证券代码：301608 证券简称：博实结 深圳市博实结科技股份有限公司 投资者关系活动记录表 编号：2025-027 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □新闻发布会 ☑现场参观 □业绩说明会 ☑路演活动 □其他 (请文字说明其他活动内容) 参与单位名称 2025 年 7 月 16 日 路演活动 景顺长城基金 宝盈基金 2025 年 7 月 16 日特定对象调研 华商基金、民生证券 时间 2025 年 7 月 16 日 地点 深圳市 上市公司接待人 员姓名 副总经理、董事会秘书向碧琼女士 证券事务代表 王占超先生 投资者关系活动 主要内容介绍 一、基本情况介绍 公司是专业从事物联网智能化产品的研发、生产和销售的高 新技术企业、专精特新"小巨人"企业，以通信、定位、AI等技 术应用为核心，基于自研无线通信模组，为物联网众多应用场景 提供智能终端产品及配套解决方案。 公司始终秉承"智慧赋能万物，共创美好未来"的使命，坚 持"成就客户、创新驱动、博大务实、品质至上"的经营理念， 依托"通信+定位+AI"底层核心技术与"模组+平台+终端"业务 模式，深耕车联网，广泛布局物联网，致力于成为全 ...

Company and Industry Summary Company Overview - The company is projected to achieve total revenue of approximately 1.4 billion in 2024, with profits around 180 million. The first quarter of 2025 is expected to show rapid revenue growth, with profit growth anticipated to outperform the first quarter in the second quarter, primarily due to non-Spring Festival factors [2][7] Revenue and Profit Structure - The overseas market now accounts for 22%-23% of total revenue, with stronger profitability compared to the domestic market. However, some overseas business segments have lower gross margins, while the smart video terminal business maintains a high net profit margin, minimally impacting the overall net profit margin [2][8] - The smart vehicle terminal business targets the aftermarket, with a comprehensive gross margin of about 30%, slightly higher in overseas markets compared to domestic markets. Products include navigation devices, cameras, and dashcams [2][9][10] Business Segments - The smart mobility components business, which includes shared bicycle and electric bicycle components, is benefiting from high-end customer engagement and cost improvements. It is expected that the gross margin will recover to 15%-20% in 2025, indicating a potential return to growth [2][11] - The company has launched a smart bed cover aimed at the North American market, with projected revenue of about 200 million in 2024 and a gross margin of approximately 17%, positively impacting net profit with promising future applications [2][13][14] Research and Development - The company possesses self-research and production capabilities for modules, leading to high research efficiency. Each business unit operates independently in profit accounting and allows core personnel to participate in profit sharing, with active cost control measures in place [2][17] Market Expansion and Future Outlook - The company is optimistic about expanding its overseas market presence, with expectations of continued revenue growth. The overseas market's profitability is anticipated to enhance overall gross margins [2][16] - The company is focusing on three main growth points: expanding high-margin overseas markets, developing the smart video terminal sector, and improving overall gross margins due to cost reductions and increased overseas business share. A profit growth of over 25% is expected in 2025, with a current valuation of approximately 36 times [3][19] Shareholding and Incentive Mechanism - The chairman holds approximately 34% of the shares directly and has allocated nearly 18% of shares to executives and core employees before the IPO, establishing a robust long-term incentive mechanism that motivates employees in daily operations [2][5] Additional Product Lines - The company’s other smart hardware product lines include various categories such as payment speakers, electronic student IDs, smart wearable watches, AI cameras, attendance machines, pet locators, and manhole cover positioning terminals. These products currently generate smaller revenue volumes and are categorized under "other smart hardware" [2][15]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: International Expansion - The company's overseas revenue reached CNY 327 million in 2024, accounting for 23.35% of total revenue, with a growth of 399.37% compared to 2023 [2] - The smart vehicle terminal is a key product for international expansion, with significant sales in Africa, Southeast Asia, and West Asia [2] - The company plans to enhance market share in these regions while focusing on developed markets in Europe and the US for long-term growth [2] Group 3: Product Development and Strategy - The company is committed to continuous R&D investment to optimize the underlying technology of smart vehicle terminals, improving product stability and adaptability to overseas usage scenarios [2] - A universal operation and maintenance management platform has been developed to simplify product adaptation and enhance customer experience [2] - The company operates a divisional management system, ensuring independent accounting for each business line, with all divisions, including the newly established overseas division, currently profitable [3] Group 4: Future Outlook and Risk Management - The company aims to steadily increase R&D and marketing investments for overseas operations while maintaining profit growth as a primary goal [3] - Investors are advised to make rational decisions and be aware of investment risks, as the content does not constitute commitments or guarantees regarding industry predictions or company development strategies [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company has established a comprehensive IoT solution system based on "modules + platforms + terminals," which integrates hardware and software capabilities, positioning it to benefit from the growth of AI terminals. The company is expected to accelerate its growth trajectory as smart sleep terminals and overseas business enter