博科测试：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [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 has shown consistent revenue growth, with projected revenue for 2024 expected to increase by 9.53% year-on-year, alongside a 4.10% increase in net profit [46]. - Boke Testing has a market share of approximately 15% in the high-end servo hydraulic testing market and is actively expanding into new applications such as electric vehicles and autonomous driving [37][41]. Summary by Sections Basic Financial Status - The company achieved revenues of 4.05 billion, 4.59 billion, and 4.69 billion yuan from 2021 to 2023, with year-on-year growth rates of 9.42%, 13.14%, and 2.27% respectively. The net profit for the same years was 0.82 billion, 0.98 billion, and 0.96 billion yuan, with year-on-year growth rates of 11.68%, 18.73%, and -1.49% [17][46]. Industry Situation - The company focuses on the servo hydraulic testing equipment and automotive testing equipment sectors. The global hydraulic market is maturing, with a market size of approximately 306.82 billion euros in 2022, and China being the second-largest market [26][28]. Company Highlights - Boke Testing has established itself as a leading provider of servo hydraulic testing systems and automotive testing systems, benefiting from its early technical foundation and exclusive agency rights [37][41]. - The company has developed a significant customer base, including major automotive manufacturers and universities, enhancing its market presence [16][37]. Peer Comparison - Compared to its peers, Boke Testing's revenue of 4.69 billion yuan in 2023 is below the average of 9.88 billion yuan for comparable companies, but its gross margin of 44.97% is in the mid-high range among peers [6][47].