博众精工：深度研究报告3C自动化设备领先企业，积极拓展新兴领域-20250522

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of 34.80 CNY [1][9]. Core Insights - The company is a leading player in the 3C automation equipment sector, actively expanding into emerging fields such as new energy, semiconductors, and low-altitude economy [6][8]. - The company has shown a compound annual growth rate (CAGR) of 11.94% in revenue from 2018 to 2024, increasing from 2.518 billion CNY to 4.954 billion CNY [6][29]. - The report anticipates revenue growth to reach 5.751 billion CNY in 2025, 7.004 billion CNY in 2026, and 8.392 billion CNY in 2027, with corresponding net profits of 517 million CNY, 636 million CNY, and 767 million CNY respectively [2][9]. Summary by Sections 1. Company Overview - The company specializes in automation equipment, flexible production lines, and key components, serving sectors like consumer electronics, new energy vehicles, and semiconductors [6][13]. 2. Consumer Electronics - The company benefits from the innovation cycle in consumer electronics, extending its business from assembly and testing to component assembly and testing [6][39]. - It has established strong ties with major clients like Apple, which significantly influences its revenue [51][56]. 3. New Energy - The company is expanding its offerings in lithium battery equipment, including integrated cutting and stacking machines, liquid injection machines, and automated assembly lines [73]. - It is also focusing on the growing demand for charging and swapping stations for electric vehicles [75]. 4. Semiconductor - The company is strategically expanding into the semiconductor packaging sector, leveraging its experience in industrial equipment manufacturing [6][9]. 5. Other Business Areas - The company is diversifying its product matrix, including core components and low-altitude economy applications, to broaden its market reach [6][21]. 6. Financial Projections - The report projects earnings per share (EPS) to be 1.16 CNY in 2025, 1.42 CNY in 2026, and 1.72 CNY in 2027, with a price-to-earnings (PE) ratio of 30 times for 2025 [2][9].