博众精工：3C自动化龙头，受益果链创新周期

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in the automation equipment sector, focusing on intelligent manufacturing solutions across various industries, including consumer electronics, new energy, and semiconductors [9][10]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of approximately 17.66% from 2016 to 2023, and a net profit of 390 million yuan in 2023, reflecting a year-on-year growth of 17.8% [14][16]. - The company is expected to benefit from the upcoming innovation cycle in the 3C (computer, communication, and consumer electronics) sector, particularly with the rise of AI-enabled devices [20][21]. Summary by Sections 1. Company Overview - The company, established in 2006 and listed in 2021, is a leading player in the automation equipment industry, focusing on the development and sales of automated production lines and key components [9][10]. - The company’s main products include automation equipment, flexible production lines, and essential components, serving sectors such as consumer electronics, new energy vehicles, and semiconductors [10][12]. 2. Market Trends and Growth Opportunities - The new energy vehicle market in China has seen significant growth, with production and sales reaching 9.44 million and 9.495 million units in 2023, respectively, marking year-on-year increases of 30.8% and 37.9% [3]. - The company is well-positioned to benefit from the anticipated recovery in the 3C supply chain, particularly with the introduction of new AI-enabled products [20][21]. 3. Financial Performance and Projections - The company’s revenue is projected to grow from 51.71 billion yuan in 2024 to 79.42 billion yuan in 2026, with net profits expected to rise from 4.96 billion yuan to 7.76 billion yuan during the same period [5][14]. - The report highlights an improvement in the company's profitability, with a gross margin of 33.79% and a net margin of 7.94% in 2023, both showing year-on-year increases [16][17]. 4. Strategic Initiatives - The company is actively investing in R&D, with a focus on advanced packaging and semiconductor equipment, aiming to capitalize on the domestic market's shift towards localization [5][24]. - The company is also exploring opportunities in the low-altitude economy, leveraging its expertise in smart manufacturing and robotics to develop drone applications [5][24].