上 市 公 司 计算机 2024 年03月 21 日 柏楚电子 (688188) 公 司 研 究 ——主业切割高成长，期待焊接新业务放量 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件：柏楚电子发布2023年年报，23年实现营业收入14.07亿元，yoy56.61%；归母净利润 （维持） 7.29亿元，yoy52.01%；业绩表现符合预期。 点评： 证 市场数据： 2024年03月21日 券 收盘价（元） 276.44  【营收端】公司产品组合优势持续放大，市占率不断提升，收入实现高速增长。激光加工 研 一年内最高/最低（元） 306.66/178 控制系统业务订单量持续增长，智能切割头业务订单量大幅增长，业务拆分来看：1）随 究 市净率 8.1 报 息率（分红/股价） - 动+板卡：营收 5.44亿（收入占比 39%），yoy25.41%；2）总线：营收 3.27亿（收入 告 流通A股市值（百万元） 40453 占比23%），yoy93.93%；3）切割头：营收3.35亿（收入占比24%），yoy106.51%。 上证指数/深证成指 3077.11/9682.51 中低功率系统国内市场占有率 ...

Investment Rating - The investment rating for the company is "Buy" [2][5] Core Views - The company achieved a revenue of 1.407 billion yuan in 2023, representing a year-on-year growth of 56.61%, and a net profit of 729 million yuan, up 52.01% year-on-year [1][2] - The significant growth in performance is attributed to the optimization of product structure and a substantial increase in orders for laser processing control systems and intelligent cutting heads [1] - The combination of bus systems and intelligent cutting heads has shown remarkable synergy, leading to a significant increase in product sales [1] Financial Performance Summary - In Q4 2023, the company reported a revenue of 416 million yuan, a year-on-year increase of 69.07%, and a net profit of 157 million yuan, up 68.71% year-on-year [1] - The gross margin and net margin for 2023 were 80.33% and 53.55%, respectively, with a slight decrease in net margin by 1.22 percentage points year-on-year [1] - The revenue breakdown for different business segments in 2023 includes: - Revenue from the following systems: - Follow-up systems: 170 million yuan (down 20.63%) - Board card systems: 374 million yuan (up 67.01%) - Bus systems: 327 million yuan (up 93.93%) - Intelligent cutting head business revenue reached 335 million yuan, a growth of 106.51% [1] Future Earnings Forecast - The company is expected 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 43x, 32x, and 25x [2][3]

Investment Rating - Buy-A rating maintained with a 6-month target price of 324.96 CNY [3] Core Views - Strong performance in 2023 with revenue of 1.407 billion CNY, up 56.61% YoY, and net profit of 729 million CNY, up 52.01% YoY [1] - Q4 2023 revenue reached 416 million CNY, up 69.07% YoY, with net profit of 157 million CNY, up 68.71% YoY [1] - Low and medium-power products (5.43 billion CNY, +25.33% YoY) benefited from strong export demand, accounting for 38.63% of total revenue [2] - High-power products (3.27 billion CNY, +65.44% YoY) and cutting heads (3.35 billion CNY, +96.73% YoY) showed significant growth, driven by increased penetration in thick plate cutting applications [2] - Gross margin improved to 80.33% (+1.36pct YoY), with high-power gross margin reaching 86.51% (+9.27pct YoY) due to cost optimization and localization of components [3] - Net margin declined to 53.55% (-1.22pct YoY) due to increased R&D investment, market expansion, and employee stock incentive costs [3] Business Segments - Low and medium-power products: Mainly used in thin plate cutting for hardware, lighting, doors, and fitness equipment, with strong export growth potential [2] - High-power products: Applied in shipbuilding, rail transit, and aerospace industries, with ongoing substitution of traditional cutting methods [2] - Cutting heads: Achieved significant growth due to localization of optical components and economies of scale [3] Financial Projections - Revenue expected to grow to 1.875 billion CNY in 2024 (+33.24% YoY), 2.437 billion CNY in 2025 (+29.98% YoY), and 3.267 billion CNY in 2026 (+34.08% YoY) [8] - Net profit projected to reach 990 million CNY in 2024 (+35.86% YoY), 1.304 billion CNY in 2025 (+31.68% YoY), and 1.721 billion CNY in 2026 (+32.01% YoY) [8] - PE ratios forecasted at 42X for 2024, 32X for 2025, and 24X for 2026 [8] Market Opportunities - Welding control systems: Potential market size exceeding 16 billion CNY, with demand for welding robots estimated at 16,000 units in the steel structure sector [7] - Company progress in welding: Development of new welding functions and improved arc tracking performance, expected to drive future growth [7] Operational Efficiency - R&D expenses increased to 261.5 million CNY in 2023, with R&D personnel accounting for 45% of