融资方面，博硕科技当日融资买入4025.30万元。当前融资余额1.46亿元，占流通市值的2.13%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，博硕科技8月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量1400.00股，融券余额5.67万元，低于近一年20%分位水平，处于低位。 8月26日，博硕科技涨2.48%，成交额3.50亿元。两融数据显示，当日博硕科技获融资买入额4025.30万 元，融资偿还4405.42万元，融资净买入-380.12万元。截至8月26日，博硕科技融资融券余额合计1.46亿 元。 截至8月20日，博硕科技股东户数1.73万，较上期增加21.47%；人均流通股8735股，较上期减少 17.68%。2025年1月-6月，博硕科技实现营业收入5.91亿元，同比增长9.03%；归母净利润9752.03万元， 同比增长0.61%。 分红方面，博硕科技A股上市后累计派现5.92亿元。近三年，累计派现3.72亿元。 机构持仓方面，截止2025年6月30日，博硕科技十大流通股东中，金鹰科技创新股票A（001167）位居 第五大流通股东，持股 ...

据证券之星公开数据整理，近期博硕科技(300951)发布2025年中报。截至本报告期末，公司营业总收入 5.91亿元，同比上升9.03%，归母净利润9752.03万元，同比上升0.61%。按单季度数据看，第二季度营 业总收入3.21亿元，同比上升6.74%，第二季度归母净利润4525.93万元，同比上升21.99%。本报告期博 硕科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达219.95%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率35.59%，同比增1.5%，净利率16.31%，同比减 4.74%，销售费用、管理费用、财务费用总计6389.85万元，三费占营收比10.82%，同比减4.74%，每股 净资产13.38元，同比增2.34%，每股经营性现金流0.47元，同比减52.16%，每股收益0.58元，同比增 1.75% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5.42亿 | 5.91亿 | 9.03% | | 归母净利润（元） | 9692.83万 | 9752.03万 | 0 ...

深圳市博硕科技股份有限公司投资者关系活动记录表 | 投资者关系活动 √特定对象调研 | □ 分析师会议 | | --- | --- | | 类别 媒体采访 □ | □业绩说明会 | | □ 新闻发布会 | 路演活动 □ | | □ 现场参观 | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 招商证券资产管理有限公司 吴彤 | | 人员姓名 国金电子 | 周焕博 | | 华创电子 | 姚德昌 | | 鹏华基金 | 萧嘉倩 | | 天风证券 | 包恒星 | | 山西证券 | 田发祥 | | 时间 2025 年 8 月 | 26 日 (周二) 下午 15:30~17:00 | | 地点 公司办公室 | | | 上市公司接待人 | 1、董事、董事会秘书兼副总经理 王琳 | | 员姓名 2、投融资总监 | 王尚令 | | 3、证券事务代表 1、博硕科技 | 洪秀玉 2025 年上半年度业绩情况及驱动因素？ | | 2025 | 年上半年，公司实现营业收入 59,068.17 万元，同比 | | 增长 | 9.03%，归属于上市公司股东的净利润 9,752.03 万元，同 | | 比增长 ...

