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 变更募集资金投资项目投资规模并结项暨新增募集资金投 资项目和永久补充流动资金的核查意见 为规范公司募集资金管理和使用，保护投资者权益，公司设立了相关募集 资金专项账户。募集资金到账后，已全部存放于经公司董事会批准开设的募集 资金专项账户内，公司已与保荐机构、募集资金专户开户银行签署了募集资金 专户存储三方/四方监管协议。 二、募集资金投资项目情况 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）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"）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 A 股股票的保荐机构，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》《科 创板上市公司持续监管办法（试行）》及《上市公司募集资金监管规则》等法 律法规的有关规定，对变更募集资金投资项目投资规模并结项暨新增募集资金 投资项目和永久补充流动资金进行了审慎核查，并出具本核查意见，核查情况 如下： 一、募集资金基本情况 （一）2019 年首次公开发行股票募集资金 经中国证券监督管理委员会于 2019 年 ...

Group 1 - The core point of the news is that 柏楚电子 (Bachu Electronics) experienced a decline of 1.02% in its stock price, reaching 135.80 yuan per share, with a trading volume of 188 million yuan and a turnover rate of 0.48%, resulting in a total market capitalization of 39.21 billion yuan [1] - 柏楚电子 is located in Shanghai and was established on September 11, 2007, with its listing date on August 8, 2019. The company specializes in the research, production, and sales of laser cutting control systems [1] - The revenue composition of 柏楚电子 includes: 61.36% from flat solutions, 21.43% from pipe solutions, 14.09% from other solutions, and 3.11% from three-dimensional solutions [1] Group 2 - From the perspective of major fund holdings, 嘉实基金 (Jia Shi Fund) has one fund heavily invested in 柏楚电子. The 嘉实上证科创板工业机械ETF (588850) increased its holdings by 3,608 shares in the third quarter, totaling 10,100 shares, which accounts for 4.83% of the fund's net value, making it the fourth largest holding [2] - The 嘉实上证科创板工业机械ETF (588850) was established on April 16, 2025, with a latest scale of 32.05 million. Since its inception, it has achieved a return of 37.83% [2] - The fund manager of 嘉实上证科创板工业机械ETF (588850) is 田光远 (Tian Guangyuan), who has been in the position for 4 years and 299 days, managing total assets of 75.41 billion yuan, with the best fund return during his tenure being 134.37% and the worst being -46.65% [2]

Core Viewpoint - Shanghai Jiao Tong University has established the "Tang Ye Education Fund" with a donation of 1 million shares of stock from Baichu Electronics, valued at approximately 130 million yuan, to support various academic and research initiatives [3][4]. Group 1: Donation and Fund Purpose - The "Tang Ye Education Fund" will focus on supporting the development of schools and colleges related to shipbuilding, machinery, integrated circuits, and future technologies, enhancing talent cultivation and research innovation [3][4]. - The donation agreement was signed by Tang Ye and Yang Zhenbin, marking a significant contribution to the university as it approaches its 130th anniversary [3]. Group 2: Strategic Cooperation - A strategic cooperation agreement was signed between Shanghai Jiao Tong University and Baichu Electronics, establishing the "Baichu-Jiao Da Intelligent Base for Industry-Education Integration" [4]. - The collaboration will focus on three key areas: joint research in intelligent sensing, AI-industry integration, and precision manufacturing; market-oriented transformation of research results; and dual empowerment in talent cultivation through joint training programs and practical training centers [4].

Summary of Key Points from the Equity Research Report Industry Overview - **Industry**: China's Industrial Software Sector - **Current Demand**: Mild recovery in demand observed in 9M25, with overall industrial digitalization demand remaining lukewarm. Many software players are experiencing low capital expenditure willingness and delayed project implementations [3][8] - **Market Performance**: Share prices of Baosight and BOCHU corrected by 29% and 4% YTD, respectively, while Longshine's share price increased by 26% YTD, outperforming the CSI 300 index which rose by 17% YTD [3] Company-Specific Insights Longshine (300682 CH) - **Recommendation**: Upgraded to Buy from Hold with a target price lowered to RMB19.00 from RMB22.00. Expected net profit CAGR of 42% from 2025 to 2027, driven by growth in grid digitalization, EV charging platform nearing breakeven, and power trading [4][18] - **Valuation**: Currently trading at a 0.6x 2026 PEG, compared to the peer average of 0.8x, indicating attractive valuation post-correction [19] - **Earnings Estimates**: 2025 net profit estimates reduced by 14% to RMB446 million, and 2026 estimates lowered by 6% to RMB666 million due to lower online utility payment trading volume and EV charging volume [10][28] - **Revenue Estimates**: Total revenue estimates for 2025 adjusted down by 1% to RMB4.726 billion, with stable growth expected in energy digitalization [11][28] BOCHU (688188 CH) - **Recommendation**: Maintained Buy rating with a target price lowered to RMB153.00 from RMB160.71. Expected net profit CAGR of 22% from 2025 to 2027 [35][46] - **Earnings Estimates**: 2025 net profit estimates reduced by 4% to RMB1.067 billion, with slight increases in revenue estimates for 2025, 2026, and 2027 [39][43] - **Market Position**: Anticipated growth in smart welding and precision processing, despite challenges from intense competition in the laser cutting equipment sector [38][52] Baosight (600845 CH) - **Recommendation**: Maintained Buy rating with a target price lowered to RMB23.00 from RMB32.00. Expected net profit CAGR of 16% over 2025-2027, despite short-term demand pressure in steel digitalization [4][43] - **Earnings Estimates**: Significant cuts in revenue estimates for 2025-2027 by 30-37% due to underestimated impacts from destocking in the downstream steel industry [4][43] Key Risks and Considerations - **Longshine**: - High client concentration with top five clients representing 66% of total revenue, leading to potential revenue volatility [27] - Competition from state-owned enterprises could intensify, impacting market share [27] - Goodwill impairment risk due to significant goodwill on the balance sheet [27] - **BOCHU**: - Intense market competition may lead to gross margin deterioration [52] - Potential share reduction by major shareholders could pressure share price [52] Conclusion - The industrial software sector in China is experiencing a mild recovery, with specific companies like Longshine and BOCHU showing potential for growth despite facing challenges. Longshine is favored for its robust earnings recovery and attractive valuation, while BOCHU is recognized for its overseas expansion and smart welding progress. Baosight, while facing short-term challenges, is still expected to benefit from long-term digitalization trends in the steel industry.

