Investment Rating - The report assigns an "Accumulate" rating for Bozhong Precision Engineering (688097) [2][3] Core Views - The company reported significant growth in Q2 2024, with revenue reaching 1.091 billion yuan, a year-on-year increase of 46% and a quarter-on-quarter increase of 47% [4] - The company's revenue for H1 2024 was 1.834 billion yuan, up 12.47% year-on-year, with a net profit attributable to shareholders of 96 million yuan, reflecting a 6.07% increase [4] - The 3C business segment continues to expand both horizontally and vertically, with strong collaboration with major clients [4] - The renewable energy equipment segment saw a revenue increase of 65.39% year-on-year, indicating a trend of following clients overseas [4] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 36.26% and a net margin of 5.36%, maintaining stable profitability compared to the previous year [4] - The company expects revenue growth of 10.66%, 25.99%, and 18.20% for the years 2024, 2025, and 2026, respectively, with net profit growth of 18.31%, 39.40%, and 22.88% for the same years [5][6] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.03 yuan, 1.44 yuan, and 1.77 yuan, respectively [6][8] Business Segment Insights - The 3C business accounted for 73.40% of total revenue in H1 2024, with a revenue of 1.344 billion yuan, a year-on-year increase of 2.28% [4] - The renewable energy segment contributed 4.37 billion yuan in revenue, representing 23.87% of total revenue, and is expected to grow as the company supports clients' overseas expansions [4]

证券研究报告 2024 年 09 月 02 日 评级 增持 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 20.93 | | 52 周价格区间（元） | 17.74-34.66 | | 总市值（百万） | 9348.34 | | 流通市值（百万） | 9253.30 | | 总股本（万股） | 44664.80 | | 流通股（万股） | 44210.80 | | | | 涨跌幅比较 -34% -14% 6% 26% 46% 2023-09 2023-12 2024-03 2024-06 博众精工 自动化设备 | --- | --- | --- | --- | |------------|-------|--------|--------| | % | 1M | 3M | 12M | | 博众精工 | -1.88 | 6.62 | -22.02 | | 自动化设备 | 0.33 | -15.01 | -27.13 | 袁玮志 分析师 执业证书编号:S0530522050002 yuanw ...

公司报告 | 半年报点评 业绩微增，果链核心设备厂商，产品矩阵多元 2024 年 H1：1）实现营收 18.34 亿元，同比+12.47%；实现归母净利润 0.96 亿元，同比+6.07%；实现扣非归母净利润 0.75 亿元，同比+11.27%。2）毛 利率 36.26%，同比+0.07pct；归母净利润率 5.23%，同比-0.32pct；扣非归 母净利润率 4.11%，同比-0.04pct。3）期间费用率为 29.73%，同比-0.53pct， 销售/管理/研发/财务费用率分别为 9.51%、6.17%、12.83%、1.22%，同比 分别变动+0.05、-0.06、-1.86、+1.34pct。 2024Q2 单季度：1）实现营收 10.91 亿元，同比+46%，环比+46.79%；实现 归母净利润 1.17 亿元，同比+206.08%，环比+650.41%；实现扣非归母净利 润 1.23 亿元，同比+239.34%，环比+359.85%。2）Q2 单季度毛利率 38.71%， 同比+0.82pct，环比+6.04pct；归母净利润率 10.74%，同比+5.62pct，环比 +13.6pct；扣非归母 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a strong performance in Q2 2024, with a revenue of 1.09 billion yuan, representing a year-on-year growth of 46% and a net profit of 117 million yuan, up 206% year-on-year [3] - The company is expected to benefit from the upcoming boom in the fruit supply chain driven by AI terminal innovations, as it is a core supplier in this sector [4] - The company is diversifying its growth avenues through investments in semiconductor equipment and low-altitude economy initiatives, which are projected to have significant market potential [5][6] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 5.171 billion yuan and a net profit of 496 million yuan, with corresponding P/E ratios of 19.6 [1][6] - The company’s revenue growth rates are forecasted at 7% for 2024, 25% for 2025, and 23% for 2026, while net profit growth rates are expected to be 27% for 2024, 33% for 2025, and 17% for 2026 [1][6] - The company’s earnings per share (EPS) is projected to increase from 0.87 yuan in 2023 to 1.74 yuan by 2026 [1][6]