盈利预测、估值与评级 我们预计公司 25~27 年分别实现归母净利润 2.67/3.13/3.74 亿元 （yoy+27%/+17%/+19%），对应当前 PE 分别为 25、21、18 倍， 维持"买入"评级。 事件 公司于 2025 年 8 月 25 日披露 2025 年半年报，2025H1 公司实 现营业收入 5.91 亿元，同比+9.03%;实现归母净利润 0.98 亿元， 同比+0.61%。2025Q2 公司实现单季度营收 3.21 亿元，同比 +6.74%，环比+18.63%；实现单季度归母净利润 4526 万元，同 比+21.99%。 经营分析 公司立足消费类、汽车/新能源领域，重点发展 AR/VR、低空经济 等新领域。公司产品为精密功能件、智能自动化装备，广泛应用于 智能手机、智能穿戴、智能家居等消费类领域，智能座舱、动力电 池、储能电池等新能源/汽车类领域，以及智慧医疗领域。公司不 断提高技术优势及服务质量，为客户提供多元化、多领域的产品与 服务，获得了国内外优质客户的广泛认可，综合实力持续提升。公 司持续推进主营业务发展，同时充分整合内外部资源，公司在互动 平台回答投资者提问时表示，公司已 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in H1 2025, with revenue reaching 251 million yuan, up 45.82% year-on-year, and net profit of 53 million yuan, also up 45.87% year-on-year, driven by strong downstream demand and strategic order and capacity growth [2] - The company's gross margin decreased to 34.77%, down 5.62 percentage points year-on-year, while the net profit margin remained stable at 21.91%, down 0.23 percentage points year-on-year [3][4] - The company is steadily increasing its production capacity and is intensifying its focus on humanoid robot products, with plans to add significant production capacity for precision reducers and mechatronic products [5] Revenue and Profit Forecast - The company forecasts total revenue of 544.61 million yuan for 2025, representing a 40.58% year-on-year increase, and a net profit of 103.49 million yuan, reflecting an 84.25% year-on-year growth [1][12] - The projected earnings per share (EPS) for 2025 is 0.56 yuan, with a price-to-earnings (P/E) ratio of 262.73 based on the current price [1][12] Financial Performance - In H1 2025, the company reported a revenue of 251 million yuan, with a notable contribution from mechatronic products, which grew by 69.66% year-on-year [2] - The company's operating expenses ratio decreased to 16.65%, down 5.88 percentage points year-on-year, indicating improved cost management [3] Market Position and Strategy - The company is focusing on technological advancements in lightweight harmonic reducers for humanoid robots, aiming for a weight reduction of over 30% while maintaining output [5] - The company has successfully developed high-precision, high-load, long-life planetary rolling screw technology for humanoid robot applications [5]

Group 1: Company Overview and Partnerships - The company collaborates with leading manufacturers and component producers, including Foxconn, BYD, GoerTek, Amazon, and LG [2][3] - The company’s product categories include consumer electronics, smart home, new energy, and smart medical fields [2][3] Group 2: Financial Performance - In 2024, the company achieved revenue of CNY 1,047,590,167.37 from precision components with a gross margin of 32.75% [3] - Revenue from intelligent automation equipment reached CNY 250,817,174.04, primarily in the consumer sector, with a gross margin of 43.18% [3] - For Q1 2025, total revenue was CNY 270,175,350.50, with a net profit of CNY 52,260,993.80 [6] Group 3: Research and Development - The company is focusing on AR/VR, optical, and semiconductor sectors, while also monitoring trends in artificial intelligence and robotics [6][8] - The decline in R&D personnel is attributed to strategic adjustments and resource optimization for the intelligent automation equipment business [3][6] Group 4: Market Expansion and Challenges - The company is expanding its overseas operations, particularly in Vietnam, to mitigate the impact of US-China tariffs [4][6] - The company is actively assessing the effects of tariff policies on its global business and aims to diversify its customer base [4][6] Group 5: Investment and Funding - As of December 31, 2024, the company invested CNY 97,137.85 million in fundraising projects, with a progress rate of 37.35% for precision components and 35.22% for the R&D center [6] - The company plans to use self-funding and bank credit to support its subsidiaries' financing needs [3][6] Group 6: Industry Outlook - The company anticipates growth in the consumer electronics, new energy vehicles, and smart medical sectors, driven by increasing market demand [9] - The AI-driven industrial revolution is expected to provide new momentum for economic recovery and growth [9] Group 7: Cost Control Measures - The company has implemented a comprehensive operational management system to enhance efficiency and reduce costs [10] - It has established a quality management system certified by multiple international standards, ensuring product quality [10]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - In 2024, the company achieved a revenue of 387 million yuan, representing a year-on-year growth of 8.8%, while the net profit attributable to shareholders decreased by 33.3% to 56 million yuan [1][2] - The decline in profit is attributed to reduced cash management income, decreased fiscal subsidies, increased sales expenses due to ongoing product development and overseas market expansion, and a significant drop in the gross margin of key products [2] - The company is focusing on optimizing and iterating its products in line with the development of intelligent robotics, with plans to ramp up production capacity steadily by 2025 [3] Revenue and Profitability Summary - The company's revenue from harmonic reducers and metal parts was 325 million yuan, a 2.6% increase year-on-year, with a gross margin of 36.1%, down 5.0 percentage points [2] - Revenue from mechatronic products surged by 56.7% to 53 million yuan, with a gross margin of 41.14%, slightly up by 0.1 percentage points [2] - Revenue from intelligent automation equipment skyrocketed by 97.9% to 5 million yuan, with a gross margin of 50.9%, an increase of 63.4 percentage points [2] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders is adjusted to 80 million yuan for 2025 and 102 million yuan for 2026, with a new estimate of 130 million yuan for 2027 [3] - The company is expected to benefit significantly from the future commercialization of humanoid robots, reinforcing its position as a leading domestic harmonic reducer manufacturer [3] Key Financial Metrics - The company reported a gross margin of 37.5% in 2024, down from 41.1% in 2023 [11] - The projected revenue growth rates for the coming years are 14.76% for 2025, 16.77% for 2026, and 21.42% for 2027 [4] - The estimated P/E ratios are projected to decrease from 459 in 2024 to 201 in 2027, indicating a potential improvement in valuation over time [12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - In 2024, the company achieved revenue of 387.41 million yuan, a year-on-year increase of 8.77%, but the net profit attributable to the parent company was 56.17 million yuan, a year-on-year decrease of 33.26%. The divergence between revenue and profit growth is attributed to a decline in gross margin, an increase in expense ratios, and higher asset/credit impairment losses [2] - In Q1 2025, the company returned to profit growth with a revenue of 98 million yuan, a year-on-year increase of 19.65%, and a net profit of 20 million yuan, a year-on-year increase of 0.66% [2] Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was 387.41 million yuan, with a year-on-year growth of 8.77%. The net profit attributable to the parent company was 56.17 million yuan, down 33.26% year-on-year. The decline in profit growth was due to a decrease in gross margin and an increase in expense ratios [2][3] - In Q1 2025, the company reported a revenue of 98 million yuan, up 19.65% year-on-year, and a net profit of 20 million yuan, up 0.66% year-on-year, indicating a recovery in profitability [2] Margin Analysis - The gross margin for 2024 was 37.54%, down 3.60 percentage points year-on-year, while the gross margin for Q1 2025 was 34.06%, down 8.49 percentage points year-on-year. The decline in gross margin is attributed to intense market competition and increased depreciation [3] - The net profit margin for 2024 was 14.41%, down 9.41 percentage points year-on-year, while the net profit margin for Q1 2025 was 21.49%, down 3.85 percentage points year-on-year [3] Capacity and Product Development - The company successfully completed the expansion project for 500,000 precision reducers in 2024 and plans to steadily ramp up production capacity in 2025. A new project for intelligent manufacturing of next-generation precision transmission devices is set to start in 2025, which is expected to add 1 million harmonic reducers and 200,000 mechatronic products to annual capacity [4] - The company is focusing on lightweight technology breakthroughs for harmonic reducers aimed at the humanoid robot industry, achieving over 30% weight reduction under the same output conditions [4] Financial Forecasts - The company maintains its forecast for net profit attributable to the parent company at 103 million yuan for 2025 and 144 million yuan for 2026, with an expected net profit of 210 million yuan for 2027. The current stock price corresponds to dynamic P/E ratios of 249, 179, and 123 times for 2025, 2026, and 2027 respectively [4]

