公司点评报告 · 计算机行业 内市场优势扩大，海外市场取得突破 2024 年中报业绩点评 核心观点 ● ● 事件:公司发布 2024年半年度报告,2024年上半年实现营业收入8.84亿元 (+33.65%),归母净利润 4.91 亿元(+35.67%),扣非归母净利润 4.71 亿 元(+38.13%),经营性现金流净额 4.04亿元(+2.02%)。2024Q2 实现营 业收入 5.03亿元(+29.01%),归母净利润 2.98亿元(+29.42%),扣非归 母净利润 2.88亿元(+31.30%),经营性现金流净额 2.58亿元(-1.16%)。 国内市场优势扩大,海外市场取得突破:分业务来看,2024 上半年板卡系 统营收 2.65 亿元(+58.26%);切割头业务营收 2.52 亿元(+64.44%);总 线系统营收 2.12亿元(+44.43%);随动系统营收 0.34亿元(-66.45%); 其他业务收入 1.21 亿元(+30.52%)。国内市场方面,公司中低功率系统国 内市场占有率仍稳居第一,高功率系统+智能切割头的组合策略的产品优势持 续扩大。公司在不断夯实五大基础能力建设的同时,还通过 ...

证券研究报告 | 2024年08月21日 柏楚电子（688188.SH） 优于大市 半年报点评：收入同比增长 34%，总线及智能切割头业务保持 较好增长 2024 年上半年收入同比增长 33.65%，归母净利润同比增长 35.67%。公司 2024 年上半年实现营收 8.84 亿元，同比增长 33.65%，归母净利润 4.91 亿元，同比增长 35.67%。单季度看，一/二季度收入 3.81/5.03 亿元， 同比增长 40.31%/29.01%，归母净利润 1.94/2.98 亿元，同比增长 46.55%/29.42%，二季度在较高基数下仍实现较快增长，主要系公司受 益于国内高功率厚板切割需求的持续增长及出口拓展，叠加智能切割头 业务快速放量。2024 年上半年毛利率/净利率分别为 81.28%/59.82%， 同比变动+0.92/+1.72 个 pct，盈利能力稳中有升。 总线系统及智能切割头组合的产品优势持续扩大。分业务看，公司板卡系 统、切割头和总线系统等产品收入分别为 2.65/2.52/2.12 亿元，同比 增长 58.26%/64.44%/44.43%，毛利率分别为 86.03%/78.04%/ ...

Group 1: Financial Performance - The company's revenue for the first half of 2024 was approximately 884 million, representing a year-on-year growth of 33.65% [2] - The net profit for the same period was about 491 million, with a year-on-year increase of 35.67% [2] - The net profit attributable to shareholders of the listed company grew by 35.67%, while the net profit after deducting non-recurring gains and losses increased by 38.13% [2] Group 2: Business Development - The growth in revenue and profit is attributed to increased investment in technology research and market expansion, as well as continuous optimization of product structure [2] - The order volume for laser processing control systems and intelligent cutting heads has seen significant growth [2] Group 3: Market Insights and Strategies - The company noted that the second quarter's growth rate was lower than the first quarter due to a high revenue base in the second quarter of 2023 [3] - The third quarter is typically a slow season for the industry, and performance will need further observation [3] - The company is focusing on product technology and performance improvements rather than short-term price adjustments to stimulate sales [3] Group 4: Product Development - The intelligent welding robot control system is gradually being promoted, with positive feedback from first and second-tier manufacturers and integrators [3] - The company is currently focusing on building steel structures and plans to expand into areas such as towers and bridges [3]

证券代码：688188 证券简称：柏楚电子 二、本次大会设秘书处负责会务事宜，请有权出席股东大会的股东及股东代 理人提前 20 分钟到场，在会场秘书处签到。股东签到时应出示股票账户卡、身 份证或其他能够表明身份的有效证件及复印件，代理人还应出示授权委托书和代 理人有效身份证件及复印件，经验证后方可出席会议。 | 2024 年第二次临时股东大会会议须知 | 2 | | --- | --- | | 2024 年第二次临时股东大会会议议程 | 4 | | 议案一： | 6 | | 关于《上海柏楚电子科技股份有限公司 年限制性股票激励计划（草案）》及其摘 2024 | | | 要的议案 | 6 | | 议案二： | 7 | | 关于《上海柏楚电子科技股份有限公司 2024 年限制性股票激励计划实施考核管理办法》 | | | 的议案 7 | | | 议案三： | 8 | | 关于提请股东大会授权董事会办理公司 2024 年限制性股票激励计划相关事宜的议案 | . 8 | 上海柏楚电子科技股份有限公司 2024 年第二次临时股东大会会议资料 三、股东出席股东大会，依法享有知情权、发言权、质询权、表决权等各项 股东权利。股 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 20 日 柏楚电子(688188.SH) 切割主业基本盘稳固，静待焊接新业务 放量 事件： 柏楚电子发布 2024 年半年报，2024H1 公司实现营收 8.84 亿元，同 比+33.65%；实现归母净利润 4.91 亿元，同比+35.67%。单 Q2 实现营 收5.03亿元，同比+29.01%；实现归母净利润2.98亿元，同比+29.42%。 Q2 业绩保持高增速，驱动力来自出口高景气+高功率持续放量。 分板块看： ➢ 随动+板卡（大部分为中低功率）：2024H1 实现营收 2.99 亿元， 占比 34%，同比+11.32%。在国内宏观经济弱复苏的背景下，中低 功率仍实现双位数增速，主要得益于激光切割在海外市场渗透率 持续提升，公司跟随下游设备厂间接出海，持续受益。 ➢ 总线（大部分为高功率）：2024H1 实现营收 2.12 亿元，占比 24%， 同比+44.43%。公司在高功率领域已实现对外资竞品的市占率反 超，保持国内第一的市场地位。 ➢ 切割头（可搭配高功率&中低功率系统）：2024H1 实现营收 2.52 亿 ...

