柏楚电子发布 2025 年一季报，实现营收 4.96 亿元，同比+30.12%， 实现归母净利润 2.55 亿元，同比+31.99%。 核心观点： 受益国内高功率厚板切割需求的持续增加及国外应用场景的不断拓 展，同时公司进一步丰富行业解决方案，通过跨品类产品组合策略， 持续巩固市占，2025Q1 实现收入&利润双双高增 30%+，同时盈利能力 维持高位。利润增速高于收入增速主要系对控股子公司（波刺和波峰） 持股比例提升增厚利润所致。展望未来，短期焊接业务进展顺利，构 筑新成长曲线；长期公司凭借平台化能力，向工业自动化上下游延伸， 有望持续打开成长天花板。 25Q1 收入利润双双高增，看好焊接勾勒新成长曲线：按产品拆 分： 2025 年 04 月 28 日 柏楚电子(688188.SH) 收入利润双双高增，看好焊接业务打开 成长空间 事件： 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 7.1 -2.9 -46.6 绝对收益 3.4 -4.1 -39.3 郭倩倩 分析师 SAC 执业证书编号：S1450521120004 guoqq@essence.com.cn 陈之馨 分析师 SAC 执业证 ...

证券代码：688188 证券简称：柏楚电子 公告编号：2025-020 （一） 股东大会类型和届次 2024年年度股东大会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 19 日13 点 30 分 召开地点：上海市闵行区兰香湖南路 1000 号上海柏楚电子科技股份有限 公司会议室 上海柏楚电子科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 19 日 股东大会召开日期：2025年5月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 至2025 年 5 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported Q1 2025 revenue of 496 million yuan, a year-on-year increase of 30%, exceeding market expectations, indicating a significant acceleration in growth [3] - The net profit attributable to the parent company for Q1 2025 was 255 million yuan, a year-on-year increase of 32%, also surpassing market expectations [4] - The company is expected to benefit from the rapid growth in the intelligent welding sector, with a potential market demand of approximately 10.7 billion yuan in China's steel structure industry [5] - Revenue forecasts for 2025-2027 have been raised to 2.275 billion, 2.955 billion, and 3.776 billion yuan, respectively, reflecting a year-on-year growth of 31%, 30%, and 28% [6] Revenue Summary - Q1 2025 revenue growth was driven by strong performance in laser cutting applications, particularly in high-power demand and pipe cutting solutions [3] - The company anticipates continued rapid revenue growth in 2025, supported by the recovery in steel construction and increasing demand from industries such as shipbuilding [3] Profit Summary - Q1 2025 gross profit margin remained high at 77.76%, with a slight year-on-year decrease of 1.55 percentage points, attributed to product mix adjustments [4] - The net profit margin for Q1 2025 was 52.25%, reflecting a year-on-year decrease of 1.50 percentage points [4] Future Outlook - The company is positioned for significant growth in the intelligent welding market, with established partnerships with major steel structure manufacturers and a strong competitive advantage [5] - The company has also developed high-performance control systems for precision processing, expanding its capabilities in laser processing solutions [5]

证券代码：688188 证券简称：柏楚电子 公告编号：2025-019 上海柏楚电子科技股份有限公司 2022 年限制性股票激励计划首次授予部分第二个归属 期及预留授予部分第一个归属期归属结果暨股票上市 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 538,682股。 本次股票上市流通总数为538,682股。 本次股票上市流通日期为2025 年 4 月 28 日。 一、本次限制性股票归属的决策程序及相关信息披露 （1）2022 年 10 月 27 日，公司召开第二届董事会第十五次会议，审议通过了 《关于<上海柏楚电子科技股份有限公司 2022 年限制性股票激励计划（草案）>及 其摘要的议案》、《关于<上海柏楚电子科技股份有限公司 2022 年限制性股票激励 计划实施考核管理办法>的议案》以及《关于提请股东大会授权董事会办理公司 2022 年限制性股票激励计划相关事宜的议案》。公司独立董事对本激励计划相关议 案发表了明确同意的独立意见。以 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company reported Q1 2025 earnings that exceeded market expectations, driven by a continuous recovery in domestic demand [2][3] - Revenue for Q1 2025 reached 500 million yuan, representing a year-on-year increase of 30.1%, attributed to market expansion and product structure optimization [3] - The company maintains high profitability with a net profit of 260 million yuan in Q1 2025, a year-on-year increase of 32.0% [4] - The smart welding industry is establishing a trend, with the company focusing on technology application and market penetration [5] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023: 1,407 million yuan - 2024: 1,735 million yuan (23.33% YoY growth) - 2025: 2,095 million yuan (20.70% YoY growth) - 2026: 2,539 million yuan (21.19% YoY growth) - 2027: 3,093 million yuan (21.85% YoY growth) [3][12] - Net profit projections are as follows: - 2023: 728.91 million yuan - 2024: 882.71 million yuan (21.10% YoY growth) - 2025: 1,060.92 million yuan (20.19% YoY growth) - 2026: 1,293.34 million yuan (21.91% YoY growth) - 2027: 1,586.03 million yuan (22.63% YoY growth) [3][12] - The latest diluted EPS projections are: - 2023: 3.55 yuan - 2024: 4.30 yuan - 2025: 5.16 yuan - 2026: 6.29 yuan - 2027: 7.72 yuan [3][12] - The current P/E ratios are projected as follows: - 2024: 41.41 - 2025: 34.45 - 2026: 28.26 - 2027: 23.05 [3][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11] Core Views - The company reported Q1 2025 earnings that exceeded market expectations, driven by a continuous recovery in domestic demand [2][3] - Revenue for Q1 2025 reached 500 million yuan, representing a year-on-year increase of 30.1%, attributed to market expansion and product structure optimization [3] - The company maintains high profitability with a net profit of 260 million yuan in Q1 