《科创板日报》12月13日讯（记者 陈俊清） 今日（12月13日），柏楚电子举办三季度业绩说明会，智能焊接机器人控制系统成为最受投资者关注话 题。 业绩会上，柏楚电子董事长唐晔表示，智能焊接行业应用赛道市场广阔，吸引力大，但因早期焊接领域 主要以示教编程或人工为主，暂无其他成熟可落地的解决方案。 "公司的产品主要是面向钢结构行业，下游主要是机器人本体厂和集成商。自年初以来和公司形成交易 的客户逐步增加。 "唐晔进一步表示，该公司的焊接产品出海更多基于设备商间接出口，海外客户也有 一定的需求，售价是标准化定价。 柏楚电子在智能焊接领域的正式布局源于2022年，该公司目前主营业务仍是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自动化产品。 市场方面，柏楚电子在中低功率激光切割控制系统领域国内市场份额为70%，在高功率激光切割控制系 统领域，国产激光运动控制系统仅占约10%的市场份额，且几乎全部为该公司占据。 对于当前激光切割控制系统的竞争格局，柏楚电子副总经理兼董事会秘书周荇在业绩会上分析，目前来 看相较年初中低功率及高功率控制系统产品变化不大。在国内市场需求疲软的背景下，为进一步提升产 品市占率的可 ...

上 市 公 司 公 司 研 究/ 公 司 点 评 证 券 研 究 报 告 | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 25.59 | | 资产负债率 % | 6.43 | | 总股本/流通 A 股（百万） | 205/205 | | 流通 B 股/H 股（百万） | -/- | 计算机 报告原因：强调原有的投资评级 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 研究支持 刘建伟 A0230521100003 liujw@swsresearch.com 联系人 何佳霖 (8621)23297818× hejl@swsresearch.com | --- | --- | |----- ...

证券代码：688188 证券简称：柏楚电子 公告编号：2024-061 上海柏楚电子科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 上海柏楚电子科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 12 月 13 日下午 16:00- 17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：2024 年 12 月 13 日(星期五) 下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 12 月 6 日(星期五) 至 12 月 12 日(星 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 1.301 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 31.19%, while the net profit attributable to the parent company grew by 26.84% to 726 million yuan [1][3] - The third quarter of 2024 saw a revenue of 417 million yuan, with a year-on-year increase of 26.27%, and a net profit of 235 million yuan, reflecting an 11.63% growth [1] - The company continues to invest in technology research and market expansion, leading to sustained growth in orders for laser processing control systems and intelligent cutting heads [1] Financial Performance Summary - For the first three quarters of 2024, the gross margin, net margin, and non-recurring net margin were 81.63%, 59.42%, and 53.18%, respectively, with year-on-year changes of +1.36, -1.22, and -3.98 percentage points [2] - The company maintained a high gross margin of 82.36% in the third quarter, despite a decrease in net profit growth due to reduced other income and interest income [2] - The company has effectively controlled its expenses, with sales, management, research and development, and financial expense ratios showing favorable trends [2] Earnings Forecast and Valuation - The company is projected to achieve net profits of 989 million yuan, 1.302 billion yuan, and 1.654 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 41, 31, and 25 times [3][4] - The revenue forecast for the years 2024 to 2026 is 1.908 billion yuan, 2.491 billion yuan, and 3.170 billion yuan, indicating a strong growth trajectory [4]

证券代码：688188 证券简称：柏楚电子 上海柏楚电子科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|--------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 ☑分析师会议 | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □ 新闻发布会 □路演活动 | | | | □现场参观 | | | | ☑ 其他 （电 ...

