 17th meeting of the third board of directors on October 30, 2025, to review the proposal regarding the second vesting period of the 2023 restricted stock incentive plan [1] - For the year 2024, the company's revenue composition is 99.88% from specialized equipment manufacturing and 0.12% from other businesses [1] - As of the report date, Bozhong Precision has a market capitalization of 15.1 billion yuan [1]

Core Viewpoint - Bozhong Precision Engineering is a leading enterprise in the consumer electronics sector, with strong capabilities in technology research and development, as well as providing comprehensive solutions, indicating high investment value [1] Group 1: Business Performance - In Q3 2025, Bozhong Precision achieved a revenue of 3.653 billion yuan, ranking first among 25 companies in the industry, significantly exceeding the industry average of 726 million yuan and the median of 501 million yuan [2] - The main business segments include automation equipment (4.273 billion yuan, 86.26%), fixtures and components (592 million yuan, 11.96%), core components (82.47 million yuan, 1.66%), and others (5.96 million yuan, 0.12%) [2] - The net profit for the same period was 318 million yuan, ranking second in the industry, higher than the industry average of 44.54 million yuan and the median of 9.16 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 59.68%, up from 51.89% year-on-year and above the industry average of 35.98% [3] - The gross profit margin for the same period was 29.65%, down from 34.78% year-on-year and below the industry average of 33.21% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.41% to 10,300, while the average number of circulating A-shares held per shareholder increased by 2.47% to 43,100 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fifth with 7.5497 million shares, a new shareholder, while Huaxia CSI Robot ETF ranked tenth with 3.6897 million shares, an increase of 689,800 shares from the previous period [5] Group 4: Strategic Insights - Guojin Securities highlighted that Bozhong Precision is positioned to benefit from the innovation cycle in consumer electronics, with expected revenue growth rates of 6% and 24% for 2025 and 2026, respectively [6] - The company is focusing on new business areas including new energy vehicles, semiconductors, embodied robots, and instrumentation, with significant orders from major clients in the lithium battery equipment sector [6] - The forecasted net profits for 2025 to 2027 are 542 million, 721 million, and 881 million yuan, with corresponding P/E ratios of 30, 23, and 19, respectively [6] Group 5: Business Highlights - CITIC Securities noted that in the first half of 2025, revenue and net profit (excluding non-recurring gains) showed steady growth, with significant increases in investment income [7] - Key business highlights include strong client relationships in the 3C sector, growth in new energy business, and improvements in semiconductor revenue and profitability [7] - Projected revenues for 2025 to 2027 are 6.166 billion, 7.887 billion, and 9.436 billion yuan, with net profits of 542 million, 729 million, and 882 million yuan, reflecting year-on-year growth rates of 36.08%, 34.43%, and 21.00% [7]

10月30日消息，博众精工发布三季度报告。 公告显示，公司前三季度营业收入3,653,082,205.42元，同比增加11.57%，归属上市公司股东的净利润 332,379,025.27元，同比增加30.94%。 公告显示，十大流通股东中，香港中央结算有限公司为新进流通股东。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

证券代码：688097 证券简称：博众精工 公告编号：2025-058 博众精工科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 公司已于 2025 年 10 月 31 日披露公司《2025 年第三季度年度报告》，为便于 广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 11 月 7 日下午 15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者 关心的问题进行交流。 会议线上交流时间：2025 年 11 月 7 日（星期五）下午 15:00-16:00 会议召开地点：上海证券报·中国证券网路演中心：https://roadshow.cnstock.com/ 会议召开方式：网络文字互动 三、参加人员 董事长、总经理：吕绍林先生 董事会秘书：余军先生 财务总监：黄良之先生 会议线上交流时间：2025 年 11 月 7 日（星期五）下午 15:00-16:00 会议召开地点：上海证券报· ...

证券代码：688097 证券简称：博众精工 公告编号：2025-053 博众精工科技股份有限公司 第三届董事会第十七次会议决议公告 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。 经审议，董事会认为：因已实施完成了 2025 年半年度权益分派方案，根据《2023 年限制性股票激励计划》及《2024 年限制性股票激励计划》相关规定， 2023 年限制性 股票激励计划授予价格由 6.04 元/股调整为 5.95 元/股，2024 年限制性股票激励计划 授予价格由 12.38 元/股调整为 12.29 元/股，该事项符合相关规定要求。 董事蒋健为相关激励计划授予激励对象，回避该议案的表决。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案已经公司第三届董事会薪酬与考核委员会 2025 年第三次会议审议通过。 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的《关于调 整 2023 年、2024 年限制性股票激励计划授予价格的公告》（公告编号：2025-054）。 （二）审议通过《关于 202 ...