Core Viewpoint - The stock of Shanghai Bichu Electronics Co., Ltd. has shown fluctuations in trading performance, with a slight increase on December 24, 2023, while the company has experienced a decline in stock price over the year and recent trading periods [1] Group 1: Stock Performance - As of December 24, 2023, Bichu Electronics' stock price increased by 2.01% to 132.90 CNY per share, with a trading volume of 1.32 billion CNY and a turnover rate of 0.35%, resulting in a total market capitalization of 38.372 billion CNY [1] - Year-to-date, the stock price has decreased by 2.67%, with a 0.60% decline over the last five trading days, a 0.68% increase over the last 20 days, and an 8.27% decrease over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Bichu Electronics reported a revenue of 1.62 billion CNY, representing a year-on-year growth of 24.51%, and a net profit attributable to shareholders of 904 million CNY, reflecting a year-on-year increase of 24.61% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Bichu Electronics reached 12,400, an increase of 56.82% compared to the previous period, while the average number of circulating shares per shareholder decreased by 36.16% to 23,232 shares [2] - The company has distributed a total of 1.714 billion CNY in dividends since its A-share listing, with 1.318 billion CNY distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 19.0495 million shares, an increase of 124,600 shares from the previous period, while E Fund's and Huaxia's ETFs have seen reductions in their holdings [3]

证券代码：688188 证券简称：柏楚电子 公告编号：2025-050 一、投资情况概述 上海柏楚电子科技股份有限公司 关于使用部分闲置自有资金进行委托理财额度预计的公告 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： 基本情况 | 投资金额 | 不超过 万元 280,000 | | --- | --- | | 投资种类 | 流动性较好、总体风险可控的理财产品（包括银行理 财产品及总体风险可控、流动性较好、具有合法经营 | | | 资格的非银行金融机构销售的理财产品等） | | 资金来源 | 自有资金 | 已履行的审议程序 上海柏楚电子科技股份有限公司（以下简称"公司"）于 2025 年 12 月 23 日召开第三届董事会第二十二次会议，审议通过了《关于使用部分暂时闲置自有 资金理财的议案》，本事项无需提交公司股东会审议。 特别风险提示 尽管公司拟购买标的为流动性较好、总体风险可控的理财产品，但金融市场 受宏观经济影响较大，公司将根据经济形势以及金融市场的变化适时适量介入， 但不排除该项投资收益受到市场波动 ...

Core Viewpoint - The medical device sector experienced a slight decline of 0.23% on December 8, with BaiRen Medical leading the losses, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.54% and the Shenzhen Component Index increasing by 1.39% [1] Group 1: Market Performance - The medical device sector's decline was led by BaiRen Medical, which saw a drop of 3.39% in its closing price [2] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Group 2: Individual Stock Performance - ZhenDe Medical (603301) had a closing price of 74.01, with a significant increase of 6.95% and a trading volume of 178,200 shares, amounting to a transaction value of 1.317 billion yuan [1] - Other notable gainers included Rejing Bio (688068) with a closing price of 181.00, up 4.89%, and Huakang Clean (301235) at 31.03, up 4.76% [1] - BaiRen Medical (688188) closed at 111.99, down 3.39%, with a trading volume of 9,959.93 shares and a transaction value of 113 million yuan [2] Group 3: Capital Flow - The medical device sector saw a net outflow of 199 million yuan from institutional investors, while retail investors contributed a net inflow of 213 million yuan [2] - The capital flow data indicates that ZhenDe Medical had a net inflow of 210 million yuan from institutional investors, while retail investors showed a net outflow of 169 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has received the AiP certification for its hull intelligent manufacturing system design from the China Classification Society, marking a significant recognition of its advanced technology [4] - The certification is expected to accelerate the company's product integration into mainstream shipbuilding supply chains, enhancing order conversion cycles and revenue growth [7] - The company's business model is evolving from selling hardware and software components to providing comprehensive solutions, which is anticipated to increase customer value and profit margins [7] - The report maintains profit forecasts for 2025-2027, projecting net profits of 1.113 billion, 1.416 billion, and 1.760 billion yuan respectively, with corresponding PE ratios of 34, 27, and 21 [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 1.735 billion yuan in 2024 to 3.377 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24% [6] - The net profit is expected to increase from 883 million yuan in 2024 to 1.760 billion yuan in 2027, reflecting a growth rate of 26% in 2025 and 27.3% in 2026 [6][8] - The gross margin is projected to remain stable around 79% over the forecast period, indicating strong operational efficiency [6]

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。 ...