Core Viewpoint - The stock of Shenzhen Boshi Technology Co., Ltd. has shown significant growth in 2023, with a year-to-date increase of 44.39% and a recent market capitalization of 8.678 billion yuan [1][2]. Company Overview - Shenzhen Boshi Technology Co., Ltd. was established on June 4, 2009, and is located in Longhua District, Shenzhen, Guangdong Province. The company specializes in the research, design, production, and sales of IoT smart hardware products, including intelligent vehicle terminals, smart travel components, intelligent payment hardware, and wireless communication modules [2]. - The revenue composition of the company is as follows: intelligent vehicle terminals (38.80%), smart travel components (28.42%), other smart hardware (23.20%), intelligent payment hardware (4.94%), and wireless communication modules and others (4.62%) [2]. Financial Performance - For the first half of 2025, the company achieved an operating income of 805 million yuan, representing a year-on-year growth of 20.17%. The net profit attributable to the parent company was 108 million yuan, with a year-on-year increase of 19.07% [2]. - Since its A-share listing, the company has distributed a total of 131 million yuan in dividends [3]. Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders include new entrants such as Xin'ao New Energy Industry Stock A (holding 622,000 shares) and Guangfa Small and Medium Cap Selected Mixed A (holding 372,600 shares) [3]. - The number of shareholders increased by 2.34% to 8,167, while the average circulating shares per person decreased by 2.29% to 4,890 shares [2].

Group 1 - The core viewpoint of the news highlights the stock performance and financial metrics of Shenzhen Boshi Jie Technology Co., Ltd., indicating a significant increase in stock price and trading volume [1][2] - As of September 11, the stock price of Boshi Jie rose by 2.11% to 97.70 CNY per share, with a total market capitalization of 8.694 billion CNY [1] - Year-to-date, Boshi Jie’s stock price has increased by 44.66%, with notable gains of 14.88% over the last five trading days and 18.63% over the last 20 days [1] Group 2 - Boshi Jie, established on June 4, 2009, specializes in the research, design, production, and sales of IoT smart hardware products, including intelligent vehicle terminals and smart travel components [2] - The company’s revenue composition includes intelligent vehicle terminals (38.80%), smart travel components (28.42%), other smart hardware (23.20%), intelligent payment hardware (4.94%), and wireless communication modules (4.62%) [2] - As of August 29, the number of shareholders decreased by 5.79% to 7,980, while the average circulating shares per person increased by 6.14% to 5,004 shares [2] Group 3 - For the first half of 2025, Boshi Jie reported a revenue of 805 million CNY, reflecting a year-on-year growth of 20.17%, and a net profit attributable to shareholders of 108 million CNY, up by 19.07% [2] - Since its A-share listing, Boshi Jie has distributed a total of 131 million CNY in dividends [3] - As of June 30, 2025, the largest circulating shareholder is Xin'ao New Energy Industry Stock A, holding 622,000 shares, with several new institutional shareholders entering the top ten list [3]

Group 1 - The core viewpoint of the news is that 博实结 (Bosijie) has shown significant financial performance with a notable increase in revenue and net profit, alongside high financing and margin trading activity [1][2][3] - As of September 3, 博实结's financing balance reached 112 million yuan, accounting for 2.78% of its market capitalization, indicating a high level of financing activity compared to the past year [1] - The company reported a revenue of 805 million yuan for the first half of 2025, representing a year-on-year growth of 20.17%, and a net profit of 108 million yuan, which is a 19.07% increase year-on-year [2] Group 2 - 博实结's main business segments include intelligent vehicle terminals (38.80%), smart travel components (28.42%), and other smart hardware (23.20%), indicating a diversified product portfolio [1] - The number of shareholders decreased by 14.15% to 8,470 as of August 20, while the average circulating shares per person increased by 16.48% to 4,715 [2] - Since its A-share listing, 博实结 has distributed a total of 131 million yuan in dividends [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company has established a comprehensive IoT solution system based on "modules + platforms + terminals," which integrates hardware and software capabilities, positioning it to benefit from the growth of AI terminals. The company is expected to accelerate its growth trajectory as smart sleep terminals and overseas business enter a phase of rapid expansion. Additionally, the higher gross margin of overseas business is anticipated to improve the overall gross margin of the company [2][8]. Company Overview - The company initially focused on vehicle-mounted terminal products and has since expanded into smart hardware, covering three main areas: smart transportation, smart mobility, and smart payment hardware. It operates six business units, with the IoT unit providing foundational R&D support and self-developed communication modules, while the software/AI algorithm center enhances system integration and data service capabilities through cloud platforms [5][19]. Business Layout - The company’s growth engines are AI terminals and international expansion. Its smart vehicle-mounted terminals cater to both commercial and passenger vehicles, while smart mobility products target shared bicycles and electric bicycles. The smart sleep terminal, primarily an ODM smart bed cover, adjusts sleep conditions through precise temperature control and data analysis. The smart payment hardware includes cloud-based payment devices and other smart hardware products, with ongoing expansion of its product line [6][64]. Management Efficiency and Profitability - The company has implemented a "module + platform + terminal" business system and a standardized development model, enhancing R&D efficiency. The business unit management strategy allows for independent accounting of inputs and outputs, focusing on profit metrics to improve overall profitability. The company maintains a lower expense ratio compared to peers, attributed to a higher proportion of production personnel and lower wage levels in its operational region [7][21]. Investment Recommendations and Profit Forecast - The company is expected to achieve a net profit of CNY 219 million, CNY 273 million, and CNY 348 million from 2025 to 2027, with year-on-year growth rates of 25%, 25%, and 28%, respectively. The corresponding price-to-earnings ratios are projected at 33x, 27x, and 21x [8].