Investment Rating - Buy (maintained) [1] Core Views - The company maintained rapid revenue growth in Q3 despite it being the off-season for laser cutting [2] - Other income dragged down profit performance [1] - High-power cutting control system demand remains strong, with intelligent cutting heads rapidly expanding and intelligent welding making breakthroughs, indicating continued high growth potential [2] - Smart welding industry trend is established, enabling the company to expand across fields and achieve boundaryless growth [4] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue: 13.01 billion yuan, up 31.19% YoY [2] - Q1-Q3 2024 net profit: 7.26 billion yuan, up 26.84% YoY [2] - Q3 2024 revenue: 4.17 billion yuan, up 26.27% YoY [2] - Q3 2024 net profit: 2.35 billion yuan, up 11.63% YoY [2] - 2024E revenue: 18.57 billion yuan, up 32.00% YoY [1] - 2024E net profit: 9.76 billion yuan, up 33.87% YoY [1] Profitability - Q1-Q3 2024 gross margin: 81.6%, up 1.2pct YoY [3] - Q1-Q3 2024 net margin: 59.4%, down 0.5pct YoY [3] - Q3 2024 gross margin: 82.4%, up 1.7pct YoY [3] - Q3 2024 net margin: 58.57%, down 5.0pct YoY [3] Expenses - Q1-Q3 2024 expense ratio: 21.14%, down 1.56pct YoY [3] - Sales/management/R&D/financial expenses changed by -0.25/+0.01/-3.17/+1.85pct YoY respectively [3] Industry and Market Trends - High-power cutting control system demand remains strong [2] - Intelligent cutting heads are rapidly expanding [2] - Intelligent welding is making breakthroughs [2] - Smart welding industry trend is established, with the company benefiting from partnerships with major steel structure clients [4] Valuation and Forecast - 2024E EPS: 4.75 yuan/share [1] - 2024E P/E: 41.64x [1] - 2025E EPS: 6.36 yuan/share [1] - 2025E P/E: 31.08x [1] - 2026E EPS: 8.15 yuan/share [1] - 2026E P/E: 24.28x [1] Market Data - Closing price: 197.78 yuan [6] - 52-week low/high: 135.79/340.94 yuan [6] - P/B: 7.73x [6] - Market cap: 40.63 billion yuan [6] Financial Position - Total assets: 5.34 billion yuan (2023A), expected to grow to 9.53 billion yuan by 2026E [10] - Total liabilities: 316 million yuan (2023A), expected to grow to 665 million yuan by 2026E [10] - Equity: 5.02 billion yuan (2023A), expected to grow to 8.87 billion yuan by 2026E [10] Cash Flow - Operating cash flow: 861 million yuan (2023A), expected to grow to 1.59 billion yuan by 2026E [11] - Investing cash flow: -364 million yuan (2023A), expected to turn positive by 2025E [11] - Financing cash flow: -167 million yuan (2023A), expected to improve to -60 million yuan by 2026E [11] Key Financial Ratios - ROIC: 14.23% (2023A), expected to grow to 18.36% by 2026E [11] - ROE: 14.66% (2023A), expected to grow to 19.20% by 2026E [11] - Debt-to-asset ratio: 5.93% (2023A), expected to increase to 6.98% by 2026E [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Insights - The company reported a significant revenue growth of 31.19% year-over-year for the first three quarters of 2024, achieving a total revenue of 1.301 billion yuan [4][5]. - The gross margin for Q3 2024 was 82.36%, reflecting a year-over-year increase of 1.74 percentage points, indicating strong pricing power [5]. - The net profit margin for Q3 2024 was 58.57%, which is a decrease of 5.00 percentage points year-over-year, primarily due to reduced interest income and other earnings [5]. Revenue Performance - For Q3 2024, the company achieved a revenue of 417 million yuan, representing a year-over-year growth of 26.27% [4][5]. - The company’s revenue growth was driven by high-power and overseas export demand, despite Q3 being a traditionally slow season for the laser cutting industry [5]. Profitability Metrics - The company’s net profit for Q3 2024 was 235 million yuan, with a year-over-year increase of 11.63% [4][5]. - The report forecasts net profits for 2024, 2025, and 2026 to be 962 million, 1.277 billion, and 1.731 billion yuan respectively, with year-over-year growth rates of 32.0%, 32.8%, and 35.5% [6][7]. Cost Management - The company maintained effective cost control, with total expenses for Q3 2024 amounting to 99 million yuan, a year-over-year increase of only 1.80% [5]. - The expense ratio for Q3 2024 was 23.72%, down 5.70 percentage points from the same period last year, indicating improved efficiency [5]. Future Outlook - The company is expected to maintain a compound annual growth rate (CAGR) of over 30% from 2023 to 2026, driven by market share gains and product expansion in the laser cutting sector [5]. - The report highlights ongoing product development and industry expansion in the intelligent welding sector as a second growth curve for the company [5].