请认真阅读文后免责条款 数据来源：Wind，华龙证券研究所 风险提示：1）全球宏观经济波动增加市场不确定性；2）行业竞 争加剧可能压缩利润空间；3）技术迭代速度快，研发投入压力大； 4）新能源市场政策和补贴变化可能影响业务发展；5）全球供应 链波动可能对生产和交付造成影响。 | --- | --- | --- | --- | --- | --- | |--------------------------|-------|-------|-------|-------|-------| | 预测指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,812 | 4,840 | 5,804 | 6,675 | 7,676 | | 增长率（%） | 25.72 | 0.59 | 19.93 | 15.00 | 15.00 | | 归母净利润（百万元） | 331 | 390 | 474 | 534 | 620 | | 增长率（%） | 71.43 | 17.80 | 21.46 | 12.56 | 16.13 | | ROE （%） | 8.69 | ...

多元领域拓展顺利，项目周期提前影响短期业绩 绑定核心大客户，国内业务增速显著。分产品来看，2023年自动化设备实现营 收 41.5亿元，同比+1.3%；治具及零部件实现营收 6.9亿元，同比-3.8%。分地 区来看，海外业务营收 15.2 亿元，同比-33.7%；国内业务营收 33.2 亿元，同 比+31.7%，主要系苹果产业链国内客户收入确认增加较多。分板块来看，消费 电子板块营收 37.0亿元，同比+4.2%；新能源板块营收 8.4亿元，同比-10.4%； 智慧仓储物流板块营收 1.6 亿元。 3C领域纵深推进，多元领域迅速拓展。消费电子领域：公司聚焦柔性模块化生 产线、MR设备等重点项目，柔性自动化生产线已实现量产，大客户第二代 MR 生产设备处于打样状态。新能源领域：公司已推出锂电专机、智能充换电站、 汽车自动化等设备。公司紧跟大客户出海拓展脚步，为其海外产线配套锂电专 机设备。半导体领域：公司继续加大半导体领域研发投入，聚焦先进封装、光 电子、AI 算力等细分市场，新产品共晶贴片机星威 EH9721 目前已获得批量订 单，固晶机产品正处于调装状态。 风险提示：客户集中度较高、消费电子复苏不及预期、新 ...

证券研究报告 2024 年 04 月 25 日 评级 增持 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 首次 | | 当前价格（元） | 21.52 | | 52 周价格区间（元） | 19.33-34.66 | | 总市值（百万） | 9611.90 | | 流通市值（百万） | 1999.40 | | 总股本（万股） | 44664.80 | | 流通股（万股） | 9290.80 | | | | 涨跌幅比较 -31% -11% 9% 29% 2023-04 2023-07 2023-10 2024-01 博众精工 自动化设备 | --- | --- | --- | --- | |------------|--------|--------|--------| | % | 1M | 3M | 12M | | 博众精工 | -21.03 | -11.80 | -26.02 | | 自动化设备 | -7.44 | 8.21 | -12.42 | 袁玮志 分析师 执业证书编号:S0530522050002 yuanwei ...

免责声明 东吴证券投资评级标准 买入：预期未来 6 个月个股涨跌幅相对基准在 15%以上； 增持： 预期未来 6 个月内，行业指数相对强于基准 5%以上； 中性： 预期未来 6 个月内，行业指数相对基准-5%与 5%； 减持： 预期未来 6 个月内，行业指数相对弱于基准 5%以上。 邮政编码：215021 传真：（0512）62938527 公司网址： http://www.dwzq.com.cn 证券研究报告·公司点评报告·自动化设备 博众精工（688097） 2023 年年报&2024 年一季报点评：Q1 业绩 短期承压，3C 领域竞争优势突出 2024 年 04 月 24 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4,812 | 4,840 | ...

