证券研究报告：机械设备 | 公司点评报告 发布时间：2026-03-18 股票投资评级 买入 |首次覆盖 | 最新收盘价（元） | 70.69 | | --- | --- | | 总股本/流通股本（亿股）1.60 / 1.06 | | | 总市值/流通市值（亿元）113 / 75 | | | 52 周内最高/最低价 | 86.71 / 27.19 | | 资产负债率(%) | 33.9% | | 第一大股东 | 王兆春 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 博杰股份(002975) 创新为锚，破浪智能制造新蓝海 ⚫ 投资要点 深度绑定北美 AI 巨头，前瞻布局液冷方案，引领 AI 服务器测试 设备行业。公司面向全球及国内知名服务器厂商全面供货，包括英伟 达、戴尔、亚马逊、微软、思科等国际知名厂商，以及紫光、浪潮、 阿里巴巴、腾讯等国内头部厂商。公司重点开发行业龙头 N 客户在 AI 算力领域的新业务机会，主要为其实验室自研服务器产品提供检测及 自动化设备，已获得 Vendor Code。为跟随客户技术发展需求，公司 在测试 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is deeply integrated with major North American AI giants and is pioneering liquid cooling solutions, leading the AI server testing equipment industry. It supplies globally recognized server manufacturers such as NVIDIA, Dell, Amazon, Microsoft, and Cisco, as well as top domestic firms like Unisoc, Inspur, Alibaba, and Tencent [5]. - The company has developed a third-generation MLCC high-speed testing and sorting machine, achieving performance metrics comparable to imported equipment, with a maximum speed of 20,000 pcs/min. This has gained recognition from domestic clients and is now being mass-produced [6]. - The company is expanding its traditional consumer electronics testing capabilities while exploring optical and visual testing, as well as humanoid robot testing capabilities. It has developed a 1 arc-second precision IMU sensor testing platform and is advancing into the humanoid robot testing sector [7]. - The company has entered the electric vehicle electronics "smart driving" field by acquiring Zhuhai Guanghao Jie, covering major application scenarios such as 4D millimeter-wave radar, cameras, and EV sensors [8][9]. Financial Projections - The company is projected to achieve revenues of 1.731 billion, 2.369 billion, and 2.927 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 148 million, 364 million, and 459 million yuan [10]. - The revenue growth rates are expected to be 40.42% in 2025, 36.87% in 2026, and 23.54% in 2027 [12]. - The company's EBITDA is forecasted to reach 212.82 million, 441.06 million, and 544.60 million yuan for the years 2025, 2026, and 2027, respectively [12].

Core Points - The CIME 2026 Suzhou International Thermal Management Materials Technology Expo will be held from September 16 to 18, 2026, at the Suzhou International Expo Center, focusing on thermal management materials, equipment, and technology solutions for various industries including new energy, automotive, and electronics [2][7]. Group 1: Event Details - The exhibition will cover an area of 15,000 square meters, with over 300 exhibitors and an expected attendance of 30,000 professional visitors [2]. - Key focus areas include lightweight thermal management material solutions for new energy batteries, automotive applications, and 5G communications [2][6]. - The event aims to attract nearly 20,000 professional visitors from the new energy, automotive manufacturing, and semiconductor sectors [2][6]. Group 2: Industry Context - The expo is positioned as a platform for discussing the transformation and development of thermal management and heat dissipation technologies, driven by the increasing miniaturization and power density of electronic devices [6][7]. - The growth of the thermal management industry is expected to be exponential due to advancements in technology and the rising demand from sectors such as consumer electronics, AI, data centers, and electric vehicles [6][7]. Group 3: Exhibitor Information - The exhibition will feature a wide range of products including thermal interface materials, heat dissipation components, and thermal management systems [13][17]. - Notable exhibitors include companies specializing in thermal management solutions for high-power microelectronics, semiconductors, and electric vehicles [55][58].