Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][4][6] Core Views - The company has shown steady performance in 2024, achieving a revenue of RMB 4.954 billion, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of RMB 398 million, up 2.05% year-on-year. However, the first quarter of 2025 saw a slight decline in revenue to RMB 737 million, down 0.80% year-on-year, and a net loss of RMB 31 million, a significant drop of 45.59% year-on-year [4][9] - The company is recognized as a leading domestic player in the 3C automation equipment sector, with growth potential driven by expansion into new fields such as renewable energy, semiconductors, and robotics [4][6][9] Financial Summary - For 2024, the company reported a revenue of RMB 49.54 billion and a net profit of RMB 3.98 billion, with a gross margin of 34.38% and a net margin of 7.85% [9][10] - The first quarter of 2025 showed a revenue of RMB 7.37 billion, with a gross margin of 31.90% and a net margin of -4.81% [11] - The company expects revenues of RMB 59.69 billion, RMB 70.02 billion, and RMB 81.06 billion for 2025, 2026, and 2027 respectively, with net profits projected at RMB 5.27 billion, RMB 6.63 billion, and RMB 8.13 billion [6][8] Growth Drivers - The company is actively expanding into new sectors, including electric vehicle battery manufacturing, smart charging stations, and semiconductor equipment, which are expected to provide new growth momentum [9][10] - Strategic partnerships in the renewable energy sector, such as collaborations for battery swapping stations, are anticipated to enhance the company's market position [9]
博众精工（688097）：24年业绩维持稳健，新领域不断突破打开成长空间