total employees [3] - Sales and management expenses rose due to market expansion and employee recruitment, with total employees reaching 864 (+226 YoY) [3]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 1.407 billion yuan in 2023, representing a year-on-year increase of 56.61%, with a net profit attributable to shareholders of 729 million yuan, up 52.01% year-on-year [6][7] - In Q4 2023, the company reported a revenue of 416 million yuan, a year-on-year increase of 69.07%, and a net profit of 157 million yuan, up 68.71% year-on-year [6][7] - The growth in revenue and profit is attributed to the synergy of "high power + cutting heads," which has enhanced the company's market share in the domestic market [6][7] - The company is expected to benefit from the penetration of high power and breakthroughs in intelligent welding technology, which will continue to expand its growth boundaries [6][7] Summary by Sections Financial Performance - In 2023, the company's revenue reached 1.407 billion yuan, with a gross margin of 80.33%, an increase of 1.36 percentage points year-on-year [6][7] - The net profit margin for the year was 53.55%, maintaining a high level [6][7] - Q4 2023 saw a gross margin of 80.07%, benefiting from scale expansion [6][7] Market Position and Growth Potential - The company holds approximately 60% market share in the domestic low to medium power market, with significant advantages [6][7] - The report highlights the potential for high power import substitution as the market penetration accelerates [6][7] - The manufacturing industry is showing signs of stabilization, with positive trends in equipment sales and production [6][7] Research and Development - The company continues to increase its R&D investment, with R&D expenses accounting for 19% of revenue in 2023 [6][7] - New developments in intelligent welding technology are being pursued, including various welding actions and new patents [6][7] - A strategic cooperation agreement was signed with Honglu Steel Structure to advance intelligent welding systems [6][7] Future Earnings Projections - The company is projected to achieve net profits of 1.038 billion yuan, 1.406 billion yuan, and 1.927 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 40x, 30x, and 22x [6][7]

Financial Performance - The company's operating revenue for 2023 reached ¥1,407,113,183.52, representing a year-on-year increase of 56.61%[21]. - The net profit attributable to shareholders for 2023 was ¥728,914,349.94, reflecting a growth of 52.01% compared to the previous year[21]. - The net cash flow from operating activities increased by 39.02% to ¥860,939,749.10, driven by higher operating revenue[23]. - Basic earnings per share rose to ¥4.99, marking a 50.76% increase year-on-year[22]. - The company's total assets at the end of 2023 amounted to ¥5,334,791,173.42, an 18.42% increase from the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥673,923,206.04, a 44.60% increase year-on-year[21]. - The company's revenue for the reporting period reached 1,407.11 million RMB, representing a year-on-year growth of 56.61%[32]. - The net profit attributable to shareholders of the parent company was 728.91 million RMB, an increase of 52.01% compared to the previous year[32]. Dividend and Capital Structure - The company plans to distribute a cash dividend of RMB 25.1 per 10 shares, totaling approximately RMB 367.3 million, which accounts for 50.39% of the net profit attributable to shareholders for 2023[6]. - The company intends to increase its total share capital by 58,533,626 shares through a capital reserve conversion, raising the total share capital to 204,867,690 shares[6]. - The cash dividend distribution plan has been approved by the board and is pending approval from the annual general meeting[145]. - The company has established a clear cash dividend policy in accordance with relevant regulations and its articles of association[146]. Research and Development - Research and development expenses accounted for 18.58% of operating revenue, up from 15.98% in 2022, indicating a focus on innovation[22]. - The company invested in five core technology areas to enhance its research and development capabilities, focusing on both technology advancement and market application[33]. - Total R&D