博众精工：首次覆盖报告：智能制造装备多元化布局，行业领军企业

Investment Rating - The report initiates coverage on Bozhon Precision Industry Technology with a "Buy" rating [1][3] Core Views - Bozhon Precision has been deeply involved in the intelligent manufacturing equipment sector for over 20 years, with a diversified business layout spanning semiconductors, automotive electronics, new energy, and low-altitude economy [2][10] - The company has established stable strategic partnerships with globally renowned clients, including Apple, CATL, and SAIC Motor, with a significant portion of revenue tied to the Apple supply chain [2][14] - Bozhon Precision has actively entered the low-altitude economy sector, leveraging government policy support to develop solutions for smart city governance and urban management [2][15] - The company's revenue has grown steadily, with a CAGR of 23.1% from 2019 to 2023, reaching RMB 4.84 billion in 2023 [2][17] Business Overview - Bozhon Precision's core business is in consumer electronics, contributing 76.39% of total revenue in 2023, with a 4.2% YoY growth [12] - The new energy sector is a strategic focus, generating RMB 840 million in revenue in 2023, accounting for 17.38% of total revenue [12] - The semiconductor sector is an emerging growth area, with the company focusing on advanced packaging, optoelectronics, and AI computing power [12] - Key components and smart warehousing logistics are also important business segments, with applications across multiple industries [12] Financial Performance - Revenue is expected to grow from RMB 5.11 billion in 2024 to RMB 7.04 billion in 2026, with net profit projected to increase from RMB 420 million to RMB 640 million [2][22] - The company's gross margin has shown signs of recovery, reaching 34.78% in Q1-Q3 2024, up from 33.79% in 2023 [18] - R&D expenses remain high, with a 11.70% R&D expense ratio in Q1-Q3 2024, reflecting continued investment in innovation [18] Valuation and Peer Comparison - The company's PE ratio is expected to decline from 30x in 2024 to 20x in 2026, indicating potential valuation upside [2][26] - Compared to peers such as Quick Intelligent and Opt Machine, Bozhon Precision's valuation is relatively attractive, with lower PE multiples projected for 2024-2026 [27] Industry Trends - The low-altitude economy has been elevated to a national strategic level, with Bozhon Precision well-positioned to benefit from this emerging sector [15] - The company is expected to benefit from the AI upgrade trend in smartphones and the ongoing automation trend in manufacturing [22]