投资建议：我们预计公司2025-2027 年实现营收分别为21.45、27.76、36.10 亿元，实现归母净利润分别 为10.90、13.63、17.25 亿元，对应EPS 分别为5.30、6.63、8.40 元。参考可比公司估值水平，基于公司 为国内激光切割系统领先企业，积极布局前景较好的切割头、智能焊接业务，给予2025 年38 倍PE，目 标价为201.4 元，首次覆盖，给予"推荐"评级。 激光控制系统领先企业，积极拓展成长边界。公司主营业务系为各类激光切割设备制造商提供以激光切 割控制系统为核心的各类自动化产品，并积极布局激光切割头、智能焊接等业务。2020-2024 年，公司 营收从5.71 亿元 增长至17.35亿元，CAGR 为32.03%；归母净利润从3.71 亿元增长至8.83 亿元，CAGR 为24.21%。 激光切割控制系统：行业领先地位稳固，成长依旧可期。1）空间：根据《2024中国激光产业发展报 告》数据，2019-2023 年我国激光切割系统市场规模从7.6亿元增长至29.2 亿元，CAGR 为40.0%。2）格 局：随着我国制造业产业升级，激光加工技术在制造业多领域持续渗透，控 ...

公司研究 柏楚电子（688188）深度研究报告 推荐（首次） 激光控制系统领先企业，积极拓展成长曲线 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,735 | 2,145 | 2,776 | 3,610 | | 同比增速(%) | 23.3% | 23.6% | 29.4% | 30.1% | | 归母净利润(百万) | 883 | 1,090 | 1,363 | 1,725 | | 同比增速(%) | 21.1% | 23.4% | 25.1% | 26.6% | | 每股盈利(元) | 4.30 | 5.30 | 6.63 | 8.40 | | 市盈率(倍) | 40 | 32 | 26 | 20 | | 市净率(倍) | 6.4 | 5.9 | 5.2 | 4.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 8 日收盘价 证 券 研 究 报 告 证券分析师：范益民 电话：021-20572562 ...

上 市 公 司 计算机 2025 年 04 月 08 日 柏楚电子 (688188) ——业绩符合预期，管材及三维产品高增长 | 报告原因：有业绩公布需要点评 | | --- | | 买入（维持） | | 市场数据： | 2025 年 04 月 07 日 | | --- | --- | | 收盘价（元） | 161.83 | | 一年内最高/最低（元） | 340.94/135.79 | | 市净率 | 6.1 | | 股息率%（分红/股价） | 1.99 | | 流通 A 股市值（百万元） | 33,249 | | 上证指数/深证成指 | 3,096.58/9,364.50 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 26.61 | | 资产负债率% | 6.02 | | 总股本/流通 A 股（百万） | 205/205 | | 流通 B 股/H 股（百万） | -/- | 相关研究 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A ...

Core Viewpoint - The company, 柏楚电子, has demonstrated robust growth in revenue and net profit for 2024, driven by increasing domestic demand for high-power thick plate cutting and expanding international applications [1][2][3] Financial Performance - In 2024, 柏楚电子 achieved a revenue of 1.735 billion yuan, representing a year-on-year increase of 23.33%, and a net profit of 883 million yuan, up 21.10%, both reaching historical highs [1][2] - The company's asset-liability ratio stood at 6.02% at the end of 2024, indicating a strong financial position [3] - The net cash flow from operating activities reached 952 million yuan in 2024, marking a 10.63% increase year-on-year [3] Dividend Distribution - 柏楚电子 plans to distribute a cash dividend of 21.60 yuan per 10 shares, totaling 444 million yuan (including tax), and to increase its share capital by 4 shares for every 10 shares held [1][4] Product Performance - The revenue from flat solutions was 1.125 billion yuan in 2024, accounting for the largest share with an 11.83% increase; pipe solutions generated 380 million yuan, up 38.19%; and 3D solutions, although smaller in share, saw a remarkable growth of 409.90% with revenue of approximately 36.78 million yuan [3] Research and Development - In 2024, 柏楚电子 invested 281 million yuan in R&D, a 7.49% increase from the previous year, representing 16.19% of its revenue [5][6] - The company holds 185 patents and has a strong R&D team, with 43.55% of its 1,109 employees dedicated to research [6] Market Position - 柏楚电子 maintains a leading position in the domestic market for both low and high-power laser cutting control systems, with a significant market share in the mid-low power segment achieved through competitive performance and cost-effectiveness [7] - The company's gross margin and net margin have remained high, with gross margins of 78.97%, 80.02%, and 79.94% from 2022 to 2024, and net margins of 54.77%, 53.55%, and 53.70% during the same period [7] Strategic Collaborations - In November 2024, 柏楚电子 signed strategic cooperation agreements with 海目星 and 骄成超声 to enhance technology development and application in the laser cutting field [8]

