Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q1 revenue of 496 million yuan, a year-over-year increase of 30.12%, and a net profit of 255 million yuan, up 31.99% year-over-year, exceeding expectations [5][8] - The company benefits from increasing domestic demand for high-power thick plate cutting and expanding international applications, leading to sustained growth in its laser processing control system business [8] - The company maintains strong pricing power with a gross margin of 77.76% in Q1, despite a slight decrease from the previous quarter due to accounting adjustments and changes in product mix [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2,180 million yuan, with a year-over-year growth rate of 25.6% [7] - The projected net profit for 2025 is 1,113 million yuan, reflecting a year-over-year growth of 26.0% [7] - The company expects to maintain a high gross margin of around 79% in the coming years, with a projected PE ratio of 33 for 2025 [7][8] Business Development and Technology - The company is expanding its technology applications, including advanced automation features in laser cutting and new welding technologies for various industries [8] - The introduction of new technologies such as adaptive welding and precision processing is expected to enhance the company's market position and drive future growth [8]

Core Viewpoint - The company reported strong performance in Q1 2025, exceeding market expectations with significant revenue and profit growth driven by market expansion and product optimization [1] Group 1: Financial Performance - Q1 2025 revenue reached 496 million, a year-on-year increase of 30.12% [1] - Net profit attributable to shareholders was 255 million, up 31.99% year-on-year [1] - Non-recurring net profit was 241 million, reflecting a 31.41% year-on-year growth [1] Group 2: Development Trends - Revenue growth is attributed to improved cutting head ratios and strong demand in overseas markets and high-power scenarios [2] - Gross margin was 77.8%, a slight decrease of 0.81 percentage points year-on-year, mainly due to the enhanced cutting head ratio [2] - The company effectively managed costs, with sales, management, R&D, and financial expense ratios at 5.3%, 6.0%, 12.5%, and -1.2% respectively, showing mixed year-on-year changes [2] - Operating cash flow for Q1 2025 was 173 million, a year-on-year increase of 27.31% [2] - The company is optimistic about its intelligent welding business, which leverages five core technology directions and has already seen applications in the steel structure industry [2] Group 3: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with current stock price corresponding to P/E ratios of 35.1x and 28.8x for 2025 and 2026 respectively [3] - The target price is set at 220.00, implying a 15.7% upside potential based on a P/E of 40.6x for 2025 and 33.3x for 2026 [3]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥495,841,731.20, representing a 30.12% increase compared to ¥381,059,219.51 in the same period last year[3] - Net profit attributable to shareholders was ¥255,458,451.38, up 31.99% from ¥193,550,949.11 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥240,777,413.74, reflecting a 31.41% increase compared to ¥183,225,699.63 in the previous year[3] - Basic earnings per share rose to ¥1.24, a 31.91% increase from ¥0.94 in the same period last year[3] - Net profit for Q1 2025 was ¥259.10 million, up 26.5% compared to ¥204.82 million in Q1 2024[17] - Operating profit for Q1 2025 was ¥304.77 million, reflecting a 29.5% increase from ¥235.11 million in Q1 2024[17] - Basic and diluted earnings per share for Q1 2025 were both ¥1.24, compared to ¥0.94 in Q1 2024[18] Cash Flow and Investments - The net cash flow from operating activities was ¥173,180,278.10, an 18.72% increase from ¥145,871,394.15 in the same period last year[3] - Cash flow from operating activities for Q1 2025 was ¥173.18 million, an increase of 18.6% from ¥145.87 million in Q1 2024[20] - Cash flow from investment activities for Q1 2025 was ¥245.28 million, up from ¥142.22 million in Q1 2024[20] - The company reported a significant increase in cash received from investments, totaling ¥2.39 billion in Q1 2025, compared to ¥937.42 million in Q1 2024[20] - The company experienced a net cash outflow of ¥556,761 from financing activities in Q1 2025, contrasting with a net inflow of ¥26.69 million in Q1 2024[22] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥6,061,259,090.46, an increase of 3.12% from ¥5,877,949,136.52 at the end of the previous year[4] - As of March 31, 2025, the company's total assets amounted to CNY 6,061,259,090.46, an increase from CNY 5,877,949,136.52 on December 31, 2024, reflecting a growth of approximately 3.12%[13][15] - The company's cash and cash equivalents increased to CNY 2,643,750,530.45 from CNY 2,225,821,338.02, representing a growth of about 18.73%[13] - Total current liabilities decreased to CNY 262,496,658.76 from CNY 351,527,730.22, a reduction of approximately 25.37%[15] - The company's total equity rose to CNY 5,796,447,236.88 from CNY 5,524,151,906.00, indicating an increase of around 4.92%[15] - The company's retained earnings increased to CNY 2,415,618,606.03 from CNY 2,160,160,154.65, showing a growth of approximately 11.83%[15] - The long-term equity investments slightly decreased to CNY 32,440,154.94 from CNY 33,242,595.09, a decline of about 2.41%[14] - The company's inventory decreased to CNY 150,479,404.85 from CNY 164,775,083.57, reflecting a decrease of approximately 8.66%[13] - The total liabilities decreased to CNY 264,811,853.58 from CNY 353,797,230.52, a decline of about 25.14%[15] - The company's total non-current assets amounted to CNY 690,956,856.63, a slight decrease from CNY 703,472,460.86[14] Shareholder Information - The company had a total of 7,611 common shareholders at the end of the reporting period[9] - The top shareholder, Tang Ye, holds 38,099,288 shares, representing 18.54% of the total shares[9] - The company reported no significant changes in shareholder relationships or actions during the reporting period[10] Research and Development - Research and development expenses totaled ¥61,780,307.40, accounting for 12.46% of operating revenue, down 3.32 percentage points from 15.78% in the previous year[4]

柏楚电子公告，2025年第一季度营业收入为4.96亿元，同比增长30.12%；净利润为2.55亿元，同比增长 31.99%。 ...