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥417,204,150.96, representing a year-on-year increase of 26.27%[2] - The net profit attributable to shareholders for the same period was ¥234,565,181.11, reflecting an increase of 11.63% compared to the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥220,531,033.17, up 17.92% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached ¥1,300,790,203.14, a significant increase from ¥991,497,726.04 in the same period of 2023, representing a growth of approximately 31.2%[15] - Net profit for the third quarter of 2024 was ¥772,949,154.34, compared to ¥594,104,288.35 in the same quarter of 2023, reflecting a growth of approximately 30.1%[17] - The net profit attributable to the parent company shareholders for the current period is approximately ¥725.74 million, an increase from ¥572.16 million in the previous period, representing a growth of 26.8%[18] - The total comprehensive income attributable to the parent company owners is approximately ¥725.74 million, compared to ¥572.05 million in the previous period, indicating an increase of 26.8%[18] - Basic earnings per share for the current period is ¥3.53, up from ¥2.80 in the previous period, reflecting a growth of 26.1%[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥5,697,772,781.94, an increase of 6.80% from the end of the previous year[3] - The total assets of the company as of the end of the third quarter of 2024 were ¥5,697,772,781.94, compared to ¥5,334,791,173.42 at the end of the third quarter of 2023, marking an increase of approximately 6.9%[15] - The total liabilities of the company increased to ¥366,289,665.69 in the third quarter of 2024 from ¥316,140,154.04 in the same quarter of 2023, representing a growth of about 15.8%[15] - The company's total equity reached ¥5,331,483,116.25 by the end of the third quarter of 2024, up from ¥5,018,651,019.38 in 2023, indicating an increase of approximately 6.2%[15] Cash Flow - The company reported a net cash flow from operating activities of ¥632,493,299.05, which showed a slight increase of 0.38% year-on-year[2] - The cash inflow from operating activities for the first three quarters of 2024 is approximately ¥1.36 billion, compared to ¥1.27 billion in the same period of 2023, showing an increase of 7%[20] - The net cash flow from operating activities is approximately ¥632.49 million, slightly up from ¥630.07 million in the previous period, indicating a marginal increase[20] - The cash inflow from investment activities is approximately ¥3.06 billion, compared to ¥2.90 billion in the previous period, representing an increase of 5.5%[21] - The net cash flow from investment activities is approximately -¥340.89 million, worsening from -¥230.39 million in the previous period[21] - The cash inflow from financing activities is approximately ¥32.67 million, significantly up from ¥6.90 million in the previous period[21] - The total cash and cash equivalents at the end of the period is approximately ¥2.59 billion, slightly down from ¥2.54 billion at the end of the previous period[21] Research and Development - The company's R&D investment totaled ¥52,444,738.74, a decrease of 22.38% compared to the same period last year, accounting for 12.57% of operating revenue[3] - Research and development expenses for the first three quarters of 2024 totaled ¥156,982,115.02, slightly higher than ¥151,110,030.25 in 2023, showing an increase of about 3.8%[17] - The company attributed the revenue growth to increased investment in technology R&D and market expansion, particularly in laser processing control systems and intelligent cutting heads[7] Shareholder Information - The company reported a total of 3,896,013 shares held by the E Fund SSE Sci-Tech Innovation Board 50 ETF, representing 1.90% of the total shares[11] - The top ten shareholders include Tang Ye with 38,099,288 shares, accounting for a significant portion of the company's equity[11] - The company has not reported any significant changes in the participation of major shareholders in margin financing and securities lending activities[12] - There are no significant related party transactions or concerted actions among the top shareholders beyond the signed agreement among certain shareholders[11] Other Financial Metrics - The basic earnings per share for Q3 2024 was ¥1.14, an increase of 10.68% year-on-year[3] - The weighted average return on equity was 14.07%, an increase of 1.45 percentage points compared to the same period last year[3] - The total non-recurring gains and losses for the period amounted to ¥14,034,147.94, with government subsidies contributing significantly to this figure[4] - The company reported a decrease in employee compensation payable from ¥116,661,446.17 in 2023 to ¥27,504,873.26 in 2024, a reduction of approximately 76.5%[15] - The company’s goodwill remained stable at ¥17,662,564.38, unchanged from the previous year, indicating no impairment or changes in this asset category[15]

证券代码：688188 证券简称：柏楚电子 公告编号：2024-060 上海柏楚电子科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 上海柏楚电子科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 20 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 18 日下午 16:00-17:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：2024 年 10 月 18 日(星期五) 下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 11 日(星期五) 至 10 月 17 日(星期四)16 ...

证券代码：688188 证券简称：柏楚电子 公告编号：2024-059 上海柏楚电子科技股份有限公司 本公司董事会及全体董事保证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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/10/15 | 2024/10/16 | 2024/10/16 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 29 日的 2023 年年度股东大会授权董事 会在符合利润分配的条件下具体制定，并经 2024 年 8 月 19 日召开的第三届董事 会第四次会议审议通过。 二、 分配方案 2024 年半年度权益分派实施公告 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利 0.718 元（含税） 相关日期 四、 分 ...