博众精工：公司首次覆盖报告：自动化设备行业龙头，创新驱动行稳致远

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [13]. Core Insights - The company is a leader in the automation equipment industry, focusing on automation lines, fixtures, and core components, with a strong emphasis on R&D and technological advancement [19][33]. - The company has seen stable revenue growth, with a significant increase in net profit, indicating a recovery in profitability [43]. - The global industrial automation market is expected to grow significantly, with the company poised to benefit from the recovery in the consumer electronics sector and the expansion of its new energy and semiconductor businesses [14][15][20]. Summary by Sections R&D and Technological Leadership - The company has a robust R&D team of 2,039 personnel, accounting for 32.17% of its total workforce, with a focus on automation control, electronics, and precision machinery [2]. - In 2023, R&D expenditure reached 494 million yuan, representing 10.27% of total revenue, with 3,219 authorized patents, including 1,174 invention patents [2][6]. Financial Performance - From 2018 to 2023, the company's revenue increased from 2.518 billion yuan to 4.840 billion yuan, with a CAGR of 13.97% [43]. - The net profit for 2023 was 390 million yuan, up 17.8% from 2022, indicating a recovery in profitability after a decline due to investments in new energy [43][10]. Business Segments - The automation equipment segment accounted for 85.74% of total revenue in 2023, with a gross margin of 33.27% [8]. - The company is actively expanding into the new energy and semiconductor sectors, with significant orders for its products in the lithium battery industry [15][20]. Market Outlook - The global industrial automation market is projected to reach 543.66 billion USD by 2025, with the domestic market expected to reach 282.2 billion yuan in 2023 [14]. - The company is well-positioned to benefit from the anticipated recovery in the consumer electronics market, particularly with the launch of new products like Apple's Vision Pro [14][15].