Bochu (688188.SS): Data update post in-line 3Q26 results; Neutral

Bochu's 3Q26 results came in largely in line with Goldman Sachs estimates, with revenue and net profit up year on year while gross margin declined slightly, mainly on mix change (higher contribution from laser cutting heads and welding control systems) and raw material cost inflation in memory chips, cameras and sensors; management expects the structural mix effect on margins to persist but intends to keep single-product GPM stable. By segment, plane, tube and 3D solution revenue all grew year on year, with domestic demand holding up partly on replacement demand for high-speed laser equipment on a 3-5 year cycle, while overseas sales have been continuously weak since the end of 1Q26. Robot welding systems shipped more units in 1-3Q26 than in all of FY25, and management maintains its FY26 shipment and revenue targets;