2025, up 32.0% year-on-year, benefiting from increased ownership stakes in subsidiaries [4] Financial Performance Summary - Total revenue projections for 2023 to 2027 are as follows: 1,407 million yuan (2023), 1,735 million yuan (2024), 2,095 million yuan (2025), 2,539 million yuan (2026), and 3,093 million yuan (2027), with respective year-on-year growth rates of 56.61%, 23.33%, 20.70%, 21.19%, and 21.85% [1] - Net profit forecasts for the same period are: 728.91 million yuan (2023), 882.71 million yuan (2024), 1,060.92 million yuan (2025), 1,293.34 million yuan (2026), and 1,586.03 million yuan (2027), with year-on-year growth rates of 52.01%, 21.10%, 20.19%, 21.91%, and 22.63% [1] - The company’s gross profit margin for Q1 2025 was 77.8%, with a net profit margin of 52.3%, indicating strong profitability despite slight declines due to accounting adjustments [4] Market Trends and Future Outlook - The company is positioned to benefit from the ongoing recovery in domestic manufacturing, particularly in the flat solution segment, which is expected to maintain steady growth [3] - The smart welding industry is entering a growth phase, with potential expansion into higher-value sectors such as shipbuilding and bridge construction [5] - The company is committed to enhancing its core technologies and increasing R&D investments to ensure sustained competitive advantage and profitability [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of 220.88 RMB [8][9]. Core Views - The company reported a strong Q1 2025 performance with revenues of 496 million RMB, a year-over-year increase of 30.12% and a quarter-over-quarter increase of 14.07%. The net profit attributable to the parent company was 255 million RMB, up 31.99% year-over-year and 62.75% quarter-over-quarter [1]. - The company is expected to continue benefiting from its leading position in the high-power cutting market and the acceleration of its second growth curve represented by smart welding [1][5]. - The company is expanding its product portfolio and optimizing its sales strategy, which has led to strong demand for its pipe solutions and cutting head technology [2]. - The smart welding products are being increasingly adopted across various industries, and the company is launching new products to enhance real-time monitoring and quality control in laser welding processes [3][4]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 496 million RMB, with a year-over-year growth of 30.12% and a quarter-over-quarter growth of 14.07%. The net profit attributable to the parent company was 255 million RMB, reflecting a year-over-year increase of 31.99% and a quarter-over-quarter increase of 62.75% [1]. Market Position and Strategy - The company is leveraging its technological advantages in high-power cutting solutions and is expected to enhance its market share. The integration of software and cutting head technology is anticipated to drive further growth [2]. - The smart welding sector is expanding, with products being applied in construction, shipbuilding, and other industries. The introduction of the UltraOCT system is expected to enhance the company's offerings in the lithium battery and photovoltaic sectors [3][4]. Growth Projections - The company forecasts EPS of 5.89 RMB for 2025, with a projected PE ratio of 37.5x, leading to a target price of 220.88 RMB [5][7]. The revenue is expected to grow significantly, with projections of 2.24 billion RMB in 2025, representing a 28.87% increase from the previous year [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q1 revenue of 496 million yuan, a year-over-year increase of 30.12%, and a net profit of 255 million yuan, up 31.99% year-over-year, exceeding expectations [5][8] - The company benefits from increasing domestic demand for high-power thick plate cutting and expanding international applications, leading to sustained growth in its laser processing control system business [8] - The company maintains strong pricing power with a gross margin of 77.76% in Q1, despite a slight decrease from the previous quarter due to accounting adjustments and changes in product mix [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2,180 million yuan, with a year-over-year growth rate of 25.6% [7] - The projected net profit for 2025 is 1,113 million yuan, reflecting a year-over-year growth of 26.0% [7] - The company expects to maintain a high gross margin of around 79% in the coming years, with a projected PE ratio of 33 for 2025 [7][8] Business Development and Technology - The company is expanding its technology applications, including advanced automation features in laser cutting and new welding technologies for various industries [8] - The introduction of new technologies such as adaptive welding and precision processing is expected to enhance the company's market position and drive future growth [8]

