证券代码：688188 证券简称：柏楚电子 公告编号：2026-005 上海柏楚电子科技股份有限公司2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以上海柏楚电子 科技股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币元 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。上述 指标及数据如有尾差，为四舍五入所致。 3.根据相关规定，公司股本因送红股、资本公积金转增股本的原因发生变化且不影响股东权益金额的， 应当按照最新股本调整并列报基本每股收益和稀释每股收益。故公司实施2024年度权益分派方案完成 后，按照调整后的股数重新计算报告期初的基本每股收益。 二、经营业绩和财务状况情况说明 报告期末，公司股本较期初增长40.53%，主要系报告期内实施2024 ...

柏楚电子(688188.SH)披露2025年度业绩快报，2025年度实现营业总收入21.96亿元，同比增长26.52%;归 属于母公司所有者的净利润11.09亿元，同比增长25.59%。 报告期内，公司持续加大技术研发及市场开拓的投入，激光切割控制系统市场认可度稳步提升，智能机 器人业务实现增长，精密微加工业务获得客户认可，新增长引擎初步成型，整体经营业绩实现稳健增 长。同时，公司进一步拓展海外市场，优化产品结构，推进精益化管理提升经营效率，公司整体盈利能 力稳步提升。 柏楚电子(688188.SH)披露2025年度业绩快报，2025年度实现营业总收入21.96亿元，同比增长26.52%;归 属于母公司所有者的净利润11.09亿元，同比增长25.59%。 ...

智通财经APP讯，柏楚电子(688188.SH)披露2025年度业绩快报，2025年度实现营业总收入21.96亿元， 同比增长26.52%;归属于母公司所有者的净利润11.09亿元，同比增长25.59%。 报告期内，公司持续加大技术研发及市场开拓的投入，激光切割控制系统市场认可度稳步提升，智能机 器人业务实现增长，精密微加工业务获得客户认可，新增长引擎初步成型，整体经营业绩实现稳健增 长。同时，公司进一步拓展海外市场，优化产品结构，推进精益化管理提升经营效率，公司整体盈利能 力稳步提升。 ...

格隆汇2月27日丨柏楚电子(688188.SH)公布2025年年度业绩快报，2025年度，公司实现营业收入21.96亿 元，较上年同期增长26.52%；实现归属于母公司所有者的净利润11.09亿元，较上年同期增长25.59%； 实现归属于母公司所有者的扣除非经常性损益的净利润10.25亿元，较上年同期增长24.82%。 报告期内，公司持续加大技术研发及市场开拓的投入，激光切割控制系统市场认可度稳步提升，智能机 器人业务实现增长，精密微加工业务获得客户认可，新增长引擎初步成型，整体经营业绩实现稳健增 长。同时，公司进一步拓展海外市场，优化产品结构，推进精益化管理提升经营效率，公司整体盈利能 力稳步提升。 ...

