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].

Investment Rating - The report maintains a positive outlook on the mechanical industry, recommending investment in domestic circulation, major infrastructure, and self-controllable sectors [5]. Core Insights - The report forecasts Q1 2025 performance for 14 key mechanical companies, with growth rates exceeding 20% for several firms, including XianDao Intelligent (30%), Baichu Electronics (25%), and Sany Heavy Industry (25%) [5][6]. - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025, driven by major players like Tesla and Huawei [5]. - Railway investment remains resilient, with a 5.1% year-on-year increase in fixed asset investment in early 2025, highlighting ongoing infrastructure projects [5]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and improved profitability due to increased overseas revenue [5]. - Domestic brands in electronic measurement instruments are expected to accelerate their market share due to low current localization rates and increasing competitiveness [5]. Summary by Sections Mechanical Companies Performance Forecast - Companies with growth rates over 20% include XianDao Intelligent (30%), Baichu Electronics (25%), Sany Heavy Industry (25%), and others [5][6]. - Companies with growth rates between 10%-20% include Yizhiming (19%), Rilian Technology (18%), and others [5][6]. - Companies with growth rates between 0%-10% include Lianying Laser (6%) [5][6]. Robotics and Components - The human-shaped robot industry is entering a new phase of commercialization, with various forms of robots being tested in real-world applications [5]. - Key companies to watch include Greentech Harmonic, Mingzhi Electric, and others [5]. Rail Transportation - Fixed asset investment in railways reached 68.54 billion yuan in early 2025, with significant projects enhancing network efficiency [5]. - Recommended companies include China CNR and Siwei Control [5]. Engineering Machinery - The sector is showing signs of recovery after a prolonged downturn, with improved profitability and demand expected to drive new machine sales [5]. - Key recommendations include Sany Heavy Industry, Xugong Machinery, and others [5]. Domestic Instruments - The report highlights the low localization rate of electronic measurement instruments and the competitive edge of domestic brands [5]. - Recommended companies include Puyuan Precision and others [5].

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]

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]