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柏楚电子(688188):2025年上半年利润同比增长30%,智能焊接领域持续突破
Guoxin Securities· 2025-08-25 12:25
证券研究报告 | 2025年08月25日 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,407 | 1,735 | 2,200 | 2,773 | 3,477 | | (+/-%) | 56.6% | 23.3% | 26.8% | 26.1% | 25.4% | | 净利润(百万元) | 729 | 883 | 1128 | 1437 | 1806 | | (+/-%) | 52.0% | 21.1% | 27.8% | 27.4% | 25.7% | | 每股收益(元) | 4.98 | 4.30 | 5.49 | 6.99 | 8.79 | | EBIT Margin | 47.0% | 49.6% | 53.9% | 54.8% | 55.4% | | 净资产收益率(ROE) | 14.7% | 16.1% | 17.9% | 20.1% | 21.6% | | 市盈率(PE) | 36.9 | 42.7 | 33.4 | 26.2 | ...
柏楚电子(688188):2025半年度业绩点评:2025H1归母净利润同比+30%,高功率产品渗透率持续突破
Soochow Securities· 2025-08-22 11:03
证券研究报告·公司点评报告·计算机设备 柏楚电子(688188) 2025 半年度业绩点评:2025H1 归母净利润 同比+30%,高功率产品渗透率持续突破 买入(维持) 1)中期驱动力:智能焊接在钢结构领域已经进入 1-10 放量阶段,未来有 望突破价值量更高的船舶、桥梁、集装箱等领域。2)长期驱动力:公司基于 自主研发的五大核心技术,持续加大对平台基础能力建设的投入,一方面公司 持续加大研发投入保持技术领先性,一方面下沉终端市场。保证业务落地确定 性及盈利能力,持续孵化新技术应用落地。 ◼ 2025H1 归母净利润同比+30%,高功率产品渗透率持续突破 2025H1 公司营业总收入 11.0 亿元,同比+24.9%;归母净利润 6.4 亿元, 同比+30.3%,扣非归母净利润 5.9 亿元,同比+26.0%。单 Q2 公司营业总收入 6.1 亿元,同比+20.9%;归母净利润 3.9 亿元,同比+29.2%;扣非归母净利润 3.5 亿元,同比+22.5%。营收增长主要系公司持续加大技术研发及市场开拓的 投入,整体订单量持续增长所致。分产品看,(1)2025H1 公司平面解决方案 营收 6.8 亿元,平面方 ...
柏楚电子(688188):上半年归母净利润yoy30%+,看好AI焊接加速落地
Shenwan Hongyuan Securities· 2025-08-22 06:42
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year increase of 30.32% in net profit attributable to the parent company for the first half of 2025, with a revenue growth of 24.89% [4] - The second quarter of 2025 showed a revenue of 608 million yuan, a year-on-year increase of 20.92% and a quarter-on-quarter increase of 22.55% [4] - The report highlights strong performance in the core cutting business and the acceleration of AI welding solutions [7] Financial Data and Profit Forecast - For the first half of 2025, total revenue is projected at 2.18 billion yuan with a year-on-year growth rate of 25.6% [6] - The net profit for 2025 is expected to reach 1.11 billion yuan, corresponding to a PE ratio of 37 [6] - The company maintains a high gross margin of 78.83% and a net margin of 59.53% for the first half of 2025 [7] - The company anticipates continued growth in its laser cutting business driven by increased penetration and power upgrades, as well as overseas exports [7] Revenue Breakdown - In Q2 2025, the revenue breakdown is as follows: - Flat solutions: 677 million yuan (61.36% of total revenue, gross margin 82.13%) - Pipe solutions: 237 million yuan (21.43% of total revenue, gross margin 85.53%) - 3D solutions: 34 million yuan (3.11% of total revenue, gross margin 85.01%) - Other businesses: 156 million yuan (14.09% of total revenue, gross margin 52.91%) [7] Expense Management - The comprehensive expense ratio for the first half of 2025 is 20.14%, showing stable management of expenses [7] - The sales expense ratio is 4.74%, a slight decrease from the previous year [7]
柏楚电子上市6周年:归母净利润增长258%,市值较峰值蒸发29%
Sou Hu Cai Jing· 2025-08-08 05:09
Core Viewpoint - The company, 柏楚电子, has demonstrated significant growth in both revenue and net profit over the past five years, indicating strong business expansion capabilities and consistent profitability. Revenue Analysis - 柏楚电子's main business includes the research, production, and sales of laser cutting control systems, with the revenue structure showing that flat solutions account for 64.81% and pipe solutions for 21.91% of total revenue [3] - The company achieved revenue of 5.71 billion in 2020, which increased to 17.35 billion in 2024, representing a threefold growth over five years [3] Profit Analysis - In terms of net profit, 柏楚电子 reported a net profit of 246 million in 2019 and reached 883 million by 2024, marking a cumulative growth of 258.37% over the years [3] - The net profit in 2020 was 371 million, which also doubled to 883 million by 2024, showcasing continuous improvement in profitability [4] Market Capitalization - Since its listing, 柏楚电子's market capitalization has increased by 0.57 times, peaking at 54.08 billion on August 27, 2021, with a corresponding stock price of 539.2 [6] - As of August 7, the stock price was 133.01, and the market capitalization stood at 38.36 billion, reflecting a decrease of 15.72 billion from its peak, equating to a 29.07% drop in market value [6]
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].