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - The company's performance met expectations with significant improvement in Q2, driven by key project deliveries [3][4]. - The company continues to strengthen its advantages in the 3C sector while actively developing new processes in collaboration with major clients [4]. - The company is focusing on automation and expanding into new industries and markets, including semiconductors and low-altitude economy [4]. Financial Summary - For H1 2024, the company achieved revenue of 1.834 billion yuan, a year-on-year increase of 12.47%, and a net profit attributable to shareholders of 96 million yuan, up 6.07% [4]. - In Q2 2024, the company reported revenue of 1.091 billion yuan, a remarkable increase of 46.00%, and a net profit of 117 million yuan, up 206.08% [4]. - The gross margin and net margin for H1 2024 were 36.26% and 5.36%, respectively, remaining stable year-on-year [4]. - As of June 30, 2024, the company's inventory stood at 3.397 billion yuan, reflecting a quarter-on-quarter increase of 39.51% [4]. Business Development - The company reported 3C revenue of 1.344 billion yuan in H1 2024, accounting for 73.4% of total revenue, with a year-on-year growth of 2.28% [4]. - The company is actively expanding its product categories and downstream applications in the 3C field, while also collaborating with major clients on FATP and MR equipment projects [4]. - In H1 2024, the company's revenue from the new energy sector reached 437 million yuan, a year-on-year increase of 65.39% [4].

证券代码：688097 证券简称：博众精工 公告编号：2024-058 博众精工科技股份有限公司 关于召开 2024 年半年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 2024 年 8 月 30 日披露公司《2024 年半年度报告》，为便于广大投 资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 6 日下午 15:00-16:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行 交流。 一、说明会类型 本次说明会以网络文字互动形式召开，公司将针对 2024 年半年度经营成果及财 务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者 普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议线上交流时间：2024 年 9 月 6 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 ...

Financial Performance - The company achieved operating revenue of RMB 1,833,538,374.18 in the first half of 2024, representing a year-on-year increase of 12.47%[130]. - The net profit attributable to shareholders was RMB 95,833,820.54, reflecting a year-on-year growth of 6.07%[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 75,368,769.82, up 11.27% year-on-year[16]. - Basic earnings per share for the reporting period were RMB 0.216, up 6.40% from RMB 0.203 in the same period last year[15]. - The company reported a net cash flow from operating activities of RMB -336,890,672.94, a decrease of 18.72% year-on-year, primarily due to reduced collections from accounts receivable[131]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.85 per 10 shares, totaling approximately RMB 37.71 million, which represents 39.35% of the net profit attributable to shareholders for the first half of 2024[4]. - The total number of shares for the dividend distribution is based on 446,647,765 shares as of June 30, 2024, after deducting 3,019,349 shares held in the repurchase account[4]. - The company does not plan to issue bonus shares or convert reserves into share capital in this profit distribution[4]. Corporate Governance - The board of directors and management have confirmed the accuracy and completeness of the financial report, which has not been audited[4]. - The report indicates that all directors attended the board meeting, ensuring governance compliance[3]. - The company has not disclosed any special arrangements for corporate governance in this report[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[4]. Risk Management - The report includes a risk statement regarding forward-looking statements, indicating uncertainties in future plans and strategies[4]. - The company has described potential major risks in the "Management Discussion and Analysis" section of the report[3]. - The company is facing risks related to market expansion, particularly in new fields such as renewable energy and semiconductors, due to limited experience and customer coverage[120]. - The company is experiencing financial risks, including potential fluctuations in gross profit margins and challenges in collecting accounts receivable[124]. Research and Development - The company achieved a total R&D investment of ¥235,279,901.95, a decrease of 1.75% compared to the previous year's ¥239,482,153.15[70]. - R&D investment accounted for 12.83% of total revenue, down by 1.86 percentage points from 14.69% in the previous year[70]. - The company filed 38 new patent applications during the reporting period, bringing the total number of applications to 4,596[69]. - The company holds a total of 319 patents, including 135 invention patents and 103 utility model patents[69]. Market Expansion and Strategy - The company is actively expanding its market presence in key sectors such as automotive electronics, semiconductors, and smart warehousing logistics[93]. - The company is focusing on talent acquisition and training to meet the increasing demand across various business segments[116]. - The company is in discussions with major clients regarding the design of next-generation MR production equipment, with sample production expected to start by the end of the year[97]. - The company is actively promoting a standardized product strategy transformation, enhancing operational management efficiency through modular and standardized process design systems[114]. Environmental Responsibility - The company generated a total of 3.96 million kWh from its rooftop photovoltaic power station, resulting in a reduction of 3,952 tons of CO2 emissions[150]. - The company has implemented measures to control noise pollution, ensuring compliance with environmental standards[149]. - The company has established mechanisms for environmental protection and has reported no administrative penalties related to environmental issues[146]. - The company has effective waste management practices, including the collection and classification of hazardous waste for proper disposal[148]. Shareholder Commitments - The company has committed to maintaining the legitimate rights and interests of all shareholders and not to transfer benefits to other entities or individuals unfairly[171]. - The company emphasizes that the compensation system for directors and senior management will be linked to the execution of the compensation measures[171]. - The company will compensate investors for any economic losses resulting from non-compliance with commitments made by the controlling shareholder[160]. - The company has established a commitment to maintain stable operations and capital management in conjunction with any share reduction plans[160].

