公司研究 证 券 研 究 报 告 博众精工（688097）深度研究报告 强推（首次） 3C 自动化设备领先企业，积极拓展新兴领域 目标价：34.8 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,954 | 5,751 | 7,004 | 8,392 | | 同比增速(%) | 2.4% | 16.1% | 21.8% | 19.8% | | 归母净利润(百万) | 399 | 517 | 636 | 767 | | 同比增速(%) | 2.0% | 29.6% | 23.1% | 20.8% | | 每股盈利(元) | 0.89 | 1.16 | 1.42 | 1.72 | | 市盈率(倍) | 28 | 22 | 18 | 15 | | 市净率(倍) | 2.5 | 2.3 | 2.1 | 1.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 21 日收盘价 其他专用机械 2025 年 05 月 2 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 34.80 CNY [1][9]. Core Insights - The company is a leading player in the 3C automation equipment sector, actively expanding into emerging fields such as new energy, semiconductors, and low-altitude economy [6][8]. - The company has shown a compound annual growth rate (CAGR) of 11.94% in revenue from 25.18 billion CNY in 2018 to 49.54 billion CNY in 2024, with net profit increasing from 3.23 billion CNY to 3.98 billion CNY during the same period [6][29]. - The company is well-positioned to benefit from the new innovation cycle in consumer electronics, particularly in AI, foldable screens, and XR technologies [8][47]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 4,954 million CNY, 5,751 million CNY, 7,004 million CNY, and 8,392 million CNY respectively, with growth rates of 2.4%, 16.1%, 21.8%, and 19.8% [2]. - Net profit estimates for the same years are 399 million CNY, 517 million CNY, 636 million CNY, and 767 million CNY, with growth rates of 2.0%, 29.6%, 23.1%, and 20.8% [2]. - Earnings per share (EPS) are projected to be 0.89 CNY, 1.16 CNY, 1.42 CNY, and 1.72 CNY for 2024A, 2025E, 2026E, and 2027E respectively [2]. Business Overview - The company specializes in automation equipment, flexible production lines, key automation components, and tooling, serving sectors such as consumer electronics, new energy vehicles, and semiconductors [6][13]. - The company has established a strong relationship with major clients like Apple, which significantly influences its revenue [51][56]. - The company is expanding its product matrix in the consumer electronics sector, covering a wide range of devices including smartphones, tablets, and wearables [20][21]. Market Position and Strategy - The company is actively pursuing multiple business tracks in response to national policy directions, focusing on new energy, semiconductors, and low-altitude economy sectors [8][67]. - The company has a stable shareholding structure and has implemented stock incentive plans to enhance employee motivation and align interests [23][28]. Growth Potential - The company is expected to achieve significant revenue growth driven by the increasing demand for automation in the consumer electronics sector and the expansion into new energy and semiconductor markets [8][67]. - The report highlights the potential for growth in the lithium battery equipment market, driven by the rapid expansion of electric vehicles and energy storage systems [73].

Market Performance - On May 22, the three major A-share indices collectively adjusted, with the Shanghai Composite Index falling by 0.22% to 3380.19 points, the Shenzhen Component Index dropping by 0.72% to 10219.62 points, and the ChiNext Index decreasing by 0.96% to 2045.57 points [1] Fund Manager Changes - In the past 30 days (April 22 to May 22), a total of 480 fund products experienced changes in fund managers, with 22 fund products announcing manager departures on May 22 alone [3] - The reasons for the changes included two managers leaving due to job changes, one due to personal reasons, and one due to product expiration [3] Fund Manager Performance - The current total asset scale of the fund manager Lou Huafeng from Industrial Bank is 2.079 billion yuan, with the highest return product being Silver River Quantitative Preferred Mixed A, which achieved an 88.18% return over 4 years and 42 days [4] - New fund manager Yan Peixian from China Europe Fund has a total asset scale of 12.365 billion yuan, with the highest return product being China Plus Pure Bond One Year A, which achieved an 87.82% return over 10 years and 49 days [5] Fund Research Activity - In the past month (April 22 to May 22), Bosera Fund conducted the most company research, engaging with 145 listed companies, followed by Jiashi Fund, Huaxia Fund, and Fortune Fund, which researched 133, 132, and 125 companies respectively [6] - The most researched industry was specialized equipment, with 658 instances, followed by medical devices with 637 instances [6] Recent Company Focus - In the last week (May 15 to May 22), the company receiving the most attention from funds was Bozhong Precision Engineering, with 48 fund institutions conducting research [8] - Other companies with significant research interest included Huagong Technology, Keli Co., and Huadong Pharmaceutical, receiving 37, 35, and 30 fund institution inquiries respectively [8]

