Core Viewpoint - On March 18, brokerages provided target prices for listed companies, with notable increases for Nanjing Steel, Fuyao Glass, and Wancheng Group, showing target price increases of 47.23%, 45.45%, and 43.52% respectively, across the steel, automotive parts, and retail sectors [1][2]. Group 1: Target Price Increases - Nanjing Steel (600282) received a target price of 8.51 yuan, reflecting a target price increase of 47.23% [2] - Fuyao Glass (600660) has a target price of 84.00 yuan, with a target price increase of 45.45% [2] - Wancheng Group (300972) was assigned a target price of 280.00 yuan, indicating a target price increase of 43.52% [2] - Wanhua Chemical (600309) has a target price of 113.60 yuan, with a target price increase of 40.84% [2] - China Merchants Shekou (001979) received a target price of 12.80 yuan, reflecting a target price increase of 35.02% [2] Group 2: Brokerage Recommendations - A total of 34 listed companies received brokerage recommendations on March 18, with China Merchants Shekou, CITIC Publishing, Fuyao Glass, and Wancheng Group each receiving recommendations from three brokerages [3][4] - China Merchants Shekou (001979) closed at 9.48 yuan with three brokerage recommendations [4] - Fuyao Glass (600660) closed at 57.75 yuan, also receiving three brokerage recommendations [4] - Wancheng Group (300972) closed at 195.09 yuan, with three brokerages recommending it [4] Group 3: Rating Adjustments - On March 18, one company had its rating upgraded, with Zhongtai Securities raising Shanghai Bank's rating from "Hold" to "Buy" [5] - Shanghai Bank (601229) is now rated "Buy" by Zhongtai Securities [5] Group 4: First Coverage - Eight companies received initial coverage on March 18, with Hesheng Co. receiving a "Strong Buy" rating from Huachuang Securities [6] - Tian Gong Co. was given an "Add" rating by Dongwu Securities [6] - Neipu Mining (300818) received an "Add" rating from Guotai Junan Securities [6] - Bozhong Precision (688097) was rated "Add" by Northeast Securities [6] - Bojie Co. (002975) received a "Buy" rating from Zhongyou Securities [6]

证券研究报告：机械设备 | 公司点评报告 发布时间：2026-03-18 股票投资评级 买入 |首次覆盖 | 最新收盘价（元） | 70.69 | | --- | --- | | 总股本/流通股本（亿股）1.60 / 1.06 | | | 总市值/流通市值（亿元）113 / 75 | | | 52 周内最高/最低价 | 86.71 / 27.19 | | 资产负债率(%) | 33.9% | | 第一大股东 | 王兆春 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 博杰股份(002975) 创新为锚，破浪智能制造新蓝海 ⚫ 投资要点 深度绑定北美 AI 巨头，前瞻布局液冷方案，引领 AI 服务器测试 设备行业。公司面向全球及国内知名服务器厂商全面供货，包括英伟 达、戴尔、亚马逊、微软、思科等国际知名厂商，以及紫光、浪潮、 阿里巴巴、腾讯等国内头部厂商。公司重点开发行业龙头 N 客户在 AI 算力领域的新业务机会，主要为其实验室自研服务器产品提供检测及 自动化设备，已获得 Vendor Code。为跟随客户技术发展需求，公司 在测试 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is deeply integrated with major North American AI giants and is pioneering liquid cooling solutions, leading the AI server testing equipment industry. It supplies globally recognized server manufacturers such as NVIDIA, Dell, Amazon, Microsoft, and Cisco, as well as top domestic firms like Unisoc, Inspur, Alibaba, and Tencent [5]. - The company has developed a third-generation MLCC high-speed testing and sorting machine, achieving performance metrics comparable to imported equipment, with a maximum speed of 20,000 pcs/min. This has gained recognition from domestic clients and is now being mass-produced [6]. - The company is expanding its traditional consumer electronics testing capabilities while exploring optical and visual testing, as well as humanoid robot testing capabilities. It has developed a 1 arc-second precision IMU sensor testing platform and is advancing into the humanoid robot testing sector [7]. - The company has entered the electric vehicle electronics "smart driving" field by acquiring Zhuhai Guanghao Jie, covering major application scenarios such as 4D millimeter-wave radar, cameras, and EV sensors [8][9]. Financial Projections - The company is projected to achieve revenues of 1.731 billion, 2.369 billion, and 2.927 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 148 million, 364 million, and 459 million yuan [10]. - The revenue growth rates are expected to be 40.42% in 2025, 36.87% in 2026, and 23.54% in 2027 [12]. - The company's EBITDA is forecasted to reach 212.82 million, 441.06 million, and 544.60 million yuan for the years 2025, 2026, and 2027, respectively [12].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 珠海博杰电子股份有限公司（以下简称"公司"）因公司内部业务及组织架构 调整的需要，公司对部分高级管理人员进行了调整，副总经理邹杰先生将不再担任 公司副总经理职务，继续在公司担任事业部总经理职务。根据《公司法》和《公司 章程》的有关规定，邹杰先生的职务调整自本次董事会通过之日起生效，其职务调 整不会影响公司相关工作的正常开展。 证券代码：002975 证券简称：博杰股份 公告编号：2026-020 珠海博杰电子股份有限公司 关于调整公司高级管理人员的公告 董事会 2026年3月3日 1 截至本公告披露日，邹杰先生通过珠海横琴博展投资咨询企业（有限合伙）、 员工持股计划分别间接持有公司股份5.63万股、9.51万股，分别占公司总股本 0.04%、0.06%。邹杰先生将严格按照《上市公司股东减持股份管理暂行办法》《深 圳证券交易所上市公司自律监管指引第18号——股东及董事、高级管理人员减持股 份》等相关规定及相关承诺进行股份管理。 邹杰先生在担任公司副总经理期间恪尽职守、勤勉尽责，公司及董事会对邹 杰先生在担任副总经理 ...