证券代码：300531 证券简称：优博讯 公告编号：2025-035 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 致同会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所未发生变更，仍为致同会计师事务所（特殊 普通合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以317,911,025为基数，向全体股东每10股派发现金红利 0.5元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 公司研发、生产和销售工业级智能数据终端（PDA），通过多年技术研发积累及产业化应用，公司在条 ...

Core Insights - The company reported a total revenue of 1,307.45 million yuan, a year-on-year decrease of 22.49% [4] - The revenue from precision functional components increased by 3.76%, driven by the performance in the smart wearable and new energy sectors [4] - The revenue from intelligent automation equipment decreased by 62.96% due to the strategic shift towards high-end equipment in AR/VR, optics, and semiconductors [4] - The company plans to accelerate its strategic transformation in 2024, focusing on AR/VR, optics, and new energy industries [4] Financial Performance - The company has undergone a change in its accounting firm to Tianjian Accounting Firm (Special General Partnership) [2] - The board approved a cash dividend of 6.00 yuan per 10 shares, with no stock dividends [3] - The company has made adjustments to its accounting policies due to changes in accounting standards effective from December 6, 2024 [6] Business Overview - The main products include precision functional components and intelligent automation equipment, serving various sectors such as consumer electronics, new energy, and smart healthcare [4] - The company employs a direct sales model, establishing framework agreements with long-term clients for product specifications and orders [5] Shareholder Information - The report includes details on the top ten shareholders and their holdings, with no changes reported in the voting rights arrangements [8]