1 / 13 2024 年第一季度报告 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 □是 √否 | --- | --- | --- | |----------------------------|-----------------|--------------------------------------| | 项目 | 本报告期 | 本报告期比上年 同期增减变动幅 度 (%) | | | | | | | | | | 营业收入 | 742,955,747.03 | -15.88 | | 归属于上市公司股东的净利润 | -21,277,243.18 | -140.85 | | 归属于上市公司股东的扣除非 | | | | 经常性损益的净利润 | -47,150,337.63 | -249.06 | | 经营活动产生的现金流量净额 | -498,139,189.54 | 不适用 | (二)非经常性损益项目和金额 对公司将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》未列举的项目认 定为的非 ...

博众精工：国内 3C 自动化设备龙头，产线升级+MR 放量驱动稳健增长 2）MR 开启空间计算元年：Apple Vision Pro 为革命性的空间计算设备。 类比 Mac 将用户带入到个人计算时代，iphone 将用户带入移动计算时代， 我们认为 Apple Vision Pro 有望带领用户进入空间计算时代。蓝海市场开 启，设备投资先行，博众精工深度参与第一代 MR 产品镜片和整机的组装 以及第二代产品生产设备打样，有望受益于空间计算的浪潮。 公司在半导体高端装备领域有产品布局，主要用于芯片封装及外观检测方 面，从后道的封装测试设备切入，延伸至前道的晶圆 AOI 检测领域。公 司的星威系列高精度共晶贴片机用于后道工艺领域，是高精度高效率的多 功能芯片贴装设备，与优势的 3C 业务具备协同性。3D AOI 检测领域国产 化率较低仅有 10～20%，国内相关领域市场规模受国产自动化趋势影响持 续扩大，为公司带来新的发展机遇。 盈利预测与估值模型： 风险提示：市场竞争加剧、下游行业集中度较高、客户集中度高、宏观经 济变化的风险、毛利率波动的风险 公司报告 | 首次覆盖报告 1）苹果产线升级：博众精工是国内 3C ...

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 投资者关系活动记录表 编号：2023-003 投资者关系 □特定对象调研 □分析师会议 活动类别 □媒体采访 □利润说明会 □新闻发布会 □路演活动 ■现场参观 ■其他（电话会议） 参与单位名 景顺长城基金、嘉实基金、东证资管、富国基金、东吴基金、交银基 称 金、巨子基金、中信建投、国海证券、中泰证券、西南证券、厚葳投 资、新华基金、上海古曲、阳光资产、聚鸣投资、安信基金、上海璞 远、广州趋势私募、沣京资本、招银国际、利幄基金、浦银安盛（共 计34人） ...

14 / 14 2023 年第三季度报告 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 2023 年第三季度报告 重要内容提示： 一、 主要财务数据 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|-----------------------------------------|------------------|----------------------------------------------| | 项目 | 本报告期 | 本报告期 \n比上年同 期增减变 动幅度 (%) | 年初至报告期末 | 年初至报告期 \n末比上年同期 增减变动幅度 (%) | | 营业收入 | 1,614,586,381.70 | 0.01 | 3,244,767,422.75 | 6.57 | | 归属于上市公司股东 的净利润 | 139,150,865.94 | -35.83 | 229,496,259.17 | 40.09 | | 归属 ...

39 / 238 （2）研发团队强大，以客户需求为导向，及时响应客户要求 行业内有竞争力的产品研发设计和定制化生产能力是博众精工核心竞争力最重要的组成部分， 而技术及研发设计团队则是保证研发设计能力持续提升的关键。公司建立了全面的人才引进制度 和研发激励机制，为扩大研发人员规模、维护核心技术团队稳定提供了重要基础。截至 2023 年 6 月底，公司已拥有一支高素质的硬件、软件和机械工程研发团队，技术及研发人员总数达 1,886 人，占公司员工总数的 33.08%,研发队伍稳定。 公司的研发团队，能够充分理解下游产品的品质要求、设备的生产效率要求和工作环境；并 可通过对下游产品的生产工艺的迅速了解，拟定产品的设计方案，对客户的需求作出迅速的响应， 在交期内根据客户的需求制定设计方案，做出包括设备示意图、各部分结构简介、动作说明、设 备技术参数等部分的整体设计方案。同时，在方案设计过程中还能对客户提出的反馈进行及时改 进。在与客户的持续合作过程中，积累了行业有竞争力的产品研发设计和定制化生产、响应能力， 获得了客户的广泛认可。 （3）行业应用经验充足，具备整体解决方案能力 公司深耕自动化设备行业多年，深入了解下游 ...