金十图示：2025年04月21日（周一）中国科技互联网公司市值排名TOP 50一览 | 42 | | 万国数据 | 41.74 | | | --- | --- | --- | --- | --- | | 43 | | 岩山科技 | 41.16 | 2 | | 44 | | 中国民航信息网络 | 40.86 | | | 45 | INESA | 云赛智联 | 40.14 | 1 | | 46 | | 新大陆 | 38.94 | 1 ( | | 47 | | 网宿科技 | 36.88 | 11 | | 48 | | 广联达 | 34.97 | 2 1 | | 49 | | 巨人网络 | 34.91 | 2 | | 50 | | 光环新网 | 34.28 | -1 | 每日根据市值计算出前50名公司,美元港元按照当日汇率中间价折算 @ JIN10.COM 金十数据 | 一个交易工具 | 8 | | 京东 | 504.58 | | | --- | --- | --- | --- | --- | | 9 | | 中芯国际 | 473.13 | | | 10 | | 目度 | 283.92 | 1 t | | 11 | ...

中信证券股份有限公司关于 上海柏楚电子科技股份有限公司 持续督导保荐总结报告书 | 保荐人编号：Z20374000 | 首次公开发行股票申报时间：2019 年 | 4 | 月 | 月 | | --- | --- | --- | --- | --- | | | 向特定对象发行股票申报时间：2021 | 年 | 5 | | | 一、发行人基本情况 | | --- | | 公司名称 | 上海柏楚电子科技股份有限公司（以下简称"柏楚电子"、"上市公 司"、"发行人"或"公司"） | | --- | --- | | 公司简称 | 柏楚电子 | | 证券代码 | 688188.SH | | 注册地址 | 上海市闵行区兰香湖南路 1000 号 | | 办公地址 | 上海市闵行区兰香湖南路 号 1000 | | 法定代表人 | 唐晔 | | 实际控制人 | 唐晔、代田田、卢琳、万章、谢淼 | | 董事会秘书 | 周荇 | | 本次证券上市地点 | 上海证券交易所科创板 | 二、本次发行情况概述 （一）2019 年首次公开发行股票 经中国证券监督管理委员会于 2019 年 7 月 16 日出具《关于同意上海柏楚电 子科技股份有 ...

中信证券股份有限公司 关于上海柏楚电子科技股份有限公司 （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2024 年度内部控制自我评价报告、2024 年度内部控制审计报告等文件； （3）查阅公司与控股股东、实际控制人及其关联方的资金往来明细，查阅 会计师出具的 2024 年度审计报告、关于 2024 年度非经营性资金占用及其他关联 资金往来情况专项说明； （4）查阅公司募集资金管理相关制度、募集资金使用信息披露文件和决策 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海柏 楚电子科技股份有限公司（以下简称"柏楚电子"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市及 2021 年度向特定对象发行股票的保荐人， 根据《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》等相关规定，履行持续督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

中信证券股份有限公司 关于上海柏楚电子科技股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对上海柏楚电子科技股份有限公司（以下简称"柏楚电子"、"公 司"或"上市公司"）进行持续督导工作的保荐人，对柏楚电子 2024 年度（以下 简称"本持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有 关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 郭丹、于海跃 （三）现场检查人员 于海跃、盛钰淋 （四）现场检查时间 2025 年 3 月 6 日及 2025 年 4 月 3 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a rapid growth in performance, with a focus on expanding laser cutting applications [2] - Revenue for 2024 reached 1.735 billion yuan, a year-on-year increase of 23%, with Q4 revenue at 435 million yuan, up 5% year-on-year [3] - The company is expected to continue its revenue growth trajectory in 2025, driven by recovering demand in steel construction and shipbuilding industries [3] Revenue Summary - The company achieved significant revenue growth in various segments: - Flat solutions: 1.125 billion yuan, up 12% year-on-year - Pipe solutions: 380 million yuan, up 38% year-on-year - 3D solutions: 36.78 million yuan, up 410% year-on-year - Automated piercing revenue reached 495 million yuan, up 44% year-on-year [3] Profit Summary - The company's net profit attributable to shareholders was 883 million yuan, a year-on-year increase of 21%, with a net profit margin of 53.70% [4] - The gross profit margin for 2024 was 79.94%, remaining stable year-on-year [4] - The company has seen a significant increase in the profitability of its cutting head business, benefiting from cost optimization and in-house production of components [4] Future Outlook - The company is expected to see continued growth in revenue and profit, with projected revenues of 2.213 billion yuan in 2025 and 2.817 billion yuan in 2026, representing year-on-year growth of 28% and 27% respectively [6] - The earnings per share (EPS) is projected to be 5.34 yuan in 2025 and 6.77 yuan in 2026 [6] Industry Insights - The smart welding market in China has a potential demand of approximately 10.7 billion yuan, with the company establishing strong partnerships with major steel structure manufacturers [5] - The company is also expanding its capabilities in precision processing and laser technology, enhancing its competitive edge in the market [5]