公司是国内首批从事光纤激光切割控制系统开发的企业，技术积累扎实，核心业务 稳健发展，大客户基础扎实，智能化精密化高端业务发展前景广阔，积极布局工业 人工智能等新兴领域，具备穿越行业波动的长期盈利能力。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,407 | 1,735 | 2,145 | 2,736 | 3,692 | | (+/-)% | 56.6% | 23.3% | 23.6% | 27.5% | 34.9% | | 净利润(归母) | 729 | 883 | 1,085 | 1,308 | 1,674 | | (+/-)% | 52.0% | 21.1% | 22.9% | 20.5% | 28.0% | | 每股净收益(元) | 2.52 | 3.06 | 3.76 | 4.53 | 5.80 | | 净资产收益率(%) | 14.7% | 16.1% | 16.5% | 18.2% | 21. ...

技术积淀稳基本，智控布局越周期 柏楚电子(688188) 计算机 [Table_Industry] /信息科技 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格(元): | 167.46 | [当前价格： Table_CurPrice] (元) 151.38 柏楚电子（688188.SH）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 本报告导读： 公司是国内首批从事光纤激光切割控制系统开发的企业，技术积累扎实，核心业务 稳健发展，大客户基础扎实，智能化精密化高端业务发展 ...

格隆汇1月20日｜国海证券研报指出，柏楚电子高功率市占率稳步提升，激光切割/焊接系统壁垒在手； 国产替代在前，间接出海持续；柏楚电子正走向"强者恒强"的上行通道。公司由模块供应向系统级方案 跃迁，"控制系统+智能切割头"协同优势凸显。随着国内设备商出海，公司间接出海能力持续增强，海 外市场由增量补充走向潜在核心增长极。公司在高功率切割控制系统领域市占率稳步上升，叠加智能切 割头业务加速成长，智能焊接系统打开中长期成长空间，业绩增长具备较强支撑，首次覆盖，给予"买 入"评级。 ...

Group 1: Economic Transformation in Hong Kong - Hong Kong is experiencing an economic transformation with companies focusing on quality improvement and efficiency in sectors like cultural creativity, technology, and green economy [2] - The concept of "谷子经济" (Goods Economy) is emerging, emphasizing consumer emotional value and the willingness to pay for personalized experiences [3] Group 2: Innovative Business Models - A restaurant owner successfully increased revenue by collaborating with a game IP agent to create a themed dining experience, demonstrating the potential of emotional value in consumer spending [3] - The introduction of smart welding technology at a steel company has improved production efficiency and reduced the average age of skilled workers from 55 to the 30s, addressing the shortage of skilled labor [4] Group 3: Sustainable Agriculture Practices - A farm in Hong Kong utilizes a unique method of producing organic vegetables without pesticides or chemical fertilizers, converting food waste into nutrient-rich solutions for crops [5][6] - The partnership between the farm and a major food group has led to a reduction of approximately 24 tons of greenhouse gas emissions, showcasing the benefits of local production and sustainable practices [5][6] Group 4: Market Trends in Health-Conscious Consumption - There is a growing consumer demand for healthy food products, particularly those grown without pesticides or chemical fertilizers, indicating a trend towards sustainable agriculture in Hong Kong [7] - The local agricultural sector is well-positioned to innovate and promote green products due to a robust food waste recycling system and a focus on low-carbon practices by businesses [7]

