证券研究报告 机械设备 | 工程机械 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | | | | 收盘价（元） | | | | 25.50 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 总股本（百万股） | | | | | | | | | | | 资产负债率（%） | | | | | | | | | | | 每股净资产（元/股） | | | | 6.67 | | | | | | | 资料来源：聚源数据 | | | | | | | | | | | 基本数据 一 年 最 高 低 | 日 | 年 | 08 | 月 | 22 | 内 | / | 最 | 2 ...

Group 1: Investor Relations Activities - The company held an earnings briefing on May 20, 2025, via the Panoramic Roadshow platform [3] - Key attendees included the General Manager, Secretary of the Board, and Chief Financial Officer [3] Group 2: Market and Technology Insights - The company aims to improve its market valuation and create greater value for investors, while acknowledging the risks in the secondary market [4] - The company is committed to increasing R&D investment to address technology iteration risks, despite having fewer patents compared to competitors [5] - The company has achieved a customer concentration ratio (CR5) of 67% for 2024, with the largest customer accounting for 34%, but does not perceive this as a dependency risk [5] Group 3: Product Development and Production Capacity - The company is focusing on large-scale, new energy, and intelligent products, with large-scale products already in mass production [5] - Current production is organized according to orders, and future capacity expansion will be considered based on market demand [8] Group 4: Employee Management and Talent Retention - The company has implemented a compensation management system and performance evaluation methods to attract and retain talent [6] - Stock option incentives were introduced in 2023 for key employees, with plans for share repurchase in 2024 to support employee stock ownership [7] Group 5: Financial Management and Risks - The extension of accounts receivable turnover days is attributed to increased product prices and financing sales, with measures in place to control sales risks [7] - The company engages in normal commercial transactions with related parties, adhering to market pricing principles [8] Group 6: Market Expansion and Future Plans - The company is actively exploring overseas markets, facing challenges related to sales channels and service capabilities [9] - There is ongoing development in autonomous driving vehicles, with a focus on partnerships for technology advancement [9] - The company has established friendly cooperation in South America, achieving bulk sales and plans to continue expanding in overseas markets [9]

聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 三年收入超过14亿元。 作者丨 鲁智高 来源丨 东四十条资本 又一家上海新能源造车公司上市了。 5月7日，博雷顿正式登陆港股。截至发稿，这家电动工程机械提供商的市值超过110亿港元。 在华南理工大学校友陈方明的带领下，博雷顿通过卖电动装载机、宽体自卸车和牵引车等产品，三年收入超过14亿元，可谓是 中国工程机械造车"新势力"。 作为新能源汽车界"黄埔军校"，华南理工大学培育出宁德时代董事长曾毓群、小鹏汽车董事长何小鹏等一批新能源汽车相关领 域的知名企业家。陈方明创立的博雷顿，自然也获得了校友众多帮助。 与此同时，在钟鼎资本、星航资本、浙商新能源、普超资本、易津资本、中缔资本、大洋电机、科升创投、上海科投、中集车 辆、仁发投资、廊庭投资、财信产业基金、鄂尔多斯集团、奋信投资、长江产业集团、新业资本、NBT CAPITAL等支持下， 博雷顿最终成长为上海新能源造车明星IPO。 华南理工校友 干出一个上海新能源造车明星 ...

Group 1 - Boreton, a domestic pure electric engineering machinery manufacturer, has launched an IPO, planning to issue 13,000,000 shares globally, with 11,700,000 shares for international offering and 1,300,000 shares for public offering in Hong Kong [1] - The Hong Kong public offering starts on April 25, 2025, and ends on April 30, 2025, with the final offer price and allocation results to be announced by May 6, 2025 [1] - Boreton is expected to begin trading on the Hong Kong Stock Exchange on May 7, 2025, under the stock code 1333, with a trading unit of 200 shares [1] Group 2 - According to Zhaoshang Consulting, Boreton ranks third among all new energy wide-body dump truck manufacturers and seventh among loader manufacturers in China by shipment volume, with market shares of 18.3% and 3.8% respectively [2] - The shipment volume of Boreton's main product, electric wide-body dump trucks, has surged from 59 units in 2022 to 307 units in 2024, representing a compound annual growth rate of 128.1% [2] - Boreton's total revenue has steadily increased, reaching 360 million RMB in 2022, 464 million RMB in 2023, and 635 million RMB in 2024 [2] Group 3 - Despite revenue growth, Boreton has reported net losses of 178 million RMB, 229 million RMB, and 275 million RMB for 2022, 2023, and 2024 respectively, indicating an expanding trend in losses due to significant upfront investments in product development and a penetration pricing strategy [2] - Boreton has attracted interest from various institutional investors, completing multiple rounds of financing since its establishment, with a valuation of 5.248 billion RMB following the C+ round financing in March 2023 [2]

财华社讯，4月25日，国内纯电动工程机械制造商博雷顿(01333.HK)启动招股，计划全球发售 13,000,000 股股份，其中11,700,000股股份为国际发售股份，1,300,000股股份为香港公开发售股份。 博雷顿此次每股发售股份价格为18港元，经扣除公司就全球发售应付的估计包销佣金、费用及开支 后，估计自全球发售将收取的所得款项净额约为1.478亿港元。公司拟将所得款项净额的约40%用于投 资技术进步以及开发新产品及服务；约40%用于建立制造工厂及采购必要机器等等。 香港公开发售于 2025 年4月25日（星期五）上午九时正开始，并将于2025年4月30日（星期三）中 午十二时正结束。最终发售价及分配结果将不迟于2025年5月6日（星期二）公布。 博雷顿预计将于2025年5月7日（星期三）上午九时正开始在香港联交所主板交易，股份代号为 1333，每手买卖单位为200股股份。 此前央广网北京4月19日消息（记者 齐智颖）博雷顿科技股份公司通过港交所主板上市聆讯，中金 公司及招银国际担任联席保荐人。 博雷顿是一家总部位于中国的电动工程机械提供商，设计、开发具有自动作业能力的电动工程机械 并使其商业化， ...

证券研究报告 | 公司点评 | 工程机械 拟 8.2 亿元收购徐工重型车辆 51%股权，迈向全球露天矿机龙头 ——徐工机械点评报告 投资要点 ❑ 事件：4 月 18 日，公司发布公告，拟 8.2 亿元收购徐州徐工重型车辆 51%股权 1）本次交易对手方徐工南汽为徐工集团全资子公司，经营范围包括汽车设计、 生产、销售等（不含九座以下乘用车）；交易标的徐工重型车辆的经营范围主要 包括宽体自卸车、汽车新车及零部件、矿山机械制造和销售等。本次交易完成 后，徐工重型车辆将成为徐工机械控股子公司，纳入合并报表范围。 2）本次交易有助于徐工机械快速建立矿山机械成套化、系列化产品竞争优势， 通过整合宽体自卸车等产业，与两桥矿车、矿挖、电铲、铰卡产品协同发展，形 成行业内产品系列最齐全、竞争力最强的露天矿山机械挖、装、运成套化解决方 案，为全球矿山客户提供一站式服务；有助于整合徐工集团、徐工机械下属矿山 机械相关产业，助力公司实现全球露天矿山机械装备行业前三的战略目标。 3）业绩承诺：徐工南汽承诺，2025-2027 年度，徐工重型车辆经审计的归母净利 润不低于 1.44、1.61、1.81 亿元，且累计不低于 4.86 亿元 ...