柏楚电子：业绩持续高增，智能焊接进展顺利-20250423

Investment Rating - The investment rating for the company is "Buy" with a target price of 220.88 RMB [8][9]. Core Views - The company reported a strong Q1 2025 performance with revenues of 496 million RMB, a year-over-year increase of 30.12% and a quarter-over-quarter increase of 14.07%. The net profit attributable to the parent company was 255 million RMB, up 31.99% year-over-year and 62.75% quarter-over-quarter [1]. - The company is expected to continue benefiting from its leading position in the high-power cutting market and the acceleration of its second growth curve represented by smart welding [1][5]. - The company is expanding its product portfolio and optimizing its sales strategy, which has led to strong demand for its pipe solutions and cutting head technology [2]. - The smart welding products are being increasingly adopted across various industries, and the company is launching new products to enhance real-time monitoring and quality control in laser welding processes [3][4]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 496 million RMB, with a year-over-year growth of 30.12% and a quarter-over-quarter growth of 14.07%. The net profit attributable to the parent company was 255 million RMB, reflecting a year-over-year increase of 31.99% and a quarter-over-quarter increase of 62.75% [1]. Market Position and Strategy - The company is leveraging its technological advantages in high-power cutting solutions and is expected to enhance its market share. The integration of software and cutting head technology is anticipated to drive further growth [2]. - The smart welding sector is expanding, with products being applied in construction, shipbuilding, and other industries. The introduction of the UltraOCT system is expected to enhance the company's offerings in the lithium battery and photovoltaic sectors [3][4]. Growth Projections - The company forecasts EPS of 5.89 RMB for 2025, with a projected PE ratio of 37.5x, leading to a target price of 220.88 RMB [5][7]. The revenue is expected to grow significantly, with projections of 2.24 billion RMB in 2025, representing a 28.87% increase from the previous year [7].