证券研究报告·公司点评报告·计算机设备 柏楚电子（688188） 2025 半年度业绩点评：2025H1 归母净利润 同比+30%，高功率产品渗透率持续突破 买入（维持） 1）中期驱动力：智能焊接在钢结构领域已经进入 1-10 放量阶段，未来有 望突破价值量更高的船舶、桥梁、集装箱等领域。2）长期驱动力：公司基于 自主研发的五大核心技术，持续加大对平台基础能力建设的投入，一方面公司 持续加大研发投入保持技术领先性，一方面下沉终端市场。保证业务落地确定 性及盈利能力，持续孵化新技术应用落地。 ◼ 2025H1 归母净利润同比+30%，高功率产品渗透率持续突破 2025H1 公司营业总收入 11.0 亿元，同比+24.9%；归母净利润 6.4 亿元， 同比+30.3%，扣非归母净利润 5.9 亿元，同比+26.0%。单 Q2 公司营业总收入 6.1 亿元，同比+20.9%；归母净利润 3.9 亿元，同比+29.2%；扣非归母净利润 3.5 亿元，同比+22.5%。营收增长主要系公司持续加大技术研发及市场开拓的 投入，整体订单量持续增长所致。分产品看，（1）2025H1 公司平面解决方案 营收 6.8 亿元，平面方 ...

Core Viewpoint - The A-share market is expected to experience a steady upward trend due to continued policy support and medium to long-term capital inflows, with current valuations near the average since 2010 [1] Group 1: Market Outlook - The A-share market is anticipated to stabilize and rise, supported by incremental capital inflows and policy initiatives [1] - The market's future opportunities will depend on incremental changes, with stable capital providing a buffer against unexpected downturns [3] - The Shanghai Composite Index and ChiNext Index are currently at average price-to-earnings ratios of 13.69 and 35.80, respectively, suitable for medium to long-term investment [4] Group 2: Investment Strategies - Focus on three asset categories: stable assets (high dividends, gold), self-sufficient industrial chains, and domestic consumption [1] - Emphasize a "dumbbell" investment strategy, balancing high-dividend sectors like banking with emerging themes in new consumption [3] - Short-term investment opportunities are highlighted in sectors such as software development, internet services, and consumer electronics [4] Group 3: Market Activity - On a recent trading day, the A-share market opened high and experienced slight fluctuations, with significant performance in software development and internet services [4] - The total trading volume reached 12,136 billion, above the three-year daily average, indicating enhanced market liquidity [4] - Continuous net inflows from northbound funds and increased holdings from institutional investors suggest a resilient market environment [4]