Core Viewpoint - The report from Huaxin Securities highlights that Bojie Co., Ltd. (002975) has implemented restricted stock to align the interests of its core team, marking a breakthrough in humanoid robotics [1] Company Overview - Bojie Co., Ltd. specializes in automation testing and assembly equipment, providing testing services for consumer electronics, automotive electronics, big data cloud servers, storage servers, semiconductors, and passive components [1] - The company is expected to achieve significant breakthroughs in humanoid robotics and AI server fields in 2024 [1] Future Business Strategy - The company plans to diversify its equipment supply and enhance design capabilities to meet the varied testing demands of AI computing power-related clients [1] - It aims to penetrate various product production lines of clients, such as the server board-level testing for GB300-related products, to expand its business scale [1] Financial Forecast - Based on the first quarter report and the performance assessment requirements of the restricted stock, the company has revised its profit forecast downwards [1] - The projected net profits for 2025, 2026, and 2027 are estimated to be 111 million, 124 million, and 146 million yuan respectively, with corresponding EPS of 0.70, 0.79, and 0.92 yuan [1] - The current stock price corresponds to PE ratios of 47, 42, and 36 times for the years 2025, 2026, and 2027 respectively, leading to a downgrade to a "hold" investment rating [1]

Group 1: Business Overview - The company provides testing and automation solutions for automotive-related products, including cameras and millimeter-wave radars in the new energy vehicle sector [2] - The company plans to use CNY 57.5 million of its own funds to acquire a 25% stake in Zhuhai Guanghao Technology Co., Ltd. [2] - After the acquisition, the company will control 62.6343% of the voting rights in Guanghao, making it a subsidiary [2][3] Group 2: Strategic Development - The company adheres to a strategy of simultaneous internal growth and external mergers and acquisitions, focusing on high-quality assets in sectors such as semiconductors and robotics [2][3] - The company has successfully entered the "smart driving" field of new energy vehicles by securing orders for automotive camera-related equipment from leading companies [3] Group 3: Financial Performance and Future Plans - The target company is expected to have a revenue exceeding CNY 150 million by June 30, 2025, with a potential net profit of CNY 30 million [3] - The company has the right, but not the obligation, to acquire an additional 14% stake in the target company by December 31, 2025, based on performance metrics [3] Group 4: Product and Technology Focus - The company is involved in the research and development of RF testing technologies, keeping pace with industry leaders [3] - The company’s main business includes automation testing and assembly equipment for consumer electronics and automotive electronics [3]