博众精工首次覆盖报告：3C组装龙头，充分受益AI端侧落地

Investment Rating - The report does not explicitly state an investment rating for the company. Core Viewpoints - The company, Bozhong Precision (688097), is focused on automation equipment, initially starting in the 3C sector and expanding into new energy and semiconductor equipment. In 2023, the revenue from automation equipment accounted for 85.7% of total revenue, while tooling and components accounted for 14.2% [2][26]. Company Overview - The company has a concentrated shareholding structure, with the actual controllers holding 69.31% of the shares through various platforms. The top ten shareholders hold a total of 76.39% of the shares, indicating a high concentration of ownership [6]. - The company has several key subsidiaries, including Shanghai Xinxin, Linghou Robotics, Bozhong Robotics, Bozhong Instruments, and Sichuan Zhongda, each focusing on different aspects of automation and robotics [7][8]. Financial Performance - The company has shown a steady increase in gross and net profit margins from 2021 to 2023, indicating growth potential and improved profitability [11]. - Operating cash flow has improved significantly from negative values post-2020, although it has not yet turned positive. Accounts receivable have been on the rise, reaching 51.69% of revenue in 2023, with a high proportion of short-term receivables [12][13]. Market Trends - The 3C sector is experiencing a recovery in demand, with smartphone and PC shipments expected to grow in 2024. The company has expanded its product lines to include a wide range of consumer electronics [15][17]. - The demand for automation equipment is expected to rise due to the decreasing labor force and increasing labor costs in China, pushing manufacturers towards automation [16]. Strategic Partnerships - The company has established deep ties with major clients like Apple, covering a significant portion of the smartphone and wearable markets. It is also actively expanding its client base to include other major brands like Huawei and Samsung [28]. New Energy Sector - The global electric vehicle market is growing rapidly, with significant increases in sales and government support for infrastructure development. The company is well-positioned to benefit from this trend through its new energy equipment offerings [52][82]. Semiconductor Market - The semiconductor packaging equipment market is experiencing strong demand, with a clear trend towards domestic production. The company is focusing on advanced packaging and AI computing markets, enhancing its competitive edge [72][71].