博众精工：业绩增速平稳，期待AI带来的消费电子设备需求

Investment Rating - The investment rating for the company is "Buy" [2][9] Core Views - The company has shown stable revenue growth despite a slowdown in the consumer electronics sector, with expectations for recovery driven by AI technology [9] - The company is positioned as a leader in the 3C automation equipment sector, benefiting from increasing demand in the consumer electronics market [8][9] - The company's recent quarterly performance aligns with expectations, indicating resilience in its operations [6][9] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 3.274 billion yuan, a year-on-year increase of 0.91%, and a net profit attributable to shareholders of 254 million yuan, up 10.61% year-on-year [6] - The gross margin for the first three quarters was 34.78%, an increase of 1.64 percentage points year-on-year, while the net profit margin was 7.60%, up 0.73 percentage points year-on-year [7] - The company has set performance targets for its equity incentive plan, aiming for net profit margins of no less than 8.5% and 9.0% for 2024 and 2025, respectively [7] Market Outlook - The introduction of Apple's generative AI model is expected to stimulate demand in the consumer electronics market, with the company likely to benefit from increased orders [8][9] - The smartphone market in China showed a year-on-year growth of 3.2% in Q3 2024, indicating a positive trend in consumer demand [8] - The company is expected to maintain a competitive edge due to its strong technological capabilities and proactive business expansion strategies [9]