截至2025年4月3日收盘，柏楚电子(688188)报收于180.0元，下跌1.95%，换手率0.53%，成交量1.08万手，成交额1.94亿元。 当日关注点 交易信息汇总 股东户数变动近日柏楚电子披露，截至2025年3月31日公司股东户数为7611.0户，较12月31日增加124.0户，增幅为1.66%。户均持股数量由上期的 2.74万股减少至2.7万股，户均持股市值为491.87万元。 业绩披露要点 财务报告柏楚电子2024年年报显示，公司主营收入17.35亿元，同比上升23.33%；归母净利润8.83亿元，同比上升21.1%；扣非净利润8.21亿元，同 比上升21.81%；其中2024年第四季度，公司单季度主营收入4.35亿元，同比上升4.58%；单季度归母净利润1.57亿元，同比上升0.14%；单季度扣 非净利润1.29亿元，同比下降11.38%；负债率6.02%，投资收益2301.45万元，财务费用-2625.82万元，毛利率79.94%。 公司公告汇总 2024年年度报告摘要上海柏楚电子科技股份有限公司2024年年度报告摘要显示，公司总资产为5877949136.52元，比去年增长10.18%，归 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the laser cutting and welding industry, focusing on the company's product lines including flat and pipe cutting systems, as well as their market dynamics and growth prospects. Key Points and Arguments Product Mix and Market Dynamics - The current product mix shows that flat cutting systems have a higher output ratio compared to pipe systems, with mid-low power systems around 30% and high power systems around 70% [1] - The overall output ratio for pipe systems is less than 20%, indicating a slower market penetration since its introduction last year [1] - The company sees long-term growth potential in pipe systems due to new applications, despite their current lower market base compared to flat systems [2] Export and Domestic Growth - Exports account for approximately 40% of the company's overall sales, with mid-low power systems making up about half of that and high power systems around 20% [3] - Domestic growth rates for flat systems are expected to be lower than overseas, particularly for mid-low power systems [3] Revenue and Profitability Outlook - The company maintains a revenue growth forecast of 20% for the upcoming year, with expectations that pipe systems will continue to expand their application range [6] - The profitability of individual business units is expected to remain stable, with no significant pricing adjustments anticipated [8] - The company aims to achieve a sales target of 1,300 units for the year, exceeding previous estimates [16] Market Potential and Competitive Landscape - The market potential for pipe systems is projected to grow significantly, potentially surpassing flat systems in revenue due to their broader application range [9] - The company emphasizes the importance of providing comprehensive solutions rather than just individual products to maintain competitive advantages [22] Future Growth Projections - Future growth rates are anticipated to be modest for flat systems (single-digit growth), while pipe systems could see 30-50% growth, and three-dimensional systems may experience triple-digit growth [13] - The company is exploring new applications in robotics and automation, indicating a strategic shift towards more integrated solutions [14] Challenges and Strategic Focus - The company acknowledges challenges in maintaining high profit margins due to competitive pressures and market dynamics, particularly in the context of rising operational costs [20] - There is a focus on enhancing customer value through innovative solutions and long-term partnerships, which is seen as crucial for sustaining growth [22] International Expansion - The company is cautiously expanding its international presence, particularly in markets like Russia and the US, while being mindful of service and support challenges [29] - The acceptance rate for new products in overseas markets is reported to be high, indicating a positive reception for the company's offerings [29] Other Important Content - The company is actively working on enhancing its product offerings and exploring new market segments, including the integration of smart technologies into their systems [36] - There is a clear emphasis on maintaining a balance between growth and operational efficiency, with a focus on strategic investments in technology and human resources [34] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on growth, market dynamics, and competitive positioning within the laser cutting and welding industry.

