博众精工：业绩稳步增长，看好AI终端趋势下的设备机遇

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company is expected to benefit from the upcoming innovation cycle in the fruit supply chain, with a focus on automation and AI terminal trends [1][3] - The company's revenue and profit forecasts for 2024-2026 have been adjusted, with projected revenues of 51.71 billion, 61.25 billion, and 75.29 billion respectively, and net profits of 4.61 billion, 6.17 billion, and 7.53 billion [3][4] - The company is positioned as a leading provider of automation equipment, with significant growth potential in the semiconductor and consumer electronics sectors [1][3] Summary by Relevant Sections Financial Performance - Revenue for 2022 was 4,812 million, with a slight increase to 4,840 million in 2023, and projected growth to 5,171 million in 2024 [1][4] - Net profit for 2022 was 331 million, increasing to 390 million in 2023, with forecasts of 461 million in 2024 [1][4] - Earnings per share (EPS) is expected to rise from 0.87 in 2023 to 1.03 in 2024 [1][4] Market Position - The company is identified as a core equipment supplier in the fruit supply chain, expected to benefit from increased demand driven by innovations in consumer electronics [1][3] - The report highlights the company's strategic focus on advanced packaging, optoelectronics, and AI-driven equipment, which are anticipated to drive new growth [1][3] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 27.7 in 2023 to 23.5 in 2024, indicating a favorable valuation trend [1][4] - The price-to-book (P/B) ratio is expected to decline from 2.6 in 2023 to 2.4 in 2024, reflecting improved market sentiment [1][4]