上 市 公 司 计算机 2025 年 12 月 04 日 柏楚电子 (688188) ——获船级社船体智能制造系统设计方案 AiP 认证，有 望开启成长新周期 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 12 月 03 日 | | --- | --- | | 收盘价（元） | 130.35 | | 一年内最高/最低（元） | 224.58/126.32 | | 市净率 | 6.3 | | 股息率%（分红/股价） | 2.17 | | 流通 A 股市值（百万元） | 37,636 | | 上证指数/深证成指 | 3,878.00/12,955.25 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 20.83 | | 资产负债率% | 4.94 | | 总股本/流通 A 股（百万） | 289/289 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 20% 30% 12-03 01-03 02- ...

证券代码：688188 证券简称：柏楚电子 公告编号：2025-049 上海柏楚电子科技股份有限公司 关于召开 2025 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 2025 年 10 月 28 日发布公司 2025 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 2025 年第三季度的经营成果、财务状况，公司计划于 2025 年 12 月 12 日下午 16:00-17:00 举行 2025 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：2025 年 12 月 12 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 2025 年 12 月 5 日(星期五) 至 12 月 11 日(星 ...

申万宏源研究指出，针对锂电制造中激光焊接"难发现、难分析、难改善"的行业痛点，柏楚电子方案 以"检测-执行-控制"全链路闭环，实现从"经验焊接"到"数据驱动焊接"的跨越，助力锂电产线提升稼动 率、降低不良率。公司持续优化CAD、CAM、NC 等五大核心技术，积极拓展新应用方向。随着下游 新能源等应用场景开拓以及公司产品的不断导入，预计精密业务有望迎来快速增长。主业激光切割业务 在渗透率提升+功率升级+海外出口驱动下保持快速增长；机器换人大势所趋，焊接有望构筑第二成长 曲线，精密业务有望带来新增量。因此，维持"买入"评级。 ...

Core Insights - Alibaba's FY2Q26 revenue reached 247.8 billion RMB, a year-on-year increase of 5%. Excluding disposed business revenues, the same-caliber revenue growth was 15%. Adjusted EBITA decreased by 78% to 9.1 billion RMB, while Non-GAAP net profit fell by 72% to 10.4 billion RMB, meeting expectations [4][11]. - The strategic focus has shifted from platform economy to a comprehensive transformation towards a large consumption ecosystem, with "full-site push" and instant retail driving traffic synergy [5][11]. - Alibaba's cloud business revenue grew by 34% to 39.8 billion RMB, with adjusted EBITA increasing by 35% and EBITA margin rising to 9.0%. The company continues to enhance its AI capabilities, with significant upgrades announced in September [11]. Financial Performance - The Chinese e-commerce group achieved revenue of 132.6 billion RMB in FY2Q26, a 16% year-on-year increase, with adjusted EBITA of 10.5 billion RMB, down 76% [5][11]. - Customer management revenue maintained a 10% growth, reaching 78.9 billion RMB in FY2Q26 [5][11]. - The international digital commerce group reported a 10% revenue increase to 34.8 billion RMB, achieving profitability with an adjusted EBITA of 1.62 billion RMB [11]. Strategic Developments - The launch of the Qianwen app has seen over 10 million downloads within a week, marking a significant step in reaching C-end users and supporting a complete AI ecosystem [11]. - The company is actively expanding its instant retail strategy, with approximately 3,500 Tmall brands integrating offline stores into the instant retail business by the end of October [5][11]. - Alibaba's focus on AI and instant retail is expected to enhance user lifecycle and customer value, driving cross-scenario traffic synergy [11]. Market Outlook - The report maintains a "Buy" rating for Alibaba, highlighting its dual core drivers of large consumption and technology, with a long-term moat built around its full-stack AI strategy [6][11]. - Profit forecasts for FY26-27 have been adjusted downwards to 101.9 billion RMB and 145.5 billion RMB, respectively, while the FY28 forecast has been raised to 183.6 billion RMB [6][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company showcased its "three-in-one" IWM lithium battery welding solution at the 15th High-tech Lithium Battery Annual Conference, emphasizing a "data-driven welding" innovation concept that aims to enhance the quality of battery manufacturing [6]. - The company is addressing industry pain points in lithium battery manufacturing, specifically in laser welding, by implementing a closed-loop system that transitions from "experience-based welding" to "data-driven welding," thereby improving production efficiency and reducing defect rates [6]. - The company is expected to experience rapid growth in its precision business due to the expansion of downstream applications in new energy sectors and continuous product integration [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 1,735 million yuan in 2024 to 3,377 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24% [5][7]. - The net profit attributable to the parent company is forecasted to increase from 883 million yuan in 2024 to 1,760 million yuan in 2027, reflecting a CAGR of around 24.3% [5][7]. - The earnings per share (EPS) is expected to rise from 4.30 yuan in 2024 to 6.10 yuan in 2027, indicating a strong growth trajectory [5][7]. - The company maintains a high gross margin, projected at around 79% for the forecast period [5]. Business Development - The company is continuously optimizing its core technologies, including CAD, CAM, and NC, while exploring new application directions to achieve high-precision multi-axis motion control [6]. - The laser cutting business is anticipated to maintain rapid growth driven by increased penetration rates, power upgrades, and overseas exports [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company showcased its "three-in-one" IWM lithium battery welding solution at the 15th High-tech Lithium Battery Annual Conference, emphasizing a "data-driven welding" innovation concept to enhance the quality of battery manufacturing [6] - The company aims to address industry pain points in lithium battery manufacturing, specifically in laser welding, by implementing a closed-loop system that transitions from "experience-based welding" to "data-driven welding," thereby improving production efficiency and reducing defect rates [8] - The company is continuously optimizing its core technologies and exploring new application directions, with expectations for rapid growth in its precision business due to the expansion of downstream applications in new energy [8] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are estimated at 21.80 billion, 27.24 billion, and 33.77 billion respectively, with year-on-year growth rates of 25.6%, 25.0%, and 24.0% [7] - The net profit attributable to the parent company is forecasted to be 11.13 billion, 14.16 billion, and 17.60 billion for 2025-2027, with corresponding year-on-year growth rates of 26.1%, 27.2%, and 24.3% [8] - The company maintains a gross margin of approximately 79% and a return on equity (ROE) projected to increase from 16.9% in 2025 to 18.0% in 2027 [7][8]

