Workflow
智能焊接产品
icon
Search documents
柏楚电子(688188):盈利能力维持高位,看好智能焊接业务放量
Shanxi Securities· 2025-05-20 08:20
Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the near term [8]. Core Views - The company's profitability remains high, supported by the increasing demand for high-power thick plate cutting in domestic markets and expanding international applications. The smart welding business is expected to see significant growth [4][5]. - The company achieved a revenue of 1.735 billion yuan in 2024, representing a year-on-year increase of 23.33%, and a net profit of 883 million yuan, up 21.10% year-on-year [3]. - The report highlights the company's strong position in the domestic market for mid-to-low power laser cutting control systems, with a market share of approximately 60%, and its efforts to break the monopoly of international giants in high-power cutting [5]. Financial Performance - In Q1 2025, the company reported a revenue of 496 million yuan, a year-on-year increase of 30.12%, and a net profit of 255 million yuan, up 31.99% year-on-year [3]. - The overall gross margin and net margin for 2024 were 79.94% and 53.70%, respectively, remaining stable compared to the previous year [4]. - The company expects its earnings per share (EPS) to grow from 5.17 yuan in 2025 to 8.04 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 37.4 to 24.0 over the same period [8][10]. Business Segments - The revenue from flat solutions was 1.125 billion yuan, contributing 64.81% to total revenue, while the revenue from pipe solutions was 380 million yuan, contributing 21.91% [4]. - The smart welding business is anticipated to expand significantly, with applications in steel structures, power, shipping, and bridges, leveraging a comprehensive product solution that enhances automation in the steel construction industry [5][6]. Research and Development - The company is focused on high-precision control and is expanding its technological capabilities in laser welding and processing systems, which are crucial for industries such as lithium batteries and electric motors [6][7].