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Core Viewpoint - The report from Jianghai Securities highlights that Bichu Electronics has a strong competitive edge in the laser cutting control system market due to its integrated hardware and software solutions, with consistent high growth in performance over recent years [1] Company Performance - Bichu Electronics has shown steady revenue growth, increasing from 376 million yuan in 2019 to an estimated 1.735 billion yuan in 2024, resulting in a 5-year CAGR of 35.78% [1] - The company maintains a leading market share in the low and medium power laser cutting control systems [1] Industry Trends - The demand for laser equipment is rapidly increasing in various sectors such as new energy vehicles, shipbuilding, rail transportation, machinery manufacturing, and aerospace, driven by China's economic transition towards advanced manufacturing [1] - The domestic laser equipment market is experiencing a fast growth trend due to these industry demands [1] Valuation and Rating - Based on the average industry valuation, Bichu Electronics is initially covered with a valuation of 36x, with an expected EPS of 4.69 yuan for 2026 and a target price of 168.84 yuan, receiving an "Accumulate" rating [1]

公司激光焊接控制系统已获得产业端认可，高功率激光切割系统市占率持续提升，同时公司正布局精密 加工和海外市场拓展。 经济观察网柏楚电子(688188)2月11日盘中报154.09元/股，当日上涨2.05%，成交额7577.01万元，主力资 金净流入489.99万元。 机构持仓分析 业绩经营情况 公司2025年1-9月实现营业收入16.20亿元，同比增长24.51%；归母净利润9.04亿元，同比增长24.61%。 主营业务中，平面解决方案占比61.36%，管材解决方案占比21.43%。 业务进展情况 截至2025年9月30日，香港中央结算有限公司持股有所增加，而部分科创板ETF持股减少。 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1 - On February 10, brokerages set target prices for listed companies with notable increases for Kehua Data, Nanwei Medical, and Fulete, with target price increases of 19.70%, 18.54%, and 14.09% respectively, belonging to the other power equipment, medical devices, and photovoltaic equipment industries [1][3] - A total of 21 listed companies received brokerage recommendations on February 10, with companies like Bailong Oriental, Chiplink Integration, and Tianrun Industrial each receiving one recommendation [3] - One company, Haomai Technology, had its rating upgraded from "Hold" to "Buy" by Guotou Securities on February 10 [4][5] Group 2 - Three companies received initial coverage on February 10, including Xin'ao Co., which was rated "Buy" by Shenda Securities, Bichu Electronics rated "Increase" by Jianghai Securities, and Huitai Medical rated "Buy" by Huayuan Securities [5][6] - The companies receiving initial coverage are in the textile manufacturing, computer equipment, and medical device industries [6]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The company, Shanghai Bichu Electronics Technology Co., Ltd., specializes in laser cutting control systems and has established a strong competitive position in the market [5] - The company has shown robust revenue growth, with total revenue increasing from 376 million yuan in 2019 to an estimated 1.735 billion yuan in 2024, reflecting a 5-year CAGR of 35.78% [5][22] - The domestic demand for laser equipment is on the rise, driven by the upgrade of China's economic structure towards advanced manufacturing [5][54] - The company maintains a leading market share of approximately 60% in the domestic low-power laser cutting control system market [5] - The report projects the company's EPS for 2025-2027 to be 3.84, 4.69, and 5.72 yuan, respectively, with corresponding P/E ratios of 38.25, 31.34, and 25.68 times [5] Financial Forecast - Total revenue (in million yuan) is forecasted as follows: 2023A: 1,407.11, 2024A: 1,735.46, 2025E: 2,147.11, 2026E: 2,639.22, 2027E: 3,240.17, with growth rates of 56.61%, 23.33%, 23.72%, 22.92%, and 22.77% respectively [4] - Net profit attributable to shareholders (in million yuan) is projected to grow from 728.91 in 2023A to 1,652.40 in 2027E, with growth rates of 52.01%, 21.10%, 25.65%, 22.05%, and 22.07% respectively [4] - The company's return on equity (ROE) is expected to increase from 15.01% in 2023A to 21.44% in 2027E [4] Business Overview - The company provides a range of automation products centered around laser cutting control systems, including follow-up control systems, board control systems, and bus control systems [37] - The laser processing industry is experiencing steady growth, with increasing demand for high-power control systems and ongoing domestic substitution [5][54] - The company has developed a comprehensive service network, covering both domestic and international markets, enhancing its operational efficiency [12] Market Trends - The domestic laser equipment market is projected to grow from 65.8 billion yuan in 2019 to 91 billion yuan in 2024, with a CAGR of 6.70% [5][54] - The global industrial laser market is expected to grow from 5.157 billion USD in 2020 to 8.808 billion USD in 2026, with a CAGR of 9.33% [62] - The laser cutting equipment market in China is forecasted to increase from 31.8 billion yuan in 2020 to 69 billion yuan in 2026, with a CAGR of 13.78% [70]

证券代码：688188 证券简称：柏楚电子 公告编号：2026-004 上海柏楚电子科技股份有限公司 关于签订募集资金专户存储三方及四方监管协议的公告 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、募集资金基本情况 1、2019 年首次公开发行股票募集资金 2、2021 年度向特定对象发行股票募集资金 根据中国证券监督管理委员会于 2022 年 2 月 22 日出具《关于同意上海柏楚 电子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〕372 号），公司向特定对象发行 A 股股票 3,665,441 股，发行价格为人民币 266.68 元 /股，本次发行的募集资金总额为人民币 977,499,805.88 元，扣除相关发行费用人 民币 19,104,622.65 元，募集资金净额为人民币 958,395,183.23 元。上述募集资金 1 于 2022 年 4 月 8 日全部到位，立信会计师事务所（特殊普通合伙）对上述募集 资金到位情况进行了审验，并出具了《验资报告》（信会师报字[2022]第 Z ...