Core Insights - The global lithium battery equipment industry is experiencing a strong surge in orders, with leading companies expected to sign and hold orders exceeding 30 billion yuan in the first half of 2025, representing a year-on-year growth of 70% to 80% [2] - The current expansion cycle emphasizes high safety, reliability, performance, and value, focusing on three main challenges: balancing scalability and flexibility, managing complexity and yield stability, and enhancing global responsiveness [2] Group 1: Industry Innovations and Trends - The 2025 High-Performance Lithium Battery Annual Conference featured key presentations from various companies, including Guoxuan High-Tech and Gongyuan Sanqian, discussing innovations in intelligent manufacturing and battery technology [1][3] - Guoxuan High-Tech proposed a "Three New" initiative for industry collaboration, focusing on exploring new equipment and technologies for quasi-solid, semi-solid, and solid-state batteries, sharing key processing technologies, and building an ecosystem for industrial AI detection and intelligent scheduling [7] - Gongyuan Sanqian aims to become a provider of advanced industrial X-ray solutions, with their X-ray detection equipment achieving significant speed improvements, reducing detection times for various battery types [12][13] Group 2: Technological Advancements - Jieput's presentation highlighted the application of laser welding process control technology in power batteries, emphasizing a comprehensive control approach throughout the welding process to ensure quality and efficiency [14][16] - Public Laser's COO discussed advancements in high-power fiber green light technology for lithium battery electrode cutting, showcasing its advantages over traditional methods in terms of precision and reduced thermal impact [19][21] - Zhongke Leishun introduced a new generation of lithium battery slurry preparation technology using high-energy ultrasonic cavitation dispersion, which significantly improves slurry stability and reduces contamination [22][25] Group 3: Efficiency and Sustainability - Leisuo New Materials presented their planar infrared drying technology, which offers significant energy savings and efficiency improvements in battery production, achieving a 50% reduction in energy consumption and a 40% increase in speed [28][31] - The company has delivered over 200 sets of planar infrared systems since 2022, demonstrating its commitment to sustainable production practices [32] - Bichu Electronics introduced a comprehensive IWM lithium welding solution that utilizes data-driven closed-loop control to enhance welding reliability and traceability, addressing common quality risks in battery production [33][36]

11月18日柏楚电子大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘折 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | | | | | 瑞银证券有限责任公司上海花 | 国泰海通证券股份 | | 2.25 | 304.20 | 135.20 | 0.00 | 园石桥路证券营业部 | 有限公司总部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，柏楚电子今日收盘价为135.20元，上涨0.24%，日换手率为0.29%，成交额 为1.14亿元，全天主力资金净流出120.41万元，近5日该股累计下跌1.87%，近5日资金合计净流出 4338.48万元。 两融数据显示，该股最新融资余额为3.10亿元，近5日增加624.06万元，增幅为2.06%。（数据宝） 柏楚电子11月18日大宗交易平台出现一笔成交，成交量2.25万股，成交金额304.20万元，大宗交易成交 价为135.20元。该笔交易的买方营业部为瑞银证券有限责任公司上 ...

Group 1 - The core point of the news is that a block trade of 68,000 shares of Bichu Electronics occurred on November 17, with a transaction amount of 9.1712 million yuan and a transaction price of 134.87 yuan per share [2][3] - The buyer of the block trade was UBS Securities Shanghai Huayuan Shiqiao Road Securities Branch, while the seller was Guotai Junan Securities Co., Ltd. Headquarters [2][3] - In the last three months, Bichu Electronics has had a total of three block trades, with a cumulative transaction amount of 25.6558 million yuan [2] Group 2 - The closing price of Bichu Electronics on the day of the block trade was 134.87 yuan, reflecting a decrease of 0.91%, with a turnover rate of 0.37% and a total transaction amount of 143 million yuan [2] - The net outflow of main funds for the day was 11.2278 million yuan, and over the past five days, the stock has seen a cumulative decline of 3.64% with a total net outflow of 45.3516 million yuan [2] - The latest margin financing balance for Bichu Electronics is 304 million yuan, which has decreased by 212,400 yuan over the past five days, representing a decline of 0.07% [3]

Group 1 - The core point of the article is that 柏楚电子 (Bichu Electronics) executed a block trade of 68,000 shares on November 17, with a transaction value of 9.1712 million yuan, accounting for 6.03% of the total trading volume for the day [1] - The transaction price was 134.87 yuan, which remained stable compared to the market closing price of 134.87 yuan [1]