Core Viewpoint - The report from Jianghai Securities highlights that Bichu Electronics has a strong competitive edge in the laser cutting control system market due to its integrated hardware and software solutions, with consistent high growth in performance over recent years [1] Company Performance - Bichu Electronics has shown steady revenue growth, increasing from 376 million yuan in 2019 to an estimated 1.735 billion yuan in 2024, resulting in a 5-year CAGR of 35.78% [1] - The company maintains a leading market share in the low and medium power laser cutting control systems [1] Industry Trends - The demand for laser equipment is rapidly increasing in various sectors such as new energy vehicles, shipbuilding, rail transportation, machinery manufacturing, and aerospace, driven by China's economic transition towards advanced manufacturing [1] - The domestic laser equipment market is experiencing a fast growth trend due to these industry demands [1] Valuation and Rating - Based on the average industry valuation, Bichu Electronics is initially covered with a valuation of 36x, with an expected EPS of 4.69 yuan for 2026 and a target price of 168.84 yuan, receiving an "Accumulate" rating [1]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The company, Shanghai Bichu Electronics Technology Co., Ltd., specializes in laser cutting control systems and has established a strong competitive position in the market [5] - The company has shown robust revenue growth, with total revenue increasing from 376 million yuan in 2019 to an estimated 1.735 billion yuan in 2024, reflecting a 5-year CAGR of 35.78% [5][22] - The domestic demand for laser equipment is on the rise, driven by the upgrade of China's economic structure towards advanced manufacturing [5][54] - The company maintains a leading market share of approximately 60% in the domestic low-power laser cutting control system market [5] - The report projects the company's EPS for 2025-2027 to be 3.84, 4.69, and 5.72 yuan, respectively, with corresponding P/E ratios of 38.25, 31.34, and 25.68 times [5] Financial Forecast - Total revenue (in million yuan) is forecasted as follows: 2023A: 1,407.11, 2024A: 1,735.46, 2025E: 2,147.11, 2026E: 2,639.22, 2027E: 3,240.17, with growth rates of 56.61%, 23.33%, 23.72%, 22.92%, and 22.77% respectively [4] - Net profit attributable to shareholders (in million yuan) is projected to grow from 728.91 in 2023A to 1,652.40 in 2027E, with growth rates of 52.01%, 21.10%, 25.65%, 22.05%, and 22.07% respectively [4] - The company's return on equity (ROE) is expected to increase from 15.01% in 2023A to 21.44% in 2027E [4] Business Overview - The company provides a range of automation products centered around laser cutting control systems, including follow-up control systems, board control systems, and bus control systems [37] - The laser processing industry is experiencing steady growth, with increasing demand for high-power control systems and ongoing domestic substitution [5][54] - The company has developed a comprehensive service network, covering both domestic and international markets, enhancing its operational efficiency [12] Market Trends - The domestic laser equipment market is projected to grow from 65.8 billion yuan in 2019 to 91 billion yuan in 2024, with a CAGR of 6.70% [5][54] - The global industrial laser market is expected to grow from 5.157 billion USD in 2020 to 8.808 billion USD in 2026, with a CAGR of 9.33% [62] - The laser cutting equipment market in China is forecasted to increase from 31.8 billion yuan in 2020 to 69 billion yuan in 2026, with a CAGR of 13.78% [70]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 167.46 CNY [5][11]. Core Insights - The company is a leading player in the domestic laser cutting control system market, holding approximately 70% market share in the mid-to-low power segment and maintaining a strong position in the high-power segment [15]. - The company has a solid technical foundation and a robust customer base, with a focus on high-end intelligent and precision processing businesses, indicating significant growth potential in emerging fields such as industrial AI [2][15]. - The company has demonstrated strong financial performance, with projected revenues increasing from 1.41 billion CNY in 2023 to 3.69 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 34.9% [4][25]. Financial Summary - Total revenue is expected to reach 1,735 million CNY in 2024, 2,145 million CNY in 2025, 2,736 million CNY in 2026, and 3,692 million CNY in 2027, with year-on-year growth rates of 23.3%, 23.6%, 27.5%, and 34.9% respectively [4][25]. - Net profit attributable to the parent company is forecasted to be 883 million CNY in 2024, 1,085 million CNY in 2025, 1,308 million CNY in 2026, and 1,674 million CNY in 2027, with growth rates of 21.1%, 22.9%, 20.5%, and 28.0% respectively [4][25]. - The company maintains a high gross margin, projected at 79.9% in 2024, 79.6% in 2025, 78.7% in 2026, and 77.0% in 2027 [25]. Business Development - The company is transitioning from traditional mechanical systems to integrated solutions combining software and hardware, enhancing its competitive edge [15]. - Recent strategic adjustments focus on smart welding and precision processing, which are expected to open new market opportunities [18]. - The company has received key certifications for its intelligent welding systems, facilitating entry into mainstream shipbuilding supply chains [19]. Market Position and Growth Potential - The company has established a strong foothold in the overseas market, with over 37% of its revenue coming from international operations, which are growing faster than domestic sales [17]. - The laser cutting equipment market in China is projected to grow significantly, with the market size expected to exceed 300 billion CNY in 2023 and reach 368.5 billion CNY in 2024 [21]. - The company is well-positioned to leverage its technological advantages and expand its market share in both domestic and international markets [17][21].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 167.46 CNY [5][11]. Core Insights - The company is a leading player in the domestic laser cutting control system market, holding approximately 70% market share in the mid-low power segment and maintaining a strong position in the high-power segment. The company benefits from high gross margins of nearly 80% and net margins exceeding 60%, significantly outperforming peers [15][17]. - The company is transitioning from mechanical control systems to integrated solutions combining software and hardware, which includes intelligent cutting heads and control systems. This shift is supported by strong technical capabilities and a solid customer base [15][18]. - The company is actively expanding into new growth areas such as intelligent welding and precision processing, leveraging its core technologies to transform into a platform enterprise in industrial control [15][18]. - The company has a robust order backlog and long-term profitability potential, with significant growth expected from its overseas markets, which currently account for over 37% of revenue [17][18]. Financial Summary - The company is projected to achieve total revenue of 1,407 million CNY in 2023, increasing to 3,692 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 34.9% [4][25]. - Net profit attributable to the parent company is expected to grow from 729 million CNY in 2023 to 1,674 million CNY in 2027, with a CAGR of about 28.0% [4][25]. - The earnings per share (EPS) is forecasted to rise from 2.52 CNY in 2023 to 5.80 CNY in 2027 [4][25]. Revenue and Profit Forecast - The company is expected to maintain a gross margin above 78% over the next three years, with revenue growth driven by both traditional and new business segments [21][27]. - The revenue from the flat solution segment is projected to grow by 15% in 2024, while the pipe solution segment is expected to grow by 20% [22]. Valuation Analysis - The report uses a price-to-earnings (P/E) valuation method, estimating a conservative P/E of 37 for 2026, resulting in a target market capitalization of approximately 521.33 billion CNY [27][28]. - The average P/E of comparable companies is noted to be 56.8, indicating a strong market position for the company [27][28].