Financial Performance - Revenue in 2022 reached 48.115 billion yuan, a 25.72% increase compared to the previous year, driven by technological innovation, market expansion, and breakthroughs in the new energy sector, enhancing core product competitiveness and expanding the customer base[31] - The company achieved total sales orders of approximately 5.46 billion yuan in 2022, an increase of 8% year-over-year, with 3C business sales orders at 3.71 billion yuan, maintaining a historically high level, and new energy business sales orders at 1.39 billion yuan, an 81% increase year-over-year, indicating rapid growth in the new energy sector[40] - The company's 3C business revenue in 2022 was 35.482 billion yuan, a 9.34% increase year-over-year, accounting for 73.74% of total revenue, demonstrating strong performance in the consumer electronics sector despite industry pressures[41] - Basic earnings per share (EPS) in 2022 were 0.815 yuan, a 62.03% increase compared to 2021, while diluted EPS also increased by 62.03% to 0.815 yuan, reflecting significant profit growth[31] - The weighted average return on equity (ROE) in 2022 was 12.40%, an increase of 3.25 percentage points compared to 2021, indicating improved profitability and efficiency[31] - Net profit attributable to shareholders was 331.42 million yuan, a year-on-year increase of 71.43%[55] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 312.32 million yuan, a year-on-year increase of 129.38%[55] - Total revenue for 2022 was 4.81 billion yuan, a year-on-year increase of 25.72%[53] - Revenue in Q4 2022 was 1.77 billion yuan, the highest among all quarters[58] - Net profit attributable to shareholders in Q3 2022 was 216.83 million yuan, the highest among all quarters[58] - Revenue for the reporting period reached 4,811.51 million yuan, a year-on-year increase of 25.72%[62] - Net profit attributable to shareholders of the listed company was 331.42 million yuan, a year-on-year increase of 71.43%[62] - The company's net profit attributable to the parent company in 2022 was 331.42 million yuan, with the parent company's net profit at 319.53 million yuan[168] - The parent company's distributable profit at the end of 2022 was 1.18 billion yuan[168] Business Segments and Market Expansion - The company has multiple subsidiaries, including Bozhon Precision Industry Technology Co., Ltd., Suzhou Fantest Measurement and Control Technology Co., Ltd., and Bozhon Inc. (USA)[13] - The company successfully entered the supply chain of leading clients such as CATL and achieved significant breakthroughs with clients like SVOLT, securing substantial mass production orders[66] - The company is actively expanding into overseas markets, particularly in Europe and the US, focusing on lithium battery equipment[67] - In the semiconductor field, the company launched high-precision eutectic machines and chip appearance inspection AOI equipment, achieving initial sales and breakthroughs[69] - The company's core components, including industrial robots and direct-drive motor systems, have seen stable growth and expanded into overseas markets[90] - The company's strategic layout in the semiconductor sector includes extending to front-end wafer AOI inspection equipment, with initial sales and positive customer feedback[184] - The company's core business in the consumer electronics sector focuses on precision assembly, precision testing, precision measurement, and precision bonding, providing equipment such as precision assembly lines, precision measurement devices, and precision bonding devices[190] - The company's equipment is applied across a wide range of consumer electronic products, including smartphones, tablets, TWS Bluetooth earphones, smartwatches, laptops, smart speakers, and AR/VR products, covering both the assembly and testing phases of the production process[194] - In the new energy sector, the company aims to specialize and refine its offerings, achieving rapid growth by providing standard lithium battery manufacturing equipment such as liquid injection machines, high-speed stacking machines, and cell assembly machines, as well as intelligent charging and swapping stations and automotive parts production equipment[196] - The company entered the charging and swapping station field in 2018, providing fully automatic charging and swapping stations for NIO, and has a first-mover advantage in this area[199] R&D and Innovation - R&D investment accounted for 10.26% of revenue in 2022, a decrease of 1.81 percentage points compared to 2021, reflecting a slight reduction in R&D spending relative to revenue