Group 1 - The company stated that the impact of increased tariffs on its business is minimal, as the export to the US constitutes a small proportion of its overall operations [2] - The company has been exploring the field of intelligent service robots since the establishment of its subsidiary in 2011, focusing on technology development in robot vision systems, scheduling systems, and intelligent mobile chassis [2] - The company has two main focus areas in intelligent robotics: contract manufacturing for leading domestic robot companies with a full order book, and providing exclusive assembly equipment for internationally renowned robot companies [2] Group 2 - The company launched the second generation of its transmission electron microscope products, Bozhon F200 TEM and Bozhon T200 TEM, in the first half of 2024, enhancing functionality and performance [3] - The company won a bid for the particle application center solenoid procurement project in the Guangdong-Hong Kong-Macao Greater Bay Area, involving design, research, and manufacturing [3] - The company has received interest from multiple semiconductor enterprises and academic institutions for its customized services in electronic optical systems and magnetic lenses [3] - In the second half of 2024, the company will officially release key components for transmission electron microscopes, including a thermal field emission electron source and high-stability power supplies, which are also applicable in other fields [3]

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but a decline in revenue and a net loss for Q1 2025, indicating mixed performance in the current fiscal year [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [1] - For Q1 2025, the company reported operating revenue of 737 million yuan, a year-on-year decrease of 0.8%, and a net loss attributable to shareholders of 31 million yuan [1] Group 2: Product Development and Market Expansion - The company has expanded its product offerings in the consumer electronics sector, covering a full range of terminal products including smartphones, tablets, TWS Bluetooth headsets, smartwatches, laptops, and AR/MR/VR devices [2] - In the new energy sector, the company has achieved large-scale domestic deliveries of its tunnel cavity injection machines and secured overseas mass production orders from leading industry clients [2] - The company is enhancing its semiconductor investments, focusing on optical communication, 3C precision components, and advanced packaging, with new products achieving significant orders from global leaders [3] Group 3: Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 6.133 billion yuan, 7.311 billion yuan, and 8.737 billion yuan, with net profits of 533 million yuan, 683 million yuan, and 845 million yuan respectively [4] - The company is assigned a target price of 29.8 yuan based on a 25x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing stable revenue growth but challenges in net profit margins, with a focus on expanding its business in the 3C automation equipment and new energy sectors [1][2][3]. Financial Performance Summary 2024 Annual Results - Revenue reached 4.954 billion yuan, a year-on-year increase of 2.36% [1] - Net profit attributable to shareholders was 398 million yuan, up 2.05% year-on-year [1] - Non-recurring net profit attributable to shareholders was 319 million yuan, down 2.66% year-on-year [1] - Gross margin was 34.38%, an increase of 0.59 percentage points year-on-year [1] - Net profit margin was 8.04%, a slight decrease of 0.03 percentage points year-on-year [1] - Non-recurring net profit margin was 6.44%, down 0.33 percentage points year-on-year [1] - Period expense ratio was 24.41%, up 0.71 percentage points year-on-year [1] Q1 2025 Results - Revenue for the quarter was 737 million yuan, a decrease of 0.80% year-on-year [2] - Net profit attributable to shareholders was -31 million yuan, indicating