a phase of rapid expansion. Additionally, the higher gross margin of overseas business is anticipated to improve the overall gross margin of the company [2][8]. Company Overview - The company initially focused on vehicle-mounted terminal products and has since expanded into smart hardware, covering three main areas: smart transportation, smart mobility, and smart payment hardware. It operates six business units, with the IoT unit providing foundational R&D support and self-developed communication modules, while the software/AI algorithm center enhances system integration and data service capabilities through cloud platforms [5][19]. Business Layout - The company’s growth engines are AI terminals and international expansion. Its smart vehicle-mounted terminals cater to both commercial and passenger vehicles, while smart mobility products target shared bicycles and electric bicycles. The smart sleep terminal, primarily an ODM smart bed cover, adjusts sleep conditions through precise temperature control and data analysis. The smart payment hardware includes cloud-based payment devices and other smart hardware products, with ongoing expansion of its product line [6][64]. Management Efficiency and Profitability - The company has implemented a "module + platform + terminal" business system and a standardized development model, enhancing R&D efficiency. The business unit management strategy allows for independent accounting of inputs and outputs, focusing on profit metrics to improve overall profitability. The company maintains a lower expense ratio compared to peers, attributed to a higher proportion of production personnel and lower wage levels in its operational region [7][21]. Investment Recommendations and Profit Forecast - The company is expected to achieve a net profit of CNY 219 million, CNY 273 million, and CNY 348 million from 2025 to 2027, with year-on-year growth rates of 25%, 25%, and 28%, respectively. The corresponding price-to-earnings ratios are projected at 33x, 27x, and 21x [8].

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [2] - It aims to become a global expert in IoT intelligent application solutions, leveraging its core technologies and business model [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up 0.81% from the previous year [2] - In Q1 2025, the company reported a revenue of CNY 348 million, representing a 40.28% increase year-on-year, with a net profit of CNY 40 million, up 14.42% [3] Group 3: International Business Growth - The company's overseas revenue reached CNY 327 million in 2024, accounting for 23.35% of total revenue, with a growth of 399.37% compared to 2023 [3] - Key growth areas for international business include smart vehicle terminals and smart sleep terminals, with a focus on expanding market share in Africa, Southeast Asia, and developed regions like Europe and the US [3] Group 4: Domestic Market Focus - The smart vehicle terminal products target the "two passengers and one dangerous goods" vehicles, heavy-duty trucks, and ride-hailing services, primarily in the aftermarket sector [4] - The trend is shifting towards replacing traditional driving recorders with intelligent video driving recorders, driven by policy changes and advancements in AI technology [4] Group 5: Product Innovation - The smart sleep terminal, centered around a smart mattress cover, monitors key physiological indicators to optimize sleep conditions without altering existing bedding [5] - The product is developed in collaboration with an overseas client known for its expertise in sleep health, leveraging advanced sleep AI algorithms [5] Group 6: Investment and Financial Management - As of December 31, 2024, the company's asset-liability ratio was 19.31%, indicating a relatively low level of debt [5] - The company manages idle funds through low-risk financial products to ensure normal operations while optimizing cash flow [5]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie, Jun Ding Da, Huichuan Technology, and Dazhu Laser [2][8] - In the last five days, the most researched companies are Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment [2][8] - Among the top twenty companies in the past 30 days, five have received ratings from ten or more institutions, namely Ice Wheel Environment, Boshi Jie, Jun Ding Da, Huichuan Technology, and Dazhu Laser [2][8] - Jun Ding Da and Dazhu Laser are expected to achieve significant growth in net profit attributable to shareholders in 2024 compared to 2023 [2][8] Group 2: Shareholder Increase in A-Share Listed Companies - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both rated by ten or more institutions: Renfu Pharmaceutical and Suzhou Bank [3][12] - From January 1 to July 4, 2025, a total of 234 companies announced shareholder increases, with 64 rated by ten or more institutions. Among these, 19 companies have proposed increases where the average proposed amount exceeds 1% of the market value on the announcement date [3][12][14] Group 3: A-Share Buyback Situation - From June 30 to July 4, 2025, 288 companies announced buyback progress, with 78 rated by ten or more institutions. Companies with an expected buyback amount exceeding 1% of the market value include Xiamen Xiangyu, Huafa Co., Changhong Meiling, Pingmei Co., and Mengbaihe [3][16] - From January 1 to July 4, 2025, 1,573 companies announced buyback progress, with 345 rated by ten or more institutions. Among these, 93 companies have a significant buyback ratio, and several are in the board proposal stage, including Changhong