证券研究报告·公司点评报告·计算机设备 柏楚电子（688188） 2024年中报点评：Q2归母净利润同比+29%， 好于市场预期 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 898.49 | 1,407.11 | 1,857.35 | 2,534.09 | 3,346.06 | | 同比（%） | (1.64) | 56.61 | 32.00 | 36.44 | 32.04 | | 归母净利润（百万元） | 479.52 | 728.91 | 975.80 | 1,307.48 | 1,673.78 | | 同比（%） | (12.85) | 52.01 | 33.87 | 33.99 | 28.02 | | ...

计算机 2024 年 08 月 19 日 柏楚电子（688188) -24H1 扣非归母净利润 yoy38%，切割基本盘扎实， 期待焊接第二成长曲线放量 事件：公司发布 2024 年半年报，24H1 实现营收 8.84 亿元，yoy33.65%；归母净利润 4.91 亿元，同比 35.67%，扣非净利润 4.71 亿元，yoy38.13%； 24H1 毛利率 81.28%、净利率 59.82%，单季度来看， Q2 实现营收 5.03 亿元, yoy29.01%; 归母净利润 2.98 亿元, yoy29.42%; 扣非净利润 2.88 亿元, yoy31.30%; Q2 毛利率 82.77%、净利率 64.43%，公司收入及利润表现略超市场预期。 【收入端】受益于高功率及切割头产品高增长，24H1 公司营收 yoy33.65%。上半年营收分业务板 块来看：1) 随动+板卡：营收 2.99 亿元，yoy11.32%； 2) 总线：营收 2.12 亿元，yoy44.43%； 3) 切割头：营收 2.52 亿元，yoy64.44%；4）其他：营收 1.21 亿元，yoy30.52%，虽下游行业受到宏 观影响，但是受 ...