an expanded loss [2] - Non-recurring net profit attributable to shareholders was -36 million yuan, showing a reduced loss compared to the same period last year [2] - Gross margin was 31.9%, down 0.76 percentage points year-on-year [2] - Net profit margin was -4.2%, a decrease of 1.34 percentage points year-on-year [2] - Non-recurring net profit margin was -4.95%, an increase of 1.4 percentage points year-on-year [2] Business Development Insights 3C Automation Equipment - The company maintains a strong position in the consumer electronics sector, actively participating in multiple projects with major clients [3] - Discussions are ongoing with major clients regarding the design of new generation MR production equipment, with sample production expected to start by the end of 2025 [3] New Energy Sector - A strategic cooperation agreement was signed with Times Electric in the second half of 2024 to participate in the "chocolate battery swap ecosystem" [3] - Times Electric, a subsidiary of CATL, plans to build 1,000 battery swap stations by 2025, which is expected to benefit the company significantly [3] Robotics and Semiconductor Fields - The company has successfully expanded into the robotics sector, providing production auxiliary equipment for international robot manufacturers [4] - In the semiconductor field, the company continues to receive orders for high-precision packaging machines and is actively testing prototypes with new clients [4] Profit Forecast and Investment Recommendation - Revenue projections for 2025-2027 are 5.853 billion yuan, 6.938 billion yuan, and 7.650 billion yuan, respectively [4] - Net profit forecasts for the same period are 522 million yuan, 688 million yuan, and 802 million yuan, respectively [4] - The estimated PE ratio for 2025 is 22X, with a "recommended" rating maintained [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [12]. Core Views - The company's performance in 2024 is in line with expectations, achieving a revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [3][4]. - The company is expanding its product offerings across various sectors, including consumer electronics, new energy, and semiconductors, with significant progress in new product development and customer acquisition [5][9]. Financial Summary - In 2024, the company reported a gross margin of 34.38%, a slight increase of 0.59 percentage points year-on-year, while the net profit margin was 7.85%, a decrease of 0.09 percentage points [4]. - Revenue projections for 2025-2027 are 6.039 billion yuan, 7.390 billion yuan, and 8.909 billion yuan, representing year-on-year growth rates of 21.91%, 22.37%, and 20.55% respectively [6][10]. - The forecasted net profit attributable to shareholders for the same period is 555 million yuan, 767 million yuan, and 973 million yuan, with growth rates of 39.21%, 38.24%, and 26.92% respectively [6][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [12]. Core Views - The company's performance in 2024 is in line with expectations, achieving a revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [3][4]. - The company is expanding its product offerings across various sectors, including consumer electronics, new energy, and semiconductors, with significant progress in production and customer acquisition [9][10]. Financial Summary - In 2024, the company reported a gross margin of 34.38%, a slight increase of 0.59 percentage points year-on-year, while the net profit margin was 7.85%, a decrease of 0.09 percentage points [4]. - Revenue projections for 2025-2027 are 6.039 billion yuan, 7.390 billion yuan, and 8.909 billion yuan, representing year-on-year growth rates of 21.91%, 22.37%, and 20.55% respectively [6][10]. - The forecasted net profit attributable to shareholders for the same period is 555 million yuan, 767 million yuan, and 973 million yuan, with growth rates of 39.21%, 38.24%, and 26.92% respectively [6][10].