Meiling, Liugong, Sanor Biotech, and others [3][18]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [2] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: Overseas Business Expansion - The company's overseas revenue grew from CNY 2.1949 million in 2020 (less than 1% of total revenue) to CNY 327 million in 2024, accounting for 23.35% of total revenue, representing a growth of 399.37% [2] - The company established an overseas R&D and marketing division in 2024 to enhance revenue from smart vehicle and sleep terminals in international markets [2] - Key target regions for future overseas expansion include Africa, Southeast Asia, and the Middle East in the short term, with a focus on developed regions like Europe and North America in the long term [3] Group 3: Production Capacity and Financial Health - The company has established a full-link production capability from modules to terminals, allowing flexible capacity allocation across product lines [3] - As of December 31, 2024, the company's asset-liability ratio was 19.31%, indicating a relatively low level of financial risk [4] - In 2024, the net cash flow from operating activities was CNY 203 million, a 46.73% increase compared to 2023 [4] - In Q1 2025, the net cash flow from operating activities was CNY 22.2034 million, showing some fluctuations due to increased orders and revenue [4]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized, refined, distinctive, and innovative" small giant [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: Business Model and Operations - The company primarily adopts a direct sales model, with self-researched and produced intelligent vehicle terminals targeting the automotive aftermarket [2] - The intelligent vehicle terminal industry operates on a collaborative model between equipment manufacturers and vehicle operation service providers due to diverse regional regulations and customer needs [2] - The company employs an ODM model for smart payment hardware and an ODM/OEM model for smart sleep terminals and other intelligent hardware [2] Group 3: Market Expansion and Management - The company has established a sales presence in Africa, Southeast Asia, and West Asia for its intelligent vehicle terminals, with plans to focus on developed markets in Europe and the U.S. for long-term growth [3] - The company has obtained product certifications in Europe and the U.S., with ongoing integration and adaptation work for some clients [3] - The company operates a divisional management structure, with all divisions, including the newly established overseas division, achieving profitability [3] Group 4: Risk Warning - The content does not constitute a commitment or guarantee from the company or its management regarding industry forecasts or company development strategies, urging investors to make rational decisions and be aware of investment risks [4]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: AI Technology Applications - AI algorithms are a core application technology, utilized in intelligent terminal products and cloud management platforms [2] - In the intelligent transportation sector, AI visual algorithms are applied in products like smart vehicle video recorders, enabling features such as Advanced Driver Assistance Systems (ADAS) and Driver State Monitoring (DSM) [2] - The company has localized the deployment of the DeepSeek large language model and integrated it into its cloud management platforms, enhancing user experience and reducing R&D costs [2] Group 3: Smart Payment Hardware - The company's smart payment hardware includes products like cloud payment speakers and cloud printing machines, which enhance transaction efficiency and reduce errors in non-cash payments [3] - The company is a key partner of Tenpay (a Tencent subsidiary) in the smart payment hardware sector, with products already commercialized in markets like India and Vietnam [3] - Future plans include optimizing the diversity of smart payment terminal customers and increasing market promotion efforts in Southeast Asia [3] Group 4: Market Opportunities and Risks - The IoT industry is characterized as a fragmented market, with AI technology expanding application demands and hardware needs [2] - The company emphasizes the importance of rational decision-making and awareness of investment risks regarding industry forecasts and strategic planning [4]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a 40.28% increase compared to the same period last year, with a net profit of CNY 40 million, up 14.42% [2] Group 2: Product Highlights - The smart sleep terminal, centered around a smart bed cover, monitors key physiological indicators and optimizes the sleep environment, generating a revenue of CNY 199 million in 2024, a staggering growth of 1,871.25% from 2023 [2] - The product is primarily sold in North America and Europe, with plans to expand into East Asia, the Middle East, and eventually the Chinese market [2] Group 3: Strategic Initiatives - The company has developed a "module + platform + terminal" business model and a "standardized development + scenario customization" R&D model to enhance efficiency and reduce repetitive foundational research [2] - An overseas division has been established to focus on international market expansion, with a steady growth plan for the overseas marketing team in 2025 [3] Group 4: Risk Management - The company advises investors to make rational decisions and be aware of investment risks, particularly regarding industry forecasts and strategic planning [4]