Group 1: Economic Transformation in Hong Kong - The article highlights the ongoing economic transformation in Hong Kong, showcasing the potential in cultural creativity, technology, and green economy sectors [1] - Various businesses are focusing on quality improvement and efficiency to cater to the upgrading consumer demand [1] Group 2: Innovative Restaurant Concepts - Liu Chengming, a restaurant owner, shifted from traditional dining to a mobile game-themed restaurant, which successfully attracted customers and revealed the potential of the "grain economy" [3] - The collaboration with agents for themed events helped build a positive reputation for the restaurant [3] Group 3: Advancements in Welding Technology - Liang Zhihao transitioned from insurance sales to a welding technician, utilizing an intelligent welding system that significantly enhances productivity and safety [5] - The new system, developed with the assistance of the Hong Kong Productivity Council, allows new workers to be trained in just one month, improving the quality rate from 80% to approximately 98% [7] Group 4: Sustainable Agriculture Practices - Huang Zhanming, operator of Hongri Farm, utilizes a unique salmon bone enzyme solution for cultivating pesticide-free and fertilizer-free vegetables [9] - The farm collaborates with Maxim's Group to recycle kitchen waste into natural fertilizers, contributing to a reduction of about 24 tons of greenhouse gas emissions [11] - The article emphasizes the robust kitchen waste recycling system in Hong Kong and the presence of research institutions that facilitate agricultural technology innovation [13]

Group 1: Economic Transformation in Hong Kong - The article highlights the trend of economic transformation in Hong Kong, focusing on the potential in cultural creativity, technology, and green economy sectors [1] - Various businesses are enhancing quality and efficiency to meet consumer demands, showcasing the city's adaptability and growth potential [1] Group 2: "Guzi Economy" in the Food Industry - Liu Chengming, a restaurant owner, successfully leveraged the "Guzi Economy" by collaborating with a game IP agent to create a themed restaurant, resulting in a doubling of revenue during the event [2][4] - The term "Guzi" refers to the consumption culture surrounding secondary IP merchandise, indicating a shift in consumer focus towards emotional value and personalized experiences [4] Group 3: Smart Manufacturing in Steel Industry - The introduction of a smart welding system at Hongli Green Power has improved production efficiency, allowing new workers to achieve a quality rate of approximately 98% after just one month of training [6][8] - The average age of welding technicians at the company has decreased from 55 to the 30s, addressing the shortage of skilled labor in the industry [8] Group 4: Sustainable Agriculture Practices - Hong Kong's Hongri Farm utilizes a unique method of producing organic vegetables without pesticides or chemical fertilizers, using a special enzyme solution made from food waste [9][10] - The collaboration with Maxim's Group has resulted in the recycling of over 48 tons of food waste, significantly reducing greenhouse gas emissions by approximately 24 tons [10] - The demand for healthy, organic produce is expected to continue growing, as consumers become more health-conscious [10]

Group 1 - The core focus of the article is on the development of a modern industrial system in China during the "14th Five-Year Plan" period, emphasizing the integration of technological and industrial innovation to strengthen the real economy [9][10][12] - The article highlights the importance of traditional industries, such as steel and pharmaceuticals, in driving economic growth and their ongoing transformation through digitalization and automation [12][13][14] - The article mentions that since 2016, companies like Hunan Huazhong Steel have been implementing smart manufacturing solutions, resulting in significant efficiency improvements, such as reducing the steel slab rotation time from 6.7 seconds to 3.93 seconds [12][13] Group 2 - The article discusses the emergence of new and future industries, particularly in sectors like renewable energy, aerospace, and low-altitude economy, as part of the strategic focus for the "14th Five-Year Plan" [15][16] - Companies like Hidi Intelligent Driving Technology are capitalizing on market demands for automation in hazardous environments, such as mining, with significant policy support driving growth in this sector [16][18] - The article notes that the humanoid robot market in China is expected to reach approximately 870 billion yuan by 2030, indicating rapid growth in the robotics sector [17] Group 3 - The article emphasizes the need for collaborative innovation among government, enterprises, and research institutions to create a conducive environment for the development of a modern industrial system [19][20] - It highlights the establishment of over 230 excellent smart factories and 1,260 5G factories in China since the beginning of the "14th Five-Year Plan," showcasing the country's commitment to advancing its manufacturing capabilities [13][19] - The article points out that the value added by the "new economy" is projected to exceed 18% of GDP by 2024, indicating a significant shift towards new industries and business models [18][22]

