证券研究报告·公司深度报告 2026 年 2 月 10 日 江海证券研究发展部 执业证书编号：S1410525110001 | 投资评级： | 增持（首次） | | --- | --- | | 当前价格: | 153.3元 | | 目标价格: | 168.84元 | | 目标期限: | 12 个月 | | 市场数据 | | --- | | 总股本(百万股) | | | | | | | 288.73 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | A 股股本(百万股) | | | | | | | 288.73 | | | B/H 股股本(百万股) | | | | -/- | | | | | | A 股流通比例(%) | | | | | | | 100.00 | | | 12 个月最高/最低(元) | | | | | | 224.58/126.32 | | | | 第一大股东 | | | 唐晔 | | | | | | | 上证综指/沪深 300 | | | | | | | | | | 数据来源：聚源 | 注：2026 | | 日数据 | ...

证券代码：688188 证券简称：柏楚电子 公告编号：2026-004 上海柏楚电子科技股份有限公司 关于签订募集资金专户存储三方及四方监管协议的公告 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。 一、募集资金基本情况 1、2019 年首次公开发行股票募集资金 2、2021 年度向特定对象发行股票募集资金 根据中国证券监督管理委员会于 2022 年 2 月 22 日出具《关于同意上海柏楚 电子科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2022〕372 号），公司向特定对象发行 A 股股票 3,665,441 股，发行价格为人民币 266.68 元 /股，本次发行的募集资金总额为人民币 977,499,805.88 元，扣除相关发行费用人 民币 19,104,622.65 元，募集资金净额为人民币 958,395,183.23 元。上述募集资金 1 于 2022 年 4 月 8 日全部到位，立信会计师事务所（特殊普通合伙）对上述募集 资金到位情况进行了审验，并出具了《验资报告》（信会师报字[2022]第 Z ...

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

公司是国内首批从事光纤激光切割控制系统开发的企业，技术积累扎实，核心业务 稳健发展，大客户基础扎实，智能化精密化高端业务发展前景广阔，积极布局工业 人工智能等新兴领域，具备穿越行业波动的长期盈利能力。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,407 | 1,735 | 2,145 | 2,736 | 3,692 | | (+/-)% | 56.6% | 23.3% | 23.6% | 27.5% | 34.9% | | 净利润(归母) | 729 | 883 | 1,085 | 1,308 | 1,674 | | (+/-)% | 52.0% | 21.1% | 22.9% | 20.5% | 28.0% | | 每股净收益(元) | 2.52 | 3.06 | 3.76 | 4.53 | 5.80 | | 净资产收益率(%) | 14.7% | 16.1% | 16.5% | 18.2% | 21. ...

技术积淀稳基本，智控布局越周期 柏楚电子(688188) 计算机 [Table_Industry] /信息科技 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格(元): | 167.46 | [当前价格： Table_CurPrice] (元) 151.38 柏楚电子（688188.SH）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 本报告导读： 公司是国内首批从事光纤激光切割控制系统开发的企业，技术积累扎实，核心业务 稳健发展，大客户基础扎实，智能化精密化高端业务发展 ...

Core Viewpoint - Guochao Securities report indicates that Bichu Electronics is steadily increasing its market share in high-power applications, with strong barriers in laser cutting/welding systems, and is on a path of "the strong getting stronger" [1] Group 1: Market Position and Growth - Bichu Electronics is transitioning from module supply to system-level solutions, highlighting the synergistic advantages of "control systems + intelligent cutting heads" [1] - The company's market share in high-power cutting control systems is steadily rising, supported by the accelerated growth of its intelligent cutting head business [1] Group 2: International Expansion - The company is enhancing its indirect overseas capabilities as domestic equipment manufacturers expand internationally, with overseas markets shifting from incremental contributions to potential core growth areas [1] - The intelligent welding system opens up long-term growth opportunities for the company [1] Group 3: Investment Rating - The report initiates coverage with a "buy" rating, indicating strong support for the company's performance growth [1]

Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]

Group 1 - The core viewpoint of the report highlights the steady increase in market share for high-power laser cutting/welding control systems, with the company positioned for long-term growth through domestic substitution and international expansion [1] - The domestic market share of the company's high-power laser cutting systems is projected to rise from approximately 10% in 2019 to about 40% by 2025, driven by the upward shift in power segments and accelerated domestic substitution [1] - The company is transitioning from module supply to system-level solutions, showcasing a collaborative advantage with "control systems + intelligent cutting heads," leading to significant sales growth in key components [1] Group 2 - The company is recognized as a key player in the intelligent welding control system market, with over 15 out of 20 showcased companies at the upcoming exhibition adopting its solutions, indicating a clear second growth curve [2] - The company is focusing on high-precision processing equipment for semiconductor laser processing, high-end metal cutting, and ultrafast laser industries, establishing a clear long-term growth path [2] - The global laser processing market is expected to reach $25.92 billion by 2025, with the company enhancing its indirect overseas capabilities as domestic equipment manufacturers expand internationally [2] Group 3 - Revenue projections for the company are estimated at 2.162 billion, 2.795 billion, and 3.710 billion yuan for 2025-2027, with net profits expected to be 1.056 billion, 1.312 billion, and 1.695 billion yuan respectively, indicating strong support for growth [3] - The company is expected to maintain a steady increase in market share in the high-power cutting control system sector, with the intelligent cutting head business accelerating growth and the intelligent welding system opening up medium to long-term growth opportunities [3]

证券日报网讯 1月16日，柏楚电子发布公告称，公司2026年第一次临时股东会审议通过《关于变更募集 资金投资项目投资规模并结项暨新增募集资金投资项目和永久补充流动资金的议案》。 （文章来源：证券日报） ...

上海市锦天城律师事务所 关于上海柏楚电子科技股份有限公司 2026 年第一次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海柏楚电子科技股份有限公司 2026 年第一次临时股东会的 法律意见书 致：上海柏楚电子科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海柏楚电子科技股份 有限公司（以下简称"公司"）委托，就公司召开 2026 年第一次临时股东会（以 下简称"本次股东会"、"本次会议"）的有关事宜，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《上市公司股东会规则》等法律、法规、 规章和其他规范性文件以及《上海柏楚电子科技股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则， ...