中信博（688408）：中信博公司首次覆盖点评：跟踪支架全球龙头，充沛订单护航穿越周期

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 62.00 CNY per share, based on a 20x PE valuation for 2026 [6][16]. Core Insights - The company's performance is under short-term pressure, but it maintains a solid global market position with abundant orders. The focus on the "Tracking+" strategy includes the incubation of emerging businesses such as smart cleaning robots, indicating significant future growth potential [2][12]. - The company is a leader in the tracking bracket industry, ranking second globally with a market share of 16% in 2024, and has established a strong presence in emerging markets like the Middle East and India [12][16]. - The company has a robust order backlog totaling 7.51 billion CNY, with 6.43 billion CNY from tracking bracket systems, which will gradually convert into revenue through project deliveries [12][16]. Financial Summary - Total revenue is projected to be 6,390 million CNY in 2023, increasing to 9,026 million CNY in 2024, followed by a decline to 6,852 million CNY in 2025, and then recovering to 10,111 million CNY in 2026 and 13,145 million CNY in 2027 [5][15]. - Net profit attributable to the parent company is expected to rise from 345 million CNY in 2023 to 632 million CNY in 2024, but it will drop to -10 million CNY in 2025 before rebounding to 679 million CNY in 2026 and 954 million CNY in 2027 [5][15]. - The company’s earnings per share (EPS) are forecasted to be 1.58 CNY in 2023, 2.88 CNY in 2024, -0.05 CNY in 2025, 3.10 CNY in 2026, and 4.35 CNY in 2027 [5][15]. Market Position - The company has a well-established service network, including regional headquarters, R&D centers, and production bases in the Middle East, which supports its global brand recognition [12][16]. - The company is focusing on innovation by developing new strategic businesses such as smart cleaning robots and new material applications, with existing orders for smart cleaning robots already in hand [12][16].