investment reached approximately ¥261.46 million, an increase of 82.13% compared to the previous year, with R&D expenses accounting for 18.58% of revenue, up by 2.6 percentage points[57]. - The company has developed advanced CAD and CAM technologies, achieving material utilization rates exceeding competitors in automated nesting software[47]. - The company is focusing on the precision processing sector, aiming to achieve sub-micron and nanometer-level high precision multi-axis motion control[45]. Market Expansion and Product Development - The company is actively expanding its overseas market presence in collaboration with domestic equipment manufacturers[32]. - The company plans to continue expanding its market presence and optimizing product structure to sustain growth[23]. - The company is expanding its product offerings with the launch of the FSCUT5000 and FSCUT8000 systems, enhancing capabilities for high-power laser cutting applications[40]. - The company is developing advanced automation features for laser cutting, including intelligent nozzle quality detection and automatic cleaning[33]. - The company is focusing on market expansion through the development of high-precision motion control algorithms integrated into microprocessors[51]. Corporate Governance - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[5]. - The company has not reported any instances where more than half of the directors could not guarantee the authenticity and completeness of the annual report[8]. - The company has established specialized committees under the board, including the Audit Committee and the Strategic Committee[133]. - The board held a total of 10 meetings during the year, with all members attending each meeting either in person or via communication methods[132]. - The company emphasizes strict compliance with information disclosure regulations, ensuring transparency and timely communication with investors through various channels[179]. Compliance and Audit - The company has received a standard unqualified audit report from its accounting firm, indicating the financial statements' accuracy and completeness[5]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - The company did not incur any administrative penalties due to environmental issues during the reporting period[163]. - The company has not received any non-standard audit opinions from the accounting firm[195]. - An independent audit of the internal control effectiveness for the 2023 financial report was conducted by Lixin Accounting Firm, resulting in a standard unqualified opinion[158]. Employee and Compensation - The company has a workforce of 864 employees, with 387 in R&D, accounting for 44.79% of total staff, and 150 of them holding master's degrees or above[65]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 6.4438 million RMB[128]. - The total remuneration for core technical personnel at the end of the reporting period amounted to 1.6426 million RMB[128]. - The company has established a competitive and incentive-based compensation system, linking personal income to performance and contributions[141]. Strategic Initiatives - The company plans to enhance operational efficiency and reduce operating costs to improve future returns[188]. - The company is committed to becoming a leading brand in the industrial automation control sector, focusing on long-term technological innovation and strategic acquisitions to enhance competitiveness[108]. - The company plans to enhance its digital marketing strategy, targeting a 20% increase in online sales[121]. - The company aims to improve talent quality and structure through a human resources planning system aligned with business development needs[112]. - The company is committed to accepting social supervision regarding its obligations and responsibilities related to public commitments[190].