BOSHI(SZ:002698) Zheng Quan Zhi Xing·2025-06-20 09:38Core Viewpoint - Harbin Bosh Automation Co., Ltd. maintains a long-term credit rating of AA with a stable outlook, reflecting its strong competitive position in the automation equipment sector and solid financial performance despite some profit decline [1][3][4]. Company Overview - The company primarily operates in intelligent manufacturing equipment, industrial services, and environmental technology and equipment [3][10]. - As of the end of 2024, the company reported total assets of 69.55 billion yuan and equity of 39.51 billion yuan, with a revenue of 28.63 billion yuan and a profit of 6.13 billion yuan [10][11]. Financial Performance - In 2024, the company achieved a revenue growth of 11.59% year-on-year, driven by increased demand for intelligent manufacturing equipment due to digital and intelligent upgrades in the manufacturing industry [4][22]. - The company's gross profit margin has seen a decline, with the overall gross margin affected by varying profitability across different business segments [22]. Order Backlog - As of the end of 2024, the company had a substantial order backlog totaling 63.22 billion yuan, with 50.33 billion yuan from intelligent manufacturing equipment, 10.55 billion yuan from industrial services, and 2.34 billion yuan from environmental technology and equipment [4][22]. Debt and Financial Health - The company has a low debt burden, with a debt-to-asset ratio of 43.20% and a cash-to-short-term debt ratio of 55.81 times, indicating strong debt repayment capacity [6][10]. - The company has not experienced any overdue or default records, maintaining a good credit standing [21]. Industry Analysis - The automation equipment industry is characterized by high technical barriers, with significant growth potential driven by government policies promoting intelligent manufacturing and domestic production [16][17]. - The global industrial robot installation volume is projected to exceed 600,000 units by 2027, indicating a growing market for automation solutions [16]. Competitive Advantages - The company possesses a leading technological advantage in the domestic automation equipment sector, supported by long-term technical accumulation and a robust R&D strategy [5][18]. - The company’s products are primarily targeted at high-end markets, suitable for industries with high efficiency and safety production requirements [18][22].