Group 1 - The core point of the news is that 柏楚电子 (Bachoo Electronics) experienced a decline of 1.02% in its stock price, reaching 135.80 yuan per share, with a trading volume of 1.88 billion yuan and a turnover rate of 0.48%, resulting in a total market capitalization of 392.10 billion yuan [1] - 柏楚电子 is located in Shanghai and was established on September 11, 2007, with its listing date on August 8, 2019. The company's main business involves the research, development, production, and sales of laser cutting control systems [1] - The revenue composition of 柏楚电子 is as follows: flat solutions account for 61.36%, pipe solutions for 21.43%, others for 14.09%, and three-dimensional solutions for 3.11% [1] Group 2 - 中银证券 (Bank of China Securities) has a fund that heavily invests in 柏楚电子, specifically the 中银证券盈瑞混合A (Bank of China Securities Yingrui Mixed A) fund, which held 7,000 shares, representing 2.06% of the fund's net value, making it the sixth-largest holding [2] - The 中银证券盈瑞混合A fund was established on May 6, 2021, with a latest scale of 43.7034 million yuan. Year-to-date, it has a return of 5.7%, ranking 6566 out of 8085 in its category, and a one-year return of 5.64%, ranking 6468 out of 8085. Since its inception, it has incurred a loss of 7.45% [2] Group 3 - The fund manager of 中银证券盈瑞混合A is 王文华 (Wang Wenhua), who has a tenure of 11 years and 81 days, managing a total fund size of 5.288 billion yuan, with the best return during his tenure being 28.07% and the worst being -6.14% [3] - The co-manager, 罗雨 (Luo Yu), has a tenure of 2 years and 123 days, managing a total fund size of 2.33 billion yuan, with the best return during his tenure being 18.53% and the worst being 5.49% [3]

Group 1 - The core point of the news is that 柏楚电子 (Bachu Electronics) experienced a decline of 1.02% in its stock price, reaching 135.80 yuan per share, with a trading volume of 188 million yuan and a turnover rate of 0.48%, resulting in a total market capitalization of 39.21 billion yuan [1] - 柏楚电子 is located in Shanghai and was established on September 11, 2007, with its listing date on August 8, 2019. The company specializes in the research, production, and sales of laser cutting control systems [1] - The revenue composition of 柏楚电子 includes: 61.36% from flat solutions, 21.43% from pipe solutions, 14.09% from other solutions, and 3.11% from three-dimensional solutions [1] Group 2 - From the perspective of major fund holdings, 嘉实基金 (Jia Shi Fund) has one fund heavily invested in 柏楚电子. The 嘉实上证科创板工业机械ETF (588850) increased its holdings by 3,608 shares in the third quarter, totaling 10,100 shares, which accounts for 4.83% of the fund's net value, making it the fourth largest holding [2] - The 嘉实上证科创板工业机械ETF (588850) was established on April 16, 2025, with a latest scale of 32.05 million. Since its inception, it has achieved a return of 37.83% [2] - The fund manager of 嘉实上证科创板工业机械ETF (588850) is 田光远 (Tian Guangyuan), who has been in the position for 4 years and 299 days, managing total assets of 75.41 billion yuan, with the best fund return during his tenure being 134.37% and the worst being -46.65% [2]