证券研究报告·公司点评报告·计算机设备 柏楚电子（688188） 2024 年报点评：业绩符合预期，切割头&焊 接业务高速增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,407 | 1,735 | 2,095 | 2,539 | 3,093 | | 同比（%） | 56.61 | 23.33 | 20.70 | 21.19 | 21.85 | | 归母净利润（百万元） | 728.91 | 882.71 | 1,060.92 | 1,293.34 | 1,586.03 | | 同比（%） | 52.01 | 21.10 | 20.19 | 21.91 | 22.63 | | EPS-最新摊薄（元/股） | 3.55 | 4.30 | 5.16 | 6.29 | 7.72 | | P/E（现价&最新摊薄） | 50.74 | 41.90 | 34.86 | 28.59 | 23.32 | [Table_T ...

截至2025年3月28日收盘，柏楚电子（688188）报收于183.0元，较上周的185.11元下跌1.14%。本周，柏楚电子3月24日盘中最高价报186.33元。3 月27日盘中最低价报178.89元。柏楚电子当前最新总市值369.82亿元，在计算机设备板块市值排名6/84，在两市A股市值排名382/5140。 本周关注点 股本股东变化 截至2025年3月31日，柏楚电子股东户数为7611户，较12月31日增加124户，增幅为1.66%。户均持股数量由上期的2.74万股减少至2.7万股，户均 持股市值为491.87万元。 业绩披露要点 柏楚电子2024年年报显示，公司主营收入17.35亿元，同比上升23.33%；归母净利润8.83亿元，同比上升21.1%；扣非净利润8.21亿元，同比上升 21.81%。其中2024年第四季度，公司单季度主营收入4.35亿元，同比上升4.58%；单季度归母净利润1.57亿元，同比上升0.14%；单季度扣非净利 润1.29亿元，同比下降11.38%；负债率6.02%，投资收益2301.45万元，财务费用-2625.82万元，毛利率79.94%。 公司公告汇总2024年年度报告摘 ...

2024 年营业收入同比增长 23.33%，归母净利润同比增长 21.10%。2024 年全 年公司实现营收 17.35 亿元，同比增长 23.33%；归母净利润 8.83 亿元，同 比增长 21.10%。单季度看，2024 年第四季度公司实现营收 4.35 亿元，同比 增长 4.58%；归母净利润 1.55 亿元，同比下滑 1.28%。全年收入利润增长主 要受益于高功率激光切割控制系统需求旺盛及海外市场拓展，但第四季度增 速放缓主要系行业淡季及股权激励费用增加。盈利能力方面，2024 年公司毛 利率/净利率为 81.6%/50.74%，同比变动+1.2/-2.82pct，高毛利智能切割头 业务占比提升支撑毛利率。费用率方面，2024 年销售/管理/研发/财务费用 率同比变动-0.25/+0.01/-3.17/+1.85pct，股权激励费用剔除后实际研发投 入同比+25.67%，增速超过收入增速。 证券研究报告 | 2025年04月03日 柏楚电子（688188.SH） 优于大市 2024 年年报点评：收入同比增长 23%，切割头盈利能力提升 智能切割头进展良好，布局超高精度加工新业务。激光切割控制系统业务贡 ...

Core Viewpoint - The Robot ETF (562500) continues to experience a downward adjustment trend, with a recent decline of 1.99% as of April 3, 2025, despite a strong performance over the past three months, where it has accumulated an 18.82% increase, ranking in the top 20% among comparable funds [3][4]. Performance Summary - As of April 2, 2025, the Robot ETF has seen a total net inflow of 4.37 billion yuan over the last five trading days, with an average daily net inflow of approximately 87.33 million yuan [3]. - The ETF's scale has increased by 95.44 million yuan over the past week, placing it in the top 20% among comparable funds [3]. - The ETF's shares have grown by 401 million shares in the past week, also ranking in the top 20% among comparable funds [3]. - Since its inception, the Robot ETF has achieved a maximum single-month return of 26.22% and an average monthly return of 7.74%, with a total annual profit percentage of 66.67% [3]. Risk and Fee Structure - The Robot ETF has a relatively low drawdown of 0.31% compared to its benchmark, indicating lower risk among comparable funds [4]. - The management fee for the Robot ETF is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [4]. - The tracking error over the past two months is 0.010%, demonstrating the highest tracking precision among comparable funds [4]. ETF Composition - The Robot ETF closely tracks the CSI Robot Index, which includes companies involved in system solutions, digital workshops, automation equipment manufacturing, and other robot-related sectors [4]. - Notable stocks within the ETF include Huichuan Technology (0.89% increase), Keda Xunfei (-0.29% decrease), and Stone Technology (-10.31% decrease) [6].