Core Viewpoint - The article highlights the rapid advancements in the robotics industry in Guangdong, particularly in Foshan, showcasing innovative products and technologies that are transforming manufacturing and agriculture through the integration of artificial intelligence and robotics [1][2][3]. Industry Overview - Guangdong produces one out of every four industrial robots in China, indicating its significant role in the national robotics landscape [2]. - Foshan's industrial robot output is projected to account for 7% of the national total in 2024, reflecting a year-on-year growth of 43.5%, positioning it firmly within the top tier of domestic production [3][10]. Technological Innovations - A range of new robotic products was unveiled, including intelligent welding robots, collaborative robots with high precision, and agricultural robots capable of autonomous navigation and task execution [4][5][7]. - The "iico易可" collaborative robot from KUKA features a positioning accuracy of ±0.03 mm, suitable for high-precision industrial applications [5]. - The "machine cow" from Ruobo Robotics utilizes multi-modal sensor fusion for real-time terrain analysis and autonomous navigation, addressing challenges in mountainous agricultural areas [7]. Ecosystem Development - The robotics industry in Guangdong is supported by a robust ecosystem that includes collaboration between research institutions, technology companies, and local government initiatives [3][9]. - Foshan is focusing on integrating artificial intelligence with traditional manufacturing sectors, aiming to create a comprehensive robotics industry chain [9][10]. Policy Support - The local government has introduced various policies to support the robotics industry, including financial incentives for key technology projects and the establishment of an industrial alliance to foster collaboration among stakeholders [11][12]. - Foshan plans to invest at least 5 billion yuan in total funding for robotics initiatives, with annual financial support of 150 million yuan for key projects [11][12]. Future Outlook - The article emphasizes the need for continuous innovation and adaptation in the robotics sector to maintain competitive advantages in the face of rapid technological changes [11]. - Foshan aims to become a center for innovation and application in the robotics industry within the Greater Bay Area by 2027, targeting an overall output value of over 20 billion yuan [9].

Company Overview - 柏楚电子 is a high-tech enterprise based in Shanghai, focusing on the research and development of laser cutting control systems and intelligent welding systems [1] - The company is categorized under the software development sector and has been included in the list of specialized and innovative enterprises [1] Stock Performance - On August 25, 柏楚电子's stock closed at 149.50 yuan, representing a decline of 0.78% from the previous trading day [1] - The trading volume on the same day reached 757 million yuan, with a price fluctuation of 7.92% [1] Financial Performance - For the first half of 2025, the company reported a revenue of 1.103 billion yuan and a net profit of 640 million yuan [1] Stock Incentives - On August 25, 柏楚电子 granted 300,000 restricted shares to 10 incentive targets, with a reserved grant price of 65.05 yuan per share [1] Capital Flow - On August 25, the net outflow of main funds for 柏楚电子 was 3.3368 million yuan, while the net inflow over the past five days was 106 million yuan [1]

Core Insights - The company has implemented a smart welding system that allows real-time monitoring of 152 welding machines, improving management efficiency and quality control [1][3] - The introduction of advanced equipment, such as welding robots and CNC machines, has significantly enhanced operational efficiency and product quality [2][3] Group 1: Smart Welding System - The smart welding system creates a digital link from the operational level to the management level, allowing for real-time task assignment and monitoring [1] - The system collects electrical data automatically and triggers alarms when parameters exceed limits, improving quality control [1] Group 2: Equipment Upgrades - The first pipe and plate welding robot was introduced in June 2024, completing tasks 30%-50% faster than traditional methods, with a 95% pass rate in non-destructive testing [2] - The company has also introduced two intelligent cladding workstations, increasing efficiency by 30% and allowing one welder to operate two machines simultaneously [2] - Additional equipment, such as CNC laser cutting machines and CNC machining centers, has been adopted to enhance manufacturing quality and efficiency [2] Group 3: Transformation of Management Practices - The shift from traditional management to data-driven precision control marks a significant transformation in the company's operational practices [3] - The company is focusing on high-end, green, and intelligent manufacturing as part of its upgrade strategy [3]