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [2] - It aims to become a global expert in IoT intelligent application solutions, leveraging its core technologies and business model [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up 0.81% from the previous year [2] - In Q1 2025, the company reported a revenue of CNY 348 million, representing a 40.28% increase year-on-year, with a net profit of CNY 40 million, up 14.42% [3] Group 3: International Business Growth - The company's overseas revenue reached CNY 327 million in 2024, accounting for 23.35% of total revenue, with a growth of 399.37% compared to 2023 [3] - Key growth areas for international business include smart vehicle terminals and smart sleep terminals, with a focus on expanding market share in Africa, Southeast Asia, and developed regions like Europe and the US [3] Group 4: Domestic Market Focus - The smart vehicle terminal products target the "two passengers and one dangerous goods" vehicles, heavy-duty trucks, and ride-hailing services, primarily in the aftermarket sector [4] - The trend is shifting towards replacing traditional driving recorders with intelligent video driving recorders, driven by policy changes and advancements in AI technology [4] Group 5: Product Innovation - The smart sleep terminal, centered around a smart mattress cover, monitors key physiological indicators to optimize sleep conditions without altering existing bedding [5] - The product is developed in collaboration with an overseas client known for its expertise in sleep health, leveraging advanced sleep AI algorithms [5] Group 6: Investment and Financial Management - As of December 31, 2024, the company's asset-liability ratio was 19.31%, indicating a relatively low level of debt [5] - The company manages idle funds through low-risk financial products to ensure normal operations while optimizing cash flow [5]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized, refined, distinctive, and innovative" small giant [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: Business Model and Operations - The company primarily adopts a direct sales model, with self-researched and produced intelligent vehicle terminals targeting the automotive aftermarket [2] - The intelligent vehicle terminal industry operates on a collaborative model between equipment manufacturers and vehicle operation service providers due to diverse regional regulations and customer needs [2] - The company employs an ODM model for smart payment hardware and an ODM/OEM model for smart sleep terminals and other intelligent hardware [2] Group 3: Market Expansion and Management - The company has established a sales presence in Africa, Southeast Asia, and West Asia for its intelligent vehicle terminals, with plans to focus on developed markets in Europe and the U.S. for long-term growth [3] - The company has obtained product certifications in Europe and the U.S., with ongoing integration and adaptation work for some clients [3] - The company operates a divisional management structure, with all divisions, including the newly established overseas division, achieving profitability [3] Group 4: Risk Warning - The content does not constitute a commitment or guarantee from the company or its management regarding industry forecasts or company development strategies, urging investors to make rational decisions and be aware of investment risks [4]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a 40.28% increase year-on-year, and a net profit of CNY 40 million, up 14.42% [2] Group 2: Product Development and Technology - The company continuously launches new products based on core technologies such as communication, positioning, and AI, which serve as the foundation for expanding into various IoT application scenarios [2][3] - The company has developed a modular and standardized cloud management platform to meet diverse industry needs, enhancing product performance and reducing production costs [3] - In 2024, revenue from other smart hardware reached CNY 142 million, a growth of 21.70% compared to 2023 [3] Group 3: Product Applications - The company offers over twenty types of IoT products, including electronic student ID cards, smart wearable watches, portable mistake printers, and smart security cameras, currently in market development and incubation stages [4] - The electronic student ID card focuses on "safe campus" applications, providing features like student tracking and SOS alerts [5] - The smart wearable watch targets "elderly care" and "safe campus" scenarios, boasting a battery life of over 12 days on a single charge [5] Group 4: Market Impact and Risks - The company’s smart vehicle terminal products are primarily sold in Africa, Southeast Asia, and West Asia, while smart payment hardware is mainly distributed in Southeast Asia [5] - Changes in U.S. tariff policies have minimal impact on the company, as the customer bears the costs associated with tariffs under the EXW delivery model [5] - The company advises investors to make rational decisions and be aware of investment risks related to industry forecasts and strategic planning [5]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized and innovative" small giant [1][2] - The mission is to "empower everything with wisdom, co-create a better future," focusing on customer achievement, innovation, pragmatism, and quality [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up by 0.81% [2] - In Q1 2025, revenue reached CNY 348 million, a 40.28% increase year-on-year, with a net profit of CNY 40 million, up by 14.42% [2] Group 3: Revenue Composition - Revenue breakdown by product application: - Smart vehicle terminals: 39.04% - Smart travel components: 24.81% - Smart sleep terminals: 14.17% - Smart payment hardware: 6.10% - Other smart hardware: 10.16% [2] Group 4: Financial Health - The company maintains a low debt-to-asset ratio of 19.31% as of December 31, 2024, indicating a strong financial position [3] - The sales strategy includes a cash-in-advance model for small to medium clients and credit terms for large clients, ensuring stable cash flow [3] Group 5: Product Development - The company is developing smart sleep terminals that monitor key physiological indicators and adjust temperature for optimal sleep quality [4] - The smart vehicle monitoring terminal includes collision warning features and uploads data to regulatory platforms [4] Group 6: Market Trends - The smart travel component business is expected to grow as electric bike sharing penetrates lower-tier cities, driven by new safety standards requiring IoT features [5][6] - The company is exploring potential applications of its technology in the humanoid robot sector but currently focuses on established markets [6]