Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company reported Q1 2025 earnings that exceeded market expectations, driven by a continuous recovery in domestic demand [2][3] - Revenue for Q1 2025 reached 500 million yuan, representing a year-on-year increase of 30.1%, attributed to market expansion and product structure optimization [3] - The company maintains high profitability with a net profit of 260 million yuan in Q1 2025, a year-on-year increase of 32.0% [4] - The smart welding industry is establishing a trend, with the company focusing on technology application and market penetration [5] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023: 1,407 million yuan - 2024: 1,735 million yuan (23.33% YoY growth) - 2025: 2,095 million yuan (20.70% YoY growth) - 2026: 2,539 million yuan (21.19% YoY growth) - 2027: 3,093 million yuan (21.85% YoY growth) [3][12] - Net profit projections are as follows: - 2023: 728.91 million yuan - 2024: 882.71 million yuan (21.10% YoY growth) - 2025: 1,060.92 million yuan (20.19% YoY growth) - 2026: 1,293.34 million yuan (21.91% YoY growth) - 2027: 1,586.03 million yuan (22.63% YoY growth) [3][12] - The latest diluted EPS projections are: - 2023: 3.55 yuan - 2024: 4.30 yuan - 2025: 5.16 yuan - 2026: 6.29 yuan - 2027: 7.72 yuan [3][12] - The current P/E ratios are projected as follows: - 2024: 41.41 - 2025: 34.45 - 2026: 28.26 - 2027: 23.05 [3][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company reported Q1 2025 earnings that exceeded market expectations, driven by a continuous recovery in domestic demand [2][3] - Revenue for Q1 2025 reached 500 million yuan, representing a year-on-year increase of 30.1%, attributed to market expansion and product structure optimization [3] - The company maintains high profitability with a net profit of 260 million yuan in Q1 2025, up 32.0% year-on-year, benefiting from increased ownership stakes in subsidiaries [4] Financial Performance Summary - Total revenue projections for 2023 to 2027 are as follows: 1,407 million yuan (2023), 1,735 million yuan (2024), 2,095 million yuan (2025), 2,539 million yuan (2026), and 3,093 million yuan (2027), with respective year-on-year growth rates of 56.61%, 23.33%, 20.70%, 21.19%, and 21.85% [1] - Net profit forecasts for the same period are: 728.91 million yuan (2023), 882.71 million yuan (2024), 1,060.92 million yuan (2025), 1,293.34 million yuan (2026), and 1,586.03 million yuan (2027), with year-on-year growth rates of 52.01%, 21.10%, 20.19%, 21.91%, and 22.63% [1] - The company’s gross profit margin for Q1 2025 was 77.8%, with a net profit margin of 52.3%, indicating strong profitability despite slight declines due to accounting adjustments [4] Market Trends and Future Outlook - The company is positioned to benefit from the ongoing recovery in domestic manufacturing, particularly in the flat solution segment, which is expected to maintain steady growth [3] - The smart welding industry is entering a growth phase, with potential expansion into higher-value sectors such as shipbuilding and bridge construction [5] - The company is committed to enhancing its core technologies and increasing R&D investments to ensure sustained competitive advantage and profitability [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of 220.88 RMB [8][9]. Core Views - The company reported a strong Q1 2025 performance with revenues of 496 million RMB, a year-over-year increase of 30.12% and a quarter-over-quarter increase of 14.07%. The net profit attributable to the parent company was 255 million RMB, up 31.99% year-over-year and 62.75% quarter-over-quarter [1]. - The company is expected to continue benefiting from its leading position in the high-power cutting market and the acceleration of its second growth curve represented by smart welding [1][5]. - The company is expanding its product portfolio and optimizing its sales strategy, which has led to strong demand for its pipe solutions and cutting head technology [2]. - The smart welding products are being increasingly adopted across various industries, and the company is launching new products to enhance real-time monitoring and quality control in laser welding processes [3][4]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 496 million RMB, with a year-over-year growth of 30.12% and a quarter-over-quarter growth of 14.07%. The net profit attributable to the parent company was 255 million RMB, reflecting a year-over-year increase of 31.99% and a quarter-over-quarter increase of 62.75% [1]. Market Position and Strategy - The company is leveraging its technological advantages in high-power cutting solutions and is expected to enhance its market share. The integration of software and cutting head technology is anticipated to drive further growth [2]. - The smart welding sector is expanding, with products being applied in construction, shipbuilding, and other industries. The introduction of the UltraOCT system is expected to enhance the company's offerings in the lithium battery and photovoltaic sectors [3][4]. Growth Projections - The company forecasts EPS of 5.89 RMB for 2025, with a projected PE ratio of 37.5x, leading to a target price of 220.88 RMB [5][7]. The revenue is expected to grow significantly, with projections of 2.24 billion RMB in 2025, representing a 28.87% increase from the previous year [7].

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]

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 ...

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 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 09 日 [Table_Title] 2024 年报点评：业绩快速增长，激光切割应 用场景加速拓展 [Table_Title2] 柏楚电子(688188) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688188 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 340.94/135.79 | | 目标价格： | | 总市值(亿) | 361.58 | | 最新收盘价： | 175.99 | 自由流通市值(亿) | 361.58 | | | | 自由流通股数(百万) | 205.46 | [Table_Summary] 事件概述 公司发布 2024 年报。 ► 收入端：切割头高速增长，管材、三维解决方案加速渗透 24 年公司实现营收 17.35 亿元，同比+23%，其中 Q4 为 4.35 亿元，同比+5%。细分应用场景来 看：1）平面解决方案：24 年实现收入 11.25 亿元，同比+12%，我们判断在中低功率需求稳健的 基础上，高功 ...