growth[31] - The company launched a flexible modular production line for the FATP (Final Assembly, Test, and Pack) segment, featuring high automation, flexibility, and compatibility, which has already received formal orders and entered mass production, with potential for large-scale industry adoption[43] - The company developed high-precision UV ink online printing technology, overcoming technical challenges and achieving mass production, with potential applications in 3C and related electronic product lines[75] - The company successfully developed a battery-swapping robot with active correction technology, improving the success rate and mechanical lifespan of battery swaps[77] - The company's smart charging and swapping station products have a self-supply rate of 80%, with new chassis swapping technology enhancing competitiveness[86] - The company has accumulated 2,356 patents, including 1,036 invention patents, and ranks 7th in Jiangsu Province for authorized invention patents[91] - The high-speed stacking machine for lithium batteries achieved a breakthrough with a stacking efficiency of 0.125s/pcs, gaining recognition and bulk orders from leading lithium battery companies[93] - The company developed high-precision eutectic machines for the optoelectronics and laser industries, achieving sales and marking a breakthrough in high-end equipment[94] - The company's semiconductor equipment achieved sales, marking a critical step from 0 to 1 in the high-end equipment sector[95] - The company's new energy flat wire motor rotor production line equipment achieved mass production, with a line cycle time of 90s and full automation[93] - The company's special lenses received certification from leading new energy companies, solving key imaging challenges in customer processes[90] - The company launched a new industrial robot speed prediction algorithm, which has been successfully applied in scenarios such as notebook shell grinding, mouse shell polishing, and robot dispensing, with small batch orders for grinding and polishing projects and bulk orders for dispensing applications[145] - The company's core components business has expanded its product matrix, with a key R&D project on a dispensing control system to strengthen its capabilities in 3C dispensing applications[145] Corporate Governance and Shareholder Information - The company's 2022 annual report has been audited by Lixin Certified Public Accountants (Special General Partnership) and received a standard unqualified audit report[6] - The company's 2022 profit distribution plan, approved by the board of directors, does not include cash dividends, stock dividends, or capital reserve to share capital conversion[18] - The company's 2022 annual report includes a risk factors section in the "Management Discussion and Analysis" section, which investors should pay attention to[5] - The company's 2022 annual report has been prepared in accordance with the relevant regulations and has been reviewed and approved by the board of directors[4] - The company's 2022 annual report includes a section on the company's governance structure and important matters[8] - The company's 2022 annual report includes a section on the company's financial statements, which have been signed and sealed by the company's responsible person, the person in charge of accounting work, and the person in charge of the accounting institution[11] - The company's registered address is No. 666, West Huxin Road, Wujiang Economic and Technological Development Zone, and its office address is the same[15] - The company's legal representative is Lü Shaolin[15] - The company's website is http://www.bozhon.com/, and its email address is zhengquanbu@bozhon.com[15] - The company issued 40,404,040 A shares to 10 specific investors, with the new shares registered on December 8, 2022, and all are restricted shares[127][134] - The total share capital increased from 402,516,500 shares to 444,305,790 shares due to the issuance of shares to specific investors and the exercise of stock options[135] - 330 employees exercised stock options, resulting in the issuance of 1,385,250 A shares at RMB 4.16 per share, raising RMB 5,762,640 in total[128] - The company's registered capital and total share capital both reached RMB 403,901,750 after the stock option exercise[128] - The largest shareholder, Suzhou Zhonger Equity Investment Partnership, holds 154,728,000 shares, representing 34.82% of the total shares[138] - The second-largest shareholder, Jiangsu Bozhong Intelligent Technology Group, holds 129,672,000 shares, representing 29.19% of the