珠海博杰电子股份有限公司 第三届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 经全体董事同意，本次董事会会议豁免通知时限要求。珠海博杰电子股份有 限公司（以下简称"公司"）第三届董事会第二十三次会议于 2026 年 2 月 28 日以 电子邮件方式发出通知，会议于 2026 年 3 月 2 日以通讯表决方式召开。本次会 议由公司董事长王兆春先生主持，会议应出席董事 8 人，实际出席董事 8 人，公 司高级管理人员列席会议，会议召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 二、董事会会议审议情况 本次会议审议并通过以下议案： 1、审议通过《关于调整公司高级管理人员的议案》。 因公司内部业务及组织架构调整的需要，公司对部分高级管理人员进行了调 整，副总经理邹杰先生将不再担任公司副总经理职务，继续在公司担任事业部总 经理职务，该职务调整自本次董事会通过之日起生效。 证券代码：002975 证券简称：博杰股份 公告编号：2026-019 1、珠海博杰电子股份有限公司第三届董事会第二十三 ...

证券日报网讯 2月26日，博杰股份在互动平台回答投资者提问时表示，随着AI服务器领域的技术突破与 市场扩张，MLCC的市场需求也将迎来爆发式增长。公司看好MLCC设备业务的发展。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article is that Bojie Co., Ltd. (002975.SZ) has achieved comprehensive coverage of MLCC equipment among leading domestic component manufacturers and is expanding into overseas markets, including sales in Europe, America, Japan, and South Korea [1]

（记者 张明双） 博杰股份（002975.SZ）2月26日在投资者互动平台表示，公司MLCC设备全面覆盖国内头部元器件厂 商，并进一步开拓海外市场，实现对欧美、日韩市场的销售。 每经AI快讯，有投资者在投资者互动平台提问：公司的MLCC设备的下游客户包含哪些？ ...

证券日报网讯2月26日，博杰股份（002975）在互动平台回答投资者提问时表示，公司高速测试分选机 已实现放量，叠层机在客户端已实现小规模发货。关于不同产品的定价，受技术复杂度、定制化程度、 市场竞争等多重因素影响。 ...

Group 1 - The Robot ETF (562500) experienced a strong rebound after a period of weak horizontal fluctuations, rising by 0.37% to a latest price of 1.08 yuan, with significant gains in constituent stocks such as Dazhu Laser (+10.00%), Yuntian Lifeng (+6.02%), Tianzhun Technology (+4.17%), Kuaike Intelligent (+2.97%), and Bojie Co. (+2.21%) [1] - The liquidity of the Robot ETF showed a turnover of 1.5% during the session, with a total transaction volume of 4.04 billion yuan. Over the past week, the average daily transaction volume reached 15.55 billion yuan, ranking first among comparable funds [1] - In terms of capital inflow, the Robot ETF recorded net inflows for 3 out of the last 4 trading days, totaling 9.01 billion yuan, with an average daily net inflow of 2.25 billion yuan. The ETF's scale increased by 6.35 billion yuan over the past two weeks, placing it first among comparable funds [1] Group 2 - The 2026 Spring Festival Gala featured humanoid robots in various performances, highlighting their role as a central theme. This event is expected to positively impact brand awareness and commercialization of humanoid robots, accelerating the industry's development [2] - The humanoid robot industry remains highly prosperous, with several domestic companies pursuing IPOs. Notably, Tesla's Optimus Gen3 is set to launch soon, marking 2026 as a critical year for the industry's growth [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments including humanoid robots, industrial robots, and service robots, facilitating investors' access to the entire robot industry chain [2]