Core Viewpoint - Bojun Technology (300926.SZ) has demonstrated robust growth in the automotive parts sector, with significant increases in revenue and net profit for the first three quarters of 2025, driven by a focus on core business and market expansion [1][2]. Financial Performance - For the first three quarters of 2025, Bojun Technology achieved revenue of 4.075 billion yuan, a year-on-year increase of 42.36%, and a net profit of 627 million yuan, up 70.47% [2][3]. - In Q3 2025 alone, the company reported revenue of 1.56 billion yuan, a 37.2% increase year-on-year, and a net profit of 274 million yuan, reflecting a remarkable growth of 102.1% [2][3]. Asset Growth - As of the end of Q3 2025, Bojun Technology's total assets reached 8.317 billion yuan, marking a historical high and a 33.05% increase compared to the same period last year [1][5][7]. Research and Development - The company has consistently increased its R&D investment, with expenditures of 50.92 million yuan in 2022, 84.92 million yuan in 2023, 162 million yuan in 2024, and 110 million yuan in the first three quarters of 2025, totaling 408 million yuan over the past four years [7]. - As of mid-2025, Bojun Technology and its subsidiaries held 109 patents, reinforcing its technological barriers in key areas such as lightweight and modularization [1][7]. Market Position and Strategy - Since 2018, Bojun Technology has shifted its focus from stamping parts to body modularization, enhancing its product offerings to include white body, battery packs, and electric drive components [5]. - The company has established a strong customer base, including leading new energy vehicle manufacturers such as Li Auto, Geely, BYD, and global suppliers like Thyssenkrupp and Magna [5][6]. Stock Performance - In the secondary market, Bojun Technology's stock has shown an upward trend in 2025, closing at 33.8 yuan per share on October 27, with a year-to-date increase of 54.62% [7].

证券代码：300926 证券简称：博俊科技 公告编号：2025-089 江苏博俊工业科技股份有限公司 关于参与投资股权基金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资标的名称：共青城倚樟望潮创业投资合伙企业（有限合伙）（以下简 称"合伙企业"或"基金"）。 出资金额：江苏博俊工业科技股份有限公司（以下简称"公司"）拟以自有 资金认缴出资 540 万元人民币，出资比例 4.9977%，担任有限合伙人。 特别风险提示： 合伙企业尚未完成工商变更登记手续及中国证券投资基金业协会备案，实施 过程存在不确定性。合伙企业投资方向为单一投资标的，存在单一投资标的风险 且具有投资周期长、流动性低等特点。公司本次对外投资将面临较长的投资回收 期，且投资过程可能面临宏观经济、行业周期、市场竞争、政策环境、拟投资项 目经营管理等多种因素影响，可能存在投资后无法实现预期收益的风险。敬请广 大投资者注意投资风险。 续发展路径、探索新产业投资领域，公司在聚焦主业的同时，利用专业投资机构 的投资经验，围绕低空经济、eV ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.80 CNY, based on a 2025 PE average valuation of 20 times [3][6]. Core Insights - The company has shown a significant increase in gross margin in Q3, with expectations for continued profitability growth in Q4, driven by new vehicle launches from key clients [2][11]. - Revenue and profit forecasts for 2025-2027 have been slightly adjusted, with EPS projected at 2.14, 2.85, and 3.75 CNY respectively [3]. - The company is expected to benefit from enhanced production capacity and value-added services, which will support long-term growth [11]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2023A, 2024A, 2025E, 2026E, and 2027E are 2,600 million CNY, 4,227 million CNY, 6,148 million CNY, 8,471 million CNY, and 11,168 million CNY respectively, with year-on-year growth rates of 87.0%, 62.5%, 45.5%, 37.8%, and 31.8% [5][12]. - **Net Profit**: The net profit attributable to the parent company is forecasted to be 309 million CNY, 613 million CNY, 931 million CNY, 1,238 million CNY, and 1,627 million CNY for the same years, reflecting growth rates of 108.2%, 98.7%, 51.8%, 32.9%, and 31.4% [5][12]. - **Gross Margin**: The gross margin is expected to be 25.5%, 27.6%