Group 1 - Hongjing Technology signed a service contract for an intelligent computing project with a total amount of 597 million yuan, valid for 5 years [1] - Weifu High-Tech's subsidiary invested 220 million yuan to establish a joint venture with Shanghai Baolong Automotive Technology [2] - Zhongshan Public received approval for the registration of short-term financing bonds amounting to 2 billion yuan and medium-term notes of 3 billion yuan [3] Group 2 - Lianhua Technology established a venture capital fund with a total commitment of 200 million yuan, contributing 100 million yuan as a limited partner [4] - Changan Technology's shareholder signed an agreement to transfer 6.27% of the company's shares to Hefei State Capital Venture Investment [6] - Hangzhou Garden announced a cash dividend of 0.5 yuan per 10 shares, totaling 6.62 million yuan [8] Group 3 - Huamao Technology plans to acquire 100% equity of Fuchuang Youyue, leading to a temporary suspension of its stock [9] - Zhuojin Co. won a bid for a soil remediation project in Hefei with a contract value of 67.68 million yuan [10] - Shanghai Pharmaceuticals received FDA approval for two drugs, enhancing its product portfolio [10] Group 4 - Fuxing Pharmaceutical's senior vice president resigned for personal reasons [12] - Baolong Technology's subsidiary plans to invest 180 million yuan in a joint venture [13] - ST Zhongdi intends to utilize surplus funds from a project company, with a maximum of 106 million yuan [14] Group 5 - Nanchao Food reported a significant decline in net profit for April, down 82.14% year-on-year [16] - Changshan Pharmaceutical received a drug registration certificate in Belarus for a new product [18] - Nanshan Aluminum established a wholly-owned subsidiary for photovoltaic energy projects with an investment of 5 million yuan [20] Group 6 - Bozhong Precision announced the resignation of a director and deputy general manager [22] - Xinjiang Jiaojian won a bid for a highway construction project valued at 451 million yuan [23] - Guangzhou Restaurant declared a cash dividend of 0.48 yuan per share, totaling 273 million yuan [25] Group 7 - Weili Medical's subsidiary obtained a medical device operating license, allowing it to engage in wholesale activities [27] - New Australia Co. announced a cash dividend of 0.3 yuan per share, totaling 219 million yuan [28] - Lianhua Technology's subsidiary entered the new third board innovation layer [29] Group 8 - Huaxi Energy's chairman resigned due to personal reasons [31] - Yipin Hong plans to use up to 500 million yuan of idle funds for cash management [33] - Shouhua Gas intends to purchase bauxite resources through market means [34] Group 9 - Jincheng signed a service agreement for underground mining operations at the Komakau Copper Mine, valued at approximately 805 million USD [34] - Wanrun New Energy signed a supply contract with CATL for lithium iron phosphate products, with a total supply of about 1.32 million tons [35] - Weili plans to transfer 100% equity of a subsidiary to Chengfa Environment for 100 million yuan [36] Group 10 - Zhenlei Technology's subsidiary received government subsidies of 2.21 million yuan, positively impacting profits [38] - Weir shares plan to change their name to "Haowei Group" to reflect strategic direction [39] - YTO Express reported a revenue increase of 16.32% in April, totaling 5.755 billion yuan [39]

博众精工科技股份有限公司（以下简称"公司"）董事会于今日收到公司董事、副总 经理宋怀良先生的书面辞职报告。因个人原因，宋怀良先生申请辞去公司第三届董事会非 独立董事和副总经理职务，辞任后，宋怀良先生仍在公司任职。 根据《中华人民共和国公司法》《博众精工科技股份有限公司章程》等有关规定，宋 怀良先生的辞职报告自送达公司董事会之日起生效。宋怀良先生辞去董事职务不会导致公 司董事会人数低于法定最低人数，不会影响公司董事会的正常运行，亦不会对公司的日常 运营产生不利影响。 截至本公告披露日，宋怀良先生共持有公司 630,330 股，占公司总股本的比例为 0.141%，其中 532,080 股通过苏州众十投资合伙企业（有限合伙）间接持有，另外 98,250 股为股权激励取得。宋怀良先生承诺将继续遵守《上市公司股东、董监高减持股份的若干 规定》《上海证券交易所科创本股东上市规则》《上海证券交易所上市公司股东及董事、 监事、高级管理人员减持股份实施细则》等相关法律法规的规定。 关于公司董事、高级管理人员辞职的公告 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 ...