Core Viewpoint - The company reported strong performance in Q1 2025, exceeding market expectations with significant revenue and profit growth driven by market expansion and product optimization [1] Group 1: Financial Performance - Q1 2025 revenue reached 496 million, a year-on-year increase of 30.12% [1] - Net profit attributable to shareholders was 255 million, up 31.99% year-on-year [1] - Non-recurring net profit was 241 million, reflecting a 31.41% year-on-year growth [1] Group 2: Development Trends - Revenue growth is attributed to improved cutting head ratios and strong demand in overseas markets and high-power scenarios [2] - Gross margin was 77.8%, a slight decrease of 0.81 percentage points year-on-year, mainly due to the enhanced cutting head ratio [2] - The company effectively managed costs, with sales, management, R&D, and financial expense ratios at 5.3%, 6.0%, 12.5%, and -1.2% respectively, showing mixed year-on-year changes [2] - Operating cash flow for Q1 2025 was 173 million, a year-on-year increase of 27.31% [2] - The company is optimistic about its intelligent welding business, which leverages five core technology directions and has already seen applications in the steel structure industry [2] Group 3: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with current stock price corresponding to P/E ratios of 35.1x and 28.8x for 2025 and 2026 respectively [3] - The target price is set at 220.00, implying a 15.7% upside potential based on a P/E of 40.6x for 2025 and 33.3x for 2026 [3]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥495,841,731.20, representing a 30.12% increase compared to ¥381,059,219.51 in the same period last year[3] - Net profit attributable to shareholders was ¥255,458,451.38, up 31.99% from ¥193,550,949.11 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥240,777,413.74, reflecting a 31.41% increase compared to ¥183,225,699.63 in the previous year[3] - Basic earnings per share rose to ¥1.24, a 31.91% increase from ¥0.94 in the same period last year[3] - Net profit for Q1 2025 was ¥259.10 million, up 26.5% compared to ¥204.82 million in Q1 2024[17] - Operating profit for Q1 2025 was ¥304.77 million, reflecting a 29.5% increase from ¥235.11 million in Q1 2024[17] - Basic and diluted earnings per share for Q1 2025 were both ¥1.24, compared to ¥0.94 in Q1 2024[18] Cash Flow and Investments - The net cash flow from operating activities was ¥173,180,278.10, an 18.72% increase from ¥145,871,394.15 in the same period last year[3] - Cash flow from operating activities for Q1 2025 was ¥173.18 million, an increase of 18.6% from ¥145.87 million in Q1 2024[20] - Cash flow from investment activities for Q1 2025 was ¥245.28 million, up from ¥142.22 million in Q1 2024[20] - The company reported a significant increase in cash received from investments, totaling ¥2.39 billion in Q1 2025, compared to ¥937.42 million in Q1 2024[20] - The company experienced a net cash outflow of ¥556,761 from financing activities in Q1 2025, contrasting with a net inflow of ¥26.69 million in Q1 2024[22] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥6,061,259,090.46, an increase of 3.12% from ¥5,877,949,136.52 at the end of the previous year[4] - As of March 31, 2025, the company's total assets amounted to CNY 6,061,259,090.46, an increase from CNY 5,877,949,136.52 on December 31, 2024, reflecting a growth of approximately 3.12%[13][15] - The company's cash and cash equivalents increased to CNY 2,643,750,530.45 from CNY 2,225,821,338.02, representing a growth of about 18.73%[13] - Total current liabilities decreased to CNY 262,496,658.76 from CNY 351,527,730.22, a reduction of approximately 25.37%[15] - The company's total equity rose to CNY 5,796,447,236.88 from CNY 5,524,151,906.00, indicating an increase of around 4.92%[15] - The company's retained earnings increased to CNY 2,415,618,606.03 from CNY 2,160,160,154.65, showing a growth of approximately 11.83%[15] - The long-term equity investments slightly decreased to CNY 32,440,154.94 from CNY 33,242,595.09, a decline of about 2.41%[14] - The company's inventory decreased to CNY 150,479,404.85 from CNY 164,775,083.57, reflecting a decrease of approximately 8.66%[13] - The total liabilities decreased to CNY 264,811,853.58 from CNY 353,797,230.52, a decline of about 25.14%[15] - The company's total non-current assets amounted to CNY 690,956,856.63, a slight decrease from CNY 703,472,460.86[14] Shareholder Information - The company had a total of 7,611 common shareholders at the end of the reporting period[9] - The top shareholder, Tang Ye, holds 38,099,288 shares, representing 18.54% of the total shares[9] - The company reported no significant changes in shareholder relationships or actions during the reporting period[10] Research and Development - Research and development expenses totaled ¥61,780,307.40, accounting for 12.46% of operating revenue, down 3.32 percentage points from 15.78% in the previous year[4]