证券代码：688188 证券简称：柏楚电子 公告编号：2024-048 上海柏楚电子科技股份有限公司 2024 年上半年募集资金存放与使用情况专项报告 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 （一） 募集资金金额及资金到位时间 1、2019 年首次公开发行股票募集资金 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 子科技股份有限公司首次公开发行股票注册的批复》（证监许可[2019]1293 号） 同意注册，上海柏楚电子科技股份有限公司（以下简称"公司"或"柏楚电子"） 首次向社会公开发行人民币普通股（A 股）2,500.00 万股，每股面值 1.00 元，每 股发行价格 68.58 元，募集资金总额 1,714,500,000.00 元，扣除发行费用 102,812,924.52 元（不含增值税）后，募集资金净额为 1,611,687,075.48 元。上述 募集资金于 2019 年 8 月 2 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 ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.18 per 10 shares, totaling approximately RMB 147.52 million, which accounts for 30.03% of the net profit attributable to shareholders for the first half of 2024[8]. - The total share capital as of June 30, 2024, is 205,452,708 shares, which will be used to calculate the dividend distribution[8]. - The board of directors has approved the interim dividend distribution plan without needing further shareholder approval[8]. - The cash dividend distribution plan was approved by the board of directors and does not require further approval from the shareholders' meeting[157]. - The company does not plan to issue bonus shares or increase capital reserves through stock conversion in the current profit distribution plan[157]. Financial Performance - The company achieved operating revenue of ¥883.59 million in the first half of 2024, representing a year-on-year increase of 33.65% compared to ¥661.10 million in the same period last year[35]. - Net profit attributable to shareholders reached ¥491.18 million, up 35.67% from ¥362.03 million in the previous year[35]. - The net profit after deducting non-recurring gains and losses was ¥471.26 million, reflecting a growth of 38.13% compared to ¥341.17 million in the same period last year[35]. - Basic earnings per share increased by 35.03% to ¥2.39, while diluted earnings per share rose by 34.46% to ¥2.38[36]. - The company reported a net cash flow from operating activities of ¥403.52 million, a slight increase of 2.02% from ¥395.54 million in the previous year[35]. - The total assets at the end of the reporting period were ¥5.45 billion, showing a 2.07% increase from ¥5.33 billion at the end of the previous year[35]. - The company’s net assets attributable to shareholders increased by 3.84% to ¥5.16 billion from ¥4.97 billion at the end of the previous year[35]. Research and Development - The company achieved a total R&D expenditure of ¥104,537,376.28, representing a 25.12% increase compared to ¥83,546,520.46 in the same period last year[81]. - R&D expenditure accounted for 11.83% of total revenue, a decrease of 0.81 percentage points from 12.64% in the previous year[82]. - The company obtained 11 invention patents, 2 utility model patents, 2 design patents, and 5 software copyrights in the first half of 2024[69]. - The total number of invention patents held by the company reached 230, with 97 patents granted[77]. - The company’s R&D team has increased, leading to a rapid growth in labor costs due to the dual drive of customer demand and technological innovation[83]. - The number of R&D personnel increased to 404, accounting for 43.30% of the total workforce, up from 41.20% in the previous year[93]. - Total R&D personnel compensation amounted to 65.5755 million RMB, compared to 47.2321 million RMB in the previous year[93]. Technology and Innovation - The company continues to invest in technology research and market expansion, leading to a significant increase in orders for laser processing control systems and intelligent cutting heads[39]. - The company has developed a comprehensive technology chain covering laser cutting, intelligent welding, and precision processing, with core technologies in CAD, CAM, NC, sensor, and hardware technology[62]. - The CypNest software product utilizes automatic nesting algorithms, achieving material utilization rates that exceed competitors in single-part and automatic combination nesting[62]. - The company is focusing on the development of intelligent laser cutting systems, with ongoing investments in projects aimed at upgrading bus laser cutting systems and smart cutting heads, aligning with industry trends towards higher power, faster speeds, and greater precision[61]. - The company has developed advanced technologies such as closed-loop control for laser cutting machines, enhancing system stability and reducing human error[66]. - The company has implemented a digital capacitive sensor control technology to improve cutting precision and automation[66]. - The company has introduced the ASBO speed planning algorithm, ensuring high-speed and high-precision CNC requirements[66]. Market Position and Strategy - The company maintains a leading market share in the domestic low and medium power laser cutting control system sector, achieving a significant breakthrough in product sales and technology indicators in the high power laser cutting control system market[58]. - The domestic market share for mid-low power systems remains the highest, while the combination strategy of high-power systems and intelligent cutting heads continues to expand product advantages[102]. - The company is focused on enhancing cross-domain R&D capabilities and optimizing resource allocation for technology pre-research[103]. - The company has established a strong customer base with over 600 domestic laser equipment manufacturers, enhancing its market presence[98]. - The company aims to leverage its technological advancements to penetrate overseas markets, aligning with domestic equipment manufacturers' collective expansion plans[102]. Corporate Governance and Compliance - The company emphasizes the importance of the accuracy and completeness of the financial report, with key personnel affirming its integrity[9]. - The report is unaudited, indicating that the financial figures are preliminary and subject to change[9]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[12]. - The company has not disclosed any special arrangements for corporate governance or significant matters[12]. - The company commits to strict compliance with laws and regulations regarding the obligations of controlling shareholders and actual controllers[183]. - The company will not provide benefits to other entities or individuals under unfair conditions, ensuring the protection of company interests[184]. Environmental Responsibility - The company invested 50,000 yuan in environmental protection measures during the reporting period[166]. - The company has implemented measures to reduce carbon emissions, promoting efficient processing methods and advocating for resource conservation among employees[169]. Shareholder Relations - The company emphasizes its commitment to enhancing shareholder returns and maintaining investor interests[160]. - The company will publicly disclose reasons for any failure to fulfill commitments and apologize to shareholders[177]. - The company will link the execution of compensation measures to the remuneration system established by the board of directors and the compensation and assessment committee[184]. - The company will accept social supervision regarding the fulfillment of public commitments[198].

证券代码：688188 证券简称：柏楚电子 公告编号：2024-047 上海柏楚电子科技股份有限公司 关于 2024 年半年度利润分配方案的公告 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。 重要内容提示： 分配比例：每 10 股派发现金红利 7.18 元（含税），不进行公积金转增股 本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况。 根据公司 2023 年年度股东大会审议通过的《关于提请股东大会授权董事会 进行 2024 年度中期分红的议案》，股东大会授权公司董事会在授权范围内经董 事会三分之二以上董事审议通过，可进行中期分红。因此本次利润分配方案无需 提交股东大会审议。上述预案已经公司董事会审议通过，实际分派的金额以公司 发布的权益分派实施公告为准。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 一、利润分配方案内容 截 ...