2Q26 业绩电话会议要点 - 全年指引不变

研报英文原文证据摘录

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M

Update

August 18, 2026 04:24 PM GMT

Shanghai BOCHU Electronic Technology | Asia

Pacific

Morgan Stanley Asia Limited+

Chelsea Wang

Equity Analyst

2Q26 earnings call takeaways Full-year guidance unchanged

Sheng Zhong

Equity Analyst

Carlos Chai

Research Associate

Andy Huang

Research Associate

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Shanghai BOCHU Electronic Technology (688188.SS,

Management maintains its 20% y-y revenue growth target in 2026...

688188 CG)

… with revenue from cutting products up 20% y-y, welding sales at 2,500 units,

China Industrials | China

and precision application revenue at Rmb70mn.

Overseas demand in 2Q improved q-q. In July, the downstream demand overall

was largely in-line with 2Q momentum.

The cutting market share is at ~70% currently, and Bochu aims to become a

solution provider in the long run, integrating cutting and welding process knowhow.

Management expects the delivery for the Huzhou shipbuilding project to start in

2027, with increasing cooperation with shipbuilding clients near the Yangtze

River.

1H26 sales by segment:

• Welding MCS shipped 1k+ units with Rmb60bn revenue; 80% of volume was

for steel structures and 20% for shipbuilding and power projects. 30% of

welding units was for export. The welding customer numbers increased to

200+ with repurchase ratio at 80%+ in 2026.

• The precision application segment generated Rmb20mn revenue in 1H26.

• By region, total overseas demand (incl. indirect) grew ~10% y-y in 1H26.

~50% of planar solution sales (mainly low-mid power) was from overseas

demand.

• Management noted demand emerging for total line solutions in the

shipbuilding industry this year, as well as for construction machinery. Single

project value is >Rmb100mn.

GPM contraction on product mix and rising cost. 2Q26 GPM declined 6.2ppt and

1.0ppt q-q to 73.5%, attributable to: 1) Product mix - higher revenue contribution

…