Group 1: Company Financials and Capital Management - The company plans to issue shares to its controlling shareholder at a price compliant with regulations, aimed at quickly enhancing capital for operations and R&D [2] - In 2024, the company expects an 18.78% revenue growth, primarily driven by the expansion of its automotive thermal management and energy storage liquid cooling markets [5] - The company is preparing to apply for a public offering of shares, with announcements to follow once materials are ready [1] Group 2: Stock Price and Market Management - The company acknowledges that stock price management is complex and influenced by various factors, and it aims to enhance investor relations and transparency [3] - The impact of shareholder Wang Jinfeng's judicial share reduction on stock price is being monitored, with expectations that its influence will diminish as his holdings decrease [7] Group 3: Technology and Product Development - The company has developed modular automotive air conditioning systems and is collaborating with suppliers to enhance control module adaptability for complex temperature management needs in electric vehicles [4] - The company is interested in expanding its thermal management technology into the rapidly growing liquid cooling market for computing servers, although detailed plans are not yet established [4] Group 4: Market Strategy and Customer Relations - The company aims to expand its customer base among domestic mainstream automotive brands while enhancing product coverage and increasing the share of new models [8] - The company maintains strong technical cooperation with both international and domestic electric vehicle brands to meet diverse technical requirements [8] Group 5: Future Outlook and Support - The company is a key player in the automotive parts sector of the Changjiang Industrial Group, which is expected to provide support for mergers and acquisitions to strengthen its market position [9] - The controlling shareholder is optimistic about the company's future and has provided significant assistance in reducing financing costs and expanding customer resources [9]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is experiencing a continuous evolution towards integration and modularization in the RF front-end product platform, which is crucial for meeting the demands of mobile smart terminal miniaturization and functionality [8][9]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 756 million yuan (-36.47% YoY) and a net loss of 47 million yuan (-123.57% YoY) [4][8]. - The overall gross margin and net margin for Q1 2025 were 31.01% (-11.77 percentage points YoY) and -6.20% (-22.76 percentage points YoY), respectively, primarily due to increased depreciation and a slowdown in downstream demand [8]. - The company is expanding its product offerings from discrete components to RF modules, with applications extending into communication base stations, automotive electronics, and Bluetooth headsets [9]. Financial Summary - Revenue projections for 2025-2027 are 5.25 billion yuan, 8.91 billion yuan, and 12.68 billion yuan, respectively, with corresponding P/E ratios of 77, 45, and 32 [10]. - The company’s R&D investment as a percentage of revenue is expected to rise from 12.22% in 2022 to 22.22% in 2024, indicating a strong commitment to innovation [9]. - The company has achieved scale production capabilities for various products, including filters and modules, which have been successfully integrated into multiple brand clients [9]. Industry Context - The RF front-end chip market is characterized by high concentration globally and low domestic self-sufficiency, making the adoption of fully domestic solutions critical for reducing external risks and ensuring stable industry development [9]. - The trend towards high integration, cost-effectiveness, and customization in RF front-end solutions is driven by advancements in communication protocols and the increasing complexity of RF front-end devices [9].

Investment Rating - The report does not explicitly state an investment rating for the specialized equipment industry or the specific company, Buke Co., Ltd. [1] Core Insights - Buke Co., Ltd. has achieved a high market share in the domestic industrial mobile robot sector and is expanding into overseas markets, successfully acquiring leading clients in several countries [18] - The company is actively developing its product offerings in industrial robotic arms and collaborative robots, with positive progress in partnerships with global leaders [19] - The anticipated growth in the collaborative robot market is promising, with the company making significant advancements in this area [19] - The company is focusing on cost reduction and weight reduction for its products, while increasing R&D investments to strengthen its market position [20] - Buke Co., Ltd. has established a direct sales model for key overseas clients, primarily targeting Europe and Asia, with plans to expand into North America [20] Summary by Sections 1. Research Basic Information - The research was conducted on Buke Co., Ltd., which operates in the specialized equipment industry, on March 12, 2025 [13] 2. Detailed Research Institutions - The research involved several institutions, including Taikang Asset, ICBC Credit Suisse, Changjiang Securities, Huatai Securities Strategy Meeting, and Dacheng Fund [14] 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [16] 4. Main Content Information - Buke Co., Ltd. has made significant strides in the industrial mobile robot sector, with a focus on expanding its market presence and product offerings [18] - The company is optimistic about the growth potential in the collaborative robot market and is actively pursuing partnerships with leading global clients [19] - The company is also preparing for the next stage of humanoid robot development, emphasizing cost as a critical factor [20][21]