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 167.46 CNY [5][11]. Core Insights - The company is a leading player in the domestic laser cutting control system market, holding approximately 70% market share in the mid-to-low power segment and maintaining a strong position in the high-power segment [15]. - The company has a solid technical foundation and a robust customer base, with a focus on high-end intelligent and precision processing businesses, indicating significant growth potential in emerging fields such as industrial AI [2][15]. - The company has demonstrated strong financial performance, with projected revenues increasing from 1.41 billion CNY in 2023 to 3.69 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 34.9% [4][25]. Financial Summary - Total revenue is expected to reach 1,735 million CNY in 2024, 2,145 million CNY in 2025, 2,736 million CNY in 2026, and 3,692 million CNY in 2027, with year-on-year growth rates of 23.3%, 23.6%, 27.5%, and 34.9% respectively [4][25]. - Net profit attributable to the parent company is forecasted to be 883 million CNY in 2024, 1,085 million CNY in 2025, 1,308 million CNY in 2026, and 1,674 million CNY in 2027, with growth rates of 21.1%, 22.9%, 20.5%, and 28.0% respectively [4][25]. - The company maintains a high gross margin, projected at 79.9% in 2024, 79.6% in 2025, 78.7% in 2026, and 77.0% in 2027 [25]. Business Development - The company is transitioning from traditional mechanical systems to integrated solutions combining software and hardware, enhancing its competitive edge [15]. - Recent strategic adjustments focus on smart welding and precision processing, which are expected to open new market opportunities [18]. - The company has received key certifications for its intelligent welding systems, facilitating entry into mainstream shipbuilding supply chains [19]. Market Position and Growth Potential - The company has established a strong foothold in the overseas market, with over 37% of its revenue coming from international operations, which are growing faster than domestic sales [17]. - The laser cutting equipment market in China is projected to grow significantly, with the market size expected to exceed 300 billion CNY in 2023 and reach 368.5 billion CNY in 2024 [21]. - The company is well-positioned to leverage its technological advantages and expand its market share in both domestic and international markets [17][21].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 167.46 CNY [5][11]. Core Insights - The company is a leading player in the domestic laser cutting control system market, holding approximately 70% market share in the mid-low power segment and maintaining a strong position in the high-power segment. The company benefits from high gross margins of nearly 80% and net margins exceeding 60%, significantly outperforming peers [15][17]. - The company is transitioning from mechanical control systems to integrated solutions combining software and hardware, which includes intelligent cutting heads and control systems. This shift is supported by strong technical capabilities and a solid customer base [15][18]. - The company is actively expanding into new growth areas such as intelligent welding and precision processing, leveraging its core technologies to transform into a platform enterprise in industrial control [15][18]. - The company has a robust order backlog and long-term profitability potential, with significant growth expected from its overseas markets, which currently account for over 37% of revenue [17][18]. Financial Summary - The company is projected to achieve total revenue of 1,407 million CNY in 2023, increasing to 3,692 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 34.9% [4][25]. - Net profit attributable to the parent company is expected to grow from 729 million CNY in 2023 to 1,674 million CNY in 2027, with a CAGR of about 28.0% [4][25]. - The earnings per share (EPS) is forecasted to rise from 2.52 CNY in 2023 to 5.80 CNY in 2027 [4][25]. Revenue and Profit Forecast - The company is expected to maintain a gross margin above 78% over the next three years, with revenue growth driven by both traditional and new business segments [21][27]. - The revenue from the flat solution segment is projected to grow by 15% in 2024, while the pipe solution segment is expected to grow by 20% [22]. Valuation Analysis - The report uses a price-to-earnings (P/E) valuation method, estimating a conservative P/E of 37 for 2026, resulting in a target market capitalization of approximately 521.33 billion CNY [27][28]. - The average P/E of comparable companies is noted to be 56.8, indicating a strong market position for the company [27][28].

Core Viewpoint - Guochao Securities report indicates that Bichu Electronics is steadily increasing its market share in high-power applications, with strong barriers in laser cutting/welding systems, and is on a path of "the strong getting stronger" [1] Group 1: Market Position and Growth - Bichu Electronics is transitioning from module supply to system-level solutions, highlighting the synergistic advantages of "control systems + intelligent cutting heads" [1] - The company's market share in high-power cutting control systems is steadily rising, supported by the accelerated growth of its intelligent cutting head business [1] Group 2: International Expansion - The company is enhancing its indirect overseas capabilities as domestic equipment manufacturers expand internationally, with overseas markets shifting from incremental contributions to potential core growth areas [1] - The intelligent welding system opens up long-term growth opportunities for the company [1] Group 3: Investment Rating - The report initiates coverage with a "buy" rating, indicating strong support for the company's performance growth [1]