total shares[138] - The company's top 10 shareholders collectively hold a significant portion of the shares, with the top two shareholders alone holding over 60% of the total shares[138] - The company's stock options were exercised at a price of RMB 4.16 per share, with a total capital premium of RMB 4,377,390 recorded as capital reserve[128] - The company's total share capital increased by approximately 10.4% due to the issuance of new shares and the exercise of stock options[135] - The company's largest shareholder, Suzhou Zhonger Equity Investment Partnership, has all its shares under restricted conditions, with no changes during the reporting period[138] - The company successfully raised a net amount of RMB 982,949,093.27 through a private placement, optimizing its capital structure and providing financial support for business expansion[147] - The company completed the 2022 restricted stock incentive plan and the second exercise of the 2020 stock options, establishing a long-term incentive mechanism to motivate core management, technical, and business teams[148] - The company's equity incentive plan includes details on the number of shares, percentage of total shares, number of participants, and grant price[173] - The company's 2022 Restricted Stock Incentive Plan achieved the trigger value, with a total share-based payment expense of RMB 19,794,826.92[176] - The 2020 Stock Option Incentive Plan also achieved the trigger value, with a total share-based payment expense of RMB 17,730,095.68[176] - A total of 2,966,000 restricted shares were granted under the 2022 Restricted Stock Incentive Plan, with a grant price of RMB 9.66 per share[177] - The company granted 4.00 million restricted shares to 13 incentive recipients on May 23, 2022, at a grant price of RMB 9.66 per share[180] - In the second exercise period of the 2020 Stock Option Incentive Plan, 330 incentive recipients exercised 1,385,250 shares, raising RMB 5,762,640 in equity capital[180] - The 2020 Stock Option Incentive Plan's second exercise period saw 336 eligible incentive recipients, with 142.05 million stock options exercisable, accounting for 0.35% of the company's total shares[180] - The company's total registered capital increased to RMB 403,901,750.00 after the exercise of stock options in the second exercise period of the 2020 Stock Option Incentive Plan[180] Human Resources and Talent Development - The company's total number of employees is 5,702, with 3,506 in the parent company and 2,196 in major subsidiaries[163] - The company has 1,097 production personnel, 1,938 sales personnel, 1,909 technical personnel, 54 financial personnel, 413 administrative personnel, and 291 management personnel[163] - The company's employees consist of 1,988 with a bachelor's degree or higher, 2,994 with an associate degree, and 720 with education below an associate degree[163] - The company has a dual-channel career development mechanism for management and technical professionals, with a focus on performance-based salary adjustments and annual bonuses[164] - The company plans to implement a talent development program over 2-3 years, focusing on leadership training and key position empowerment[167] Operational Efficiency and Cost Management - Operating cash flow in 2022 was -7.1432 million yuan, showing improvement compared to the previous year, attributed to increased profits and enhanced procurement payment controls[32] - The company focuses on cost reduction and efficiency improvement across multiple dimensions including production, procurement, sales, warehousing, logistics, finance, and human resources, enhancing profitability[146] - The company did not distribute cash dividends in 2022, with retained profits to be used for R&D, production expansion, and daily operations[172] Subsidiaries and Strategic Initiatives - The company's subsidiary, Linghou Robot, has an independent optoelectronics laboratory focusing on machine vision and related fields, with key components widely used in 3C, new energy, semiconductor, photovoltaic, and packaging industries[181] - The company is actively expanding into the semiconductor sector, focusing on backend packaging and testing equipment, and has launched AOI inspection machines and fully automatic high-precision eutectic machines[184] - The company signed an RMB 800 million framework procurement agreement with Turkish J.S company, with the first production line currently under fulfillment[88] - Industrial robot product shipments exceeded 3,000 units, securing the top recommendation from a major international smartphone brand for 2023[90]