博众精工科技股份有限公司 第三届董事会独立董事第一次专门会议决议 博众精工科技股份有限公司（以下简称"公司"）第三届董事会独立董事第 一次专门会议于 2024 年 8 月 29 日以现场结合通讯的方式召开。会议通知已于 2024 年 8 月 19 日通过邮件的方式送达各位独立董事。本次会议应出席独立董事 3 人，实际出席独立董事 3 人，本次会议由独立董事秦非女士主持，会议的召集、 召开和表决程序符合《公司章程》《独立董事工作制度》《独立董事专门会议议 事规则》等规定。本次会议审议并通过了如下议案： 一、审议通过了《关于公司 2024 年半年度利润分配预案的议案》 经审查，公司制定的 2024 年半年度利润分配预案符合《上市公司监管指引 第 3 号——上市公司现金分红》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》及《公司章程》等法律法规、公司制度中关于利润分配的 相关要求，已充分考虑了公司的财务状况、投资者回报、公司的实际情况及业务 可持续发展需要等因素，符合公司和全体股东的利益。本次会议的召集、 召开 及表决程序符合相关法律、法规及《公司章程》的规定，合法有效。 综上，我们一致同意《 ...

华泰联合证券有限责任公司 关于博众精工科技股份有限公司 募投项目延期并重新论证的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为博众精工科技股份有限公司（以下简称"公司"、"博众精工"）2022 年度向 特定对象发行 A 股股票项目的保荐机构，根据《中华人民共和国公司法》《中华 人民共和国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板 股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等相关法律、行政法规、部门规章及其他规范性文件的相关规定，对博众精工本 次募投项目延期并重新论证相关事项进行了审慎核查，并出具核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 8 月 15 日核发的《关于同意博众精 工科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2022〕1825 号）同意，公司向特定对象发行 A 股股票 40,404,040 股，每股面值 1 元，每股 发行价格为人民币 24.75 元，募集资金总额为人民币 999 ...

中长期的维度那么我们依然看好苹果以及相关的产业链的情况那么其实我们看好的主要逻辑是在于AI功能的引入尤其是Apple Intelligence的引入以后我们认为会给苹果带来比较好的消战的增长换机带来的消战增长另一方面就是我们认为Apple Intelligence会进一步的去增强苹果 在这个软硬件方面的竞争力那么有利于这个苹果的这个实战率的进步上升然后这是一个大的方面第二方面其实就在于有这个苹果的这些创新就是Apple Intelligence引发的一系列的创新那么呢它大概率会带来这个苹果的这个capac增加 那么kps增加的话呢就是整个产业链啊都会有一个不错的这么一个收益那么尤其是这个大部分的这个设备厂商啊还是在我们这个中国大陆这边那么我们认为其实整个啊这个设备厂商的这个收益是比较明显的那么第三个点就在于其实博众能作为这个啊果链设备里面的这种龙头啊一年这种啊打几十种量级啊其实属于这种果链设备里面非常大的这么一个情况 所以说在苹果的这一轮创新周期当中我们认为其实伯仲可能是收益程度不能说最高但是可能是收益确定性比较高然后明年可能也会实现不错的增长的企业 大概这样的情况那么接下来我简单介绍一下这个报告的情况还有我 ...