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研報掘金丨華鑫證券:博傑股份人形機器人實現零的突破,下調評級至“增持”
華鑫證券研報指出,博傑股份限制性股票綁定核心團隊利益,人形機器人實現零的突破。公司主營業務爲自動化測試和組裝相關設備,可以提供消費電子、汽車電子、大數據雲服務器、存儲服務器、半導體、被動元器件等的測試。2024年公司在人形機器人和AI服務器領域實現重大突破。未來將沿着AI算力相關客戶多元化的檢測需求展開設備供應和提升設計能力,並通過不斷切入客戶各類產品量產產線的檢測設備,例如應用於GB300相關產品的服務器板級測試,以擴大業務規模。根據一季報以及限制性股票業績考覈要求,該行下調公司的盈利預測,預測公司2025-2027年淨利潤分別爲1.11、1.24、1.46億元,EPS分別爲0.70、0.79、0.92元,當前股價對應PE分別爲47、42、36倍,下調至“增持”投資評級。
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