新股覆盖研究：博科测试

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price greater than 15% over the next 6-12 months [51]. Core Viewpoints - The company, Boke Testing (301598.SZ), specializes in the research, design, manufacturing, sales, and system integration of servo hydraulic testing equipment and automotive testing equipment. It has established a strong technical foundation through the acquisition of Servotest and exclusive agency rights from the international supplier, Bock [15][37]. - The company reported revenues of 405.5 million, 458.8 million, and 469.2 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 9.42%, 13.14%, and 2.27% [17][46]. - For the first nine months of 2024, the company achieved revenue of 322 million yuan, a year-over-year increase of 14.33%, and a net profit of 65 million yuan, reflecting a significant growth of 83.48% [17]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 4.05 billion, 4.59 billion, and 4.69 billion yuan from 2021 to 2023, with corresponding net profits of 0.82 billion, 0.98 billion, and 0.96 billion yuan [17][46]. - The revenue for 2023 was primarily derived from three segments: servo hydraulic testing system solutions (1.83 billion yuan, 39.08%), automotive testing system solutions (2.76 billion yuan, 58.72%), and agency services (0.10 billion yuan, 2.20%) [17]. Industry Situation - The company focuses on the servo hydraulic testing equipment and automotive testing equipment sectors, which are experiencing growth due to increasing demand for advanced testing solutions in various industries [25][29]. - The global hydraulic market is maturing, with a projected market size of 306.82 billion euros in 2022, and China being the second-largest market with a share of approximately 36.52% [26]. Company Highlights - The acquisition of Servotest has positioned the company as a leading provider of servo hydraulic testing systems and automotive testing systems in China, leveraging over sixty years of technical expertise from Servotest [37]. - The company has established itself as a core supplier in the high-end servo hydraulic testing market, holding approximately 15% market share, and is actively expanding into new applications such as electric vehicles and autonomous driving [41]. Comparable Company Analysis - Compared to peers like Lian Ce Technology and Su Shi Testing, the company’s revenue for 2023 was 4.69 billion yuan, with a net profit of 0.96 billion yuan, while the average revenue of comparable companies was 9.88 billion yuan [6][47]. - The company maintains a gross margin of 44.97%, which is competitive within the industry [47].