Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but a decline in revenue and a net loss for Q1 2025, indicating mixed performance in the current fiscal year [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [1] - For Q1 2025, the company reported operating revenue of 737 million yuan, a year-on-year decrease of 0.8%, and a net loss attributable to shareholders of 31 million yuan [1] Group 2: Product Development and Market Expansion - The company has expanded its product offerings in the consumer electronics sector, covering a full range of terminal products including smartphones, tablets, TWS Bluetooth headsets, smartwatches, laptops, and AR/MR/VR devices [2] - In the new energy sector, the company has achieved large-scale domestic deliveries of its tunnel cavity injection machines and secured overseas mass production orders from leading industry clients [2] - The company is enhancing its semiconductor investments, focusing on optical communication, 3C precision components, and advanced packaging, with new products achieving significant orders from global leaders [3] Group 3: Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 6.133 billion yuan, 7.311 billion yuan, and 8.737 billion yuan, with net profits of 533 million yuan, 683 million yuan, and 845 million yuan respectively [4] - The company is assigned a target price of 29.8 yuan based on a 25x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]

2025Q1 单季度： 1）实现营收7.37 亿元，同比-0.80%；实现归母净利润-0.31 亿元，亏损扩大；实现扣非归母净利润-0.36 亿元，与去年同期相比亏损缩小 。 2）毛利率31.9%，同比-0.76pct；归母净利润率-4.2%，同比-1.34pct；扣非归母净利润率-4.95%，同比 +1.4pct。 事件：博众精工发布2024 年年报和2025 年一季报，2024 年全年： 点评：公司2025 年Q1 的真实盈利能力好转，持续看好3C 自动化设备龙头业务边界的拓展。 1）实现营收49.54 亿元，同比+2.36%；实现归母净利润3.98 亿元，同比+2.05%；实现扣非归母净利润 3.19 亿元，同比-2.66%。 2）毛利率34.38%，同比+0.59pct；归母净利润率8.04%，同比-0.03pct；扣非归母净利润率6.44%，同 比-0.33pct。 3）期间费用率为24.41%，同比+0.71pct，销售/管理/研发/财务费用率分别为7.95%、5.47%、10.38%、 0.62%，同比分别变动0.66、-0.26、0.1、0.21pct。 机器人领域 ：公司依赖在3C/新能源领 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [12]. Core Views - The company's performance in 2024 is in line with expectations, achieving a revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [3][4]. - The company is expanding its product offerings across various sectors, including consumer electronics, new energy, and semiconductors, with significant progress in new product development and customer acquisition [5][9]. Financial Summary - In 2024, the company reported a gross margin of 34.38%, a slight increase of 0.59 percentage points year-on-year, while the net profit margin was 7.85%, a decrease of 0.09 percentage points [4]. - Revenue projections for 2025-2027 are 6.039 billion yuan, 7.390 billion yuan, and 8.909 billion yuan, representing year-on-year growth rates of 21.91%, 22.37%, and 20.55% respectively [6][10]. - The forecasted net profit attributable to shareholders for the same period is 555 million yuan, 767 million yuan, and 973 million yuan, with growth rates of 39.21%, 38.24%, and 26.92% respectively [6][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [12]. Core Views - The company's performance in 2024 is in line with expectations, achieving a revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [3][4]. - The company is expanding its product offerings across various sectors, including consumer electronics, new energy, and semiconductors, with significant progress in production and customer acquisition [9][10]. Financial Summary - In 2024, the company reported a gross margin of 34.38%, a slight increase of 0.59 percentage points year-on-year, while the net profit margin was 7.85%, a decrease of 0.09 percentage points [4]. - Revenue projections for 2025-2027 are 6.039 billion yuan, 7.390 billion yuan, and 8.909 billion yuan, representing year-on-year growth rates of 21.91%, 22.37%, and 20.55% respectively [6][10]. - The forecasted net profit attributable to shareholders for the same period is 555 million yuan, 767 million yuan, and 973 million yuan, with growth rates of 39.21%, 38.24%, and 26.92% respectively [6][10].