Core Viewpoint - The company, Bozhong Precision, is focused on research and innovation in the field of intelligent manufacturing equipment, primarily engaged in the development, design, production, sales, and technical services of automation equipment and solutions for smart factories [4][5]. Company Overview - Bozhong Precision is a technology-driven enterprise with over 20 years of manufacturing experience, specializing in automation equipment and flexible production lines [4]. - The company has established a strong end-to-end delivery capability and serves a diverse range of well-known domestic and international clients [4]. Business and Products - The main business areas include automation equipment, key components, and tooling, with a focus on precision manufacturing technologies [5]. - The company aims to strengthen its position in the consumer electronics sector, providing customized automated production lines and advanced manufacturing systems [5][6]. - Products are utilized across various applications, including smartphones, tablets, TWS Bluetooth headsets, smartwatches, laptops, and smart speakers, covering the entire range of consumer electronics [6]. Financial Information - For the fiscal year 2024, the company plans to distribute a cash dividend of 1.42 yuan per share (including tax), totaling approximately 63 million yuan based on the adjusted total share count [2].

New Products and Technologies - Bozhon Instruments has focused on the research, production, and sales of transmission electron microscope products since its establishment, achieving self-control over core technologies and key components such as ultra-high stability high-voltage power supplies and field emission electron guns [1] - In the first half of 2024, Bozhon Instruments launched the second generation of Bozhon F200 TEM and Bozhon T200 TEM, enhancing functionality and performance [2] - Bozhon Instruments has won the bid for the "Guangdong-Hong Kong-Macao Greater Bay Area National Innovation Center Particle Application Center Solenoid Procurement Project," undertaking specific design, research, and manufacturing [2] - The company has achieved mass production of domestically produced 200kV transmission electron microscopes and core components, with delivery expected to start in 2025 [2] Low-altitude Economy - Bozhon Precision's low-altitude economy business, undertaken by its subsidiary Bozhon Robotics, focuses on providing comprehensive low-altitude inspection solutions for smart city governance [3] - The system includes drones, automatic airport systems, low-altitude communication systems, and AI automatic recognition platforms, applying various high-tech solutions [3] - The company aims to provide large-scale, grid-based low-altitude inspection solutions for government and enterprise clients, differentiating itself from competitors who primarily focus on single-point deployments [4] Business Model - The company's sales model is primarily direct sales, with orders obtained through existing customer recommendations and public bidding [5] - The company has established a sales management system to regulate sales activities and maintain long-term relationships with clients [5] - The procurement model includes raw material procurement and customized processing, ensuring quality and timely delivery through a structured approval process [7] Production and R&D Models - The production model is order-driven, with a focus on customized automation equipment based on client needs [8] - The R&D model combines engineering departments and innovation centers to address both current application needs and long-term technological breakthroughs [9] Industry Situation - The global automation equipment market is projected to grow from $484.97 billion in 2024 to $639.67 billion by 2030, indicating significant potential for growth [11] - The domestic automation equipment industry has made notable progress, with local companies increasingly capable of producing mid-to-low-end automation equipment [12] - The company has established itself as a leading player in the intelligent manufacturing sector, recognized for its stable product quality and strong service capabilities [13] Emerging Technologies and Trends - The demand for automation equipment is driven by advancements in consumer electronics, new energy vehicles, and semiconductor manufacturing [14] - The flexible modular production line developed by the company has been successfully mass-produced, enhancing efficiency and reducing labor costs [15][16] - The electric vehicle market is expanding, with battery swapping stations gaining attention as a cost-effective solution for consumers [18] Market Opportunities - The transmission electron microscope market is expected to grow significantly, with a projected global market size of $729 million in 2024, driven by domestic demand for high-end scientific instruments [23][24]

证券代码：688097 证券简称：博众精工 公告编号：2025-014 博众精工科技股份有限公司 关于 2024 年度计提资产减值准备的公告 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、准确性和完整性依法承担法律责任。 一、计提资产减值准备的情况概述 博众精工科技股份有限公司（以下简称"公司"）根据《企业会计准则第 8 号-- 资产减值》和相关会计政策的规定，结合公司的实际情况，为客观、公允地反映公司截 至 2024 年 12 月 31 日的财务状况和 2024 年 1-12 月的经营成果，公司及下属子公司对 截至 2024 年 12 月 31 日公司合并报表范围内存在减值迹象的资产进行了减值测试，2024 年度公司计提各类信用减值损失及资产减值损失共计人民币 134,150,459.35 元，具体 情况如下： 单位：人民币元 | 项目 | 2024 年度计提金额 | 备注 | | --- | --- | --- | | 信用减值损失 | 67,473,961.81 | 含应收票据坏账准备、应收账款坏账 准备、其他应收款坏账准备 | | 资产减值损失 ...

会议召开时间：2025 年 04 月 30 日(星期三) 下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 26 日(星期六) 至 04 月 29 日(星期二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhengquanbu@bozhon.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 证券代码：688097 证券简称：博众精工 公告编号：2025-024 博众精工科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨现金分 红说明会的公告 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： 博众精工科技股份有限公司（以下简称"公司"）已于 2025 年 04 月 26 日发 布公司 2024 年年度报告及 2025 年第一季度报告，为 ...