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue for 2023 reached 1.407 billion yuan, a year-on-year increase of 56.61%, with Q4 revenue at 416 million yuan, up 69.07% year-on-year [2][3] - The high-power business and the progress in intelligent welding are driving significant revenue and profit growth, with expectations for continued high growth in 2024 [2][3] - The gross profit margin improved to 80.33% in 2023, up 1.36 percentage points year-on-year, despite a slight decline in net profit margin due to increased share-based payment expenses [2][3] Revenue and Profit Forecast - The company forecasts net profit for 2024 and 2025 at 1.040 billion yuan and 1.377 billion yuan respectively, with a new forecast for 2026 at 1.775 billion yuan [2][3] - The current market valuation corresponds to P/E ratios of 40, 30, and 23 for 2024, 2025, and 2026 respectively [2][3] Business Segments Performance - The revenue breakdown for 2023 shows: - Adaptive systems: 170 million yuan, down 20.63% year-on-year - Board card systems: 374 million yuan, up 67.01% year-on-year - Bus systems: 327 million yuan, up 93.93% year-on-year - Cutting heads: 335 million yuan, up 106.51% year-on-year - Others: 190 million yuan, up 69.20% year-on-year [2][3] Intelligent Welding Development - The intelligent welding system is expected to open a second growth curve for the company, with significant advancements in technology and strategic partnerships indicating strong market potential [2][3]

一、本次现场检查的基本情况 （一）保荐机构 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 2023年持续督导工作现场检查报告 上海证券交易所： 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》《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"、"保荐机构"） 作为正在履行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"、"公司"）持续督导工作的保荐机构，对公司 2023 年 1 月 1 日至本次现场检 查期间（以下简称"本持续督导期"）的规范运行情况进行了现场检查，报告如 下： 中信证券股份有限公司 （二）保荐代表人 2024 年 2 月 23 日 （四）现场检查人员 郭丹、梅俊凯 （五）现场检查手段 1、与上市公司董事、监事、高级管理人员及有关人员访谈； 郭丹、孙守安 （三）现场检查时间 2、察看上市公司主要生产经营场所； 1 3、查阅并复印公司内控制度文件、持续督导期间的"三会"文件、信息披 露文件、关联交易、对外担保及重大对外投资相关资料等； 4、查阅和复印上市公司募集资金 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 02 月 25 日 柏 楚电子(688188.SH) 证券研究报告 业绩略超预期，期待焊接业务放量 专用计算机设备 投资评级 买入-A 事件： 维持评级 公司发布 2023年业绩快报，经初步核算，2023 年公司实现收入14.07 6个月目标价 307.80元 亿元，同比+56.61%，归母净利润 7.24亿元，同比+50.94%。单Q4 实 股价 (2024-02-23) 266.44元 现收入2.46亿元，同比+69.11%，归母净利润0.93亿元，同比+63.44%。 303365999 交易数据 核心观点： 总市值(百万元) 38,989.25 业绩略超预期，中低功率出口表现良好，高功率+切割头产品持续放 流通市值(百万元) 38,989.25 量。根据公司此前业绩预增公告，预计 2023 年实现归母净利润 7.2 总股本(百万股) 146.33 亿元，公司业绩略超预期。按产品拆分， 流通股本(百万股) 146.33 1) 中低功率方面，中低功率产品主要应用于五金、灯具、门具、健 12个月价格区间 178.56/291.48 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company reported a revenue of 1.407 billion yuan for the year 2023, representing a year-over-year growth of 56.61%, and a net profit of 724 million yuan, with a year-over-year increase of 50.94% [4]. - In Q4 2023, the company achieved a revenue of 416 million yuan, showing a year-over-year growth of 69.07%, and a net profit of 152 million yuan, with a year-over-year increase of 63.19% [4]. - The company's strong performance is attributed to the explosive growth in high-power and cutting head segments, along with a significant increase in order volume driven by demand for consumables [4][5]. Summary by Sections Market Data - Closing price: 266.44 yuan - Market capitalization: 38,989 million yuan - Price-to-book ratio: 8.2 [2][3]. Financial Performance - Revenue for 2023: 1.407 billion yuan, up 56.61% year-over-year - Net profit for 2023: 724 million yuan, up 50.94% year-over-year - Q4 2023 revenue: 416 million yuan, up 69.07% year-over-year - Q4 2023 net profit: 152 million yuan, up 63.19% year-over-year [4][5]. Business Segments - Cutting business continues to grow rapidly, with high-power laser cutting machines expected to maintain high growth due to power iteration and new industry penetration [4][5]. - The welding business is accelerating, with strategic cooperation established with Honglu Steel Structure, indicating promising future orders [5]. Earnings Forecast and Valuation - The forecast for net profit from 2023 to 2025 is 720 million, 1.025 billion, and 1.465 billion yuan, respectively, with corresponding price-to-earnings ratios of 54, 38, and 27 [5][6].

对《关于募集资金投资项目延期的议案》的独立意见 我们认为：公司本次募集资金投资项目延期是公司根据募投项目实施过程的 内外部实际情况做出的审慎决定，不会对公司的正常经营产生重大不利影响。决 策和审批程序符合《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》等相关法律法规及公司《募集资金管理制度》的相关规定，不存在变相改变 募集资金投向和损害公司股东特别是中小股东利益的情形。因此，我们同意公司 本次募集资金投资项目延期的事项。 上海柏楚电子科技股份有限公司独立董事 关于第二届董事会第二十七次会议相关议案的独立意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 科创板股票上市规则》《上市公司独立董事管理办法》等法律、法规以及《上海 柏楚电子科技股份有限公司章程》、公司《独立董事工作制度》的有关规定，我 们作为上海柏楚电子科技股份有限公司（以下简称"公司"）的独立董事，在审 阅公司第二届董事会第二十七次会议相关事项后，基于独立客观的立场，本着审 慎负责的态度，对会议相关议案发表如下独立意见： 独立董事：金 ...