博众精工公告，公司董事、副总经理宋怀良因个人原因辞职，辞去非独立董事和副总经理职务。宋怀良 持有公司63.03万股，占总股本的0.141%。辞职报告自送达董事会之日起生效，不会影响公司正常运 行。 ...

证券代码：688097 证券简称：博众精工 公告编号：2025-026 博众精工科技股份有限公司 股东及董监高减持股份计划提前终止暨减持股份 结果公告 本公司董事会、全体董事及相关股东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： ? 大股东及董监高持有的基本情况 持股 5%以上股东苏州众二股权投资合伙企业（有限合伙） （以下简称"苏州 众二"）持有公司股份 130,492,893 股，占博众精工总股本的比例为 29.216%， 为公司首次公开发行前取得的股份，该部分股份已于 2024 年 5 月 13 日起上市流 通。 公司董事、副总经理蒋健先生持有公司 621,855 股，占公司总股本的比例为 （以下简称"苏 州众十"、"持股平台"）间接持有，为公司首次公开发行前取得的股份，该部分 股份已于 2024 年 5 月 13 日起上市流通；另外 89,775 股为股权激励取得。 公司董事、副总经理宋怀良先生持有公司 663,080 股，占公司总股本的比例 为 0.148%，其中 532,080 股通过苏州众十间接持有，为公司首次 ...

证券代码：688097 证券简称：博众精工 公告编号：2025-026 博众精工科技股份有限公司 股东及董监高减持股份计划提前终止暨减持股份 结果公告 本公司董事会、全体董事及相关股东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： 大股东及董监高持有的基本情况 持股 5%以上股东苏州众二股权投资合伙企业（有限合伙）（以下简称"苏州 众二"）持有公司股份 130,492,893 股，占博众精工总股本的比例为 29.216%， 为公司首次公开发行前取得的股份，该部分股份已于 2024 年 5 月 13 日起上市流 通。 公司董事、副总经理蒋健先生持有公司 621,855 股，占公司总股本的比例为 0.139%，其中 532,080 股通过苏州众十投资合伙企业（有限合伙）（以下简称"苏 州众十"、"持股平台"）间接持有，为公司首次公开发行前取得的股份，该部分 股份已于 2024 年 5 月 13 日起上市流通；另外 89,775 股为股权激励取得。 公司于 2025 年 5 月 19 日收到蒋健、宋怀良、马金勇先生出具的《关于提前 ...

Meeting Details - The shareholders' meeting of Bozhong Precision Engineering Co., Ltd. was held on March 16, 2025, at the company's location in Suzhou [1] - A total of 64 ordinary shareholders attended the meeting, holding 295,868,227 voting rights, which accounts for 66.2420% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved during the meeting [2] - The voting results for the proposals showed overwhelming support, with the highest approval rate being 99.9697% for one of the resolutions, with only 0.0132% against and 0.0171% abstaining [1][2] - The voting results for another proposal indicated 99.9619% approval, with 0.0237% against and 0.0144% abstaining [1][2] Legal Compliance - The meeting was convened in accordance with the Company Law and the company's articles of association, with the presence of legal representatives confirming the legality of the meeting procedures [3] - The legal opinion provided by the attending lawyers affirmed that the meeting's convening and voting procedures complied with relevant laws and regulations [3]

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of shareholders for Bozhong Precision Technology Co., Ltd. is scheduled for May 16, 2025, and that the meeting's procedures comply with relevant laws and regulations [1][5]. Group 1: Meeting Procedures - The meeting was approved by the company's third board of directors on April 25, 2025, and was announced to shareholders on April 26, 2025, via the Shanghai Stock Exchange website [2][3]. - The notice included details about the meeting time, location, and the rights of shareholders to attend and vote, including provisions for proxy voting [2][3]. Group 2: Attendance and Qualifications - A total of 64 shareholders (or their proxies) attended the meeting, representing 295,868,227 shares, which is 66.24% of the total voting shares [3][4]. - The qualifications of all attendees, including directors, supervisors, and legal witnesses, were verified to be in compliance with Chinese laws and the company's articles of association [4]. Group 3: Agenda and Voting Results - No new proposals were introduced by shareholders during the meeting, and all agenda items listed in the notice were discussed and voted on [4][5]. - The voting process was conducted through both on-site and online methods, and the results were in accordance with the company's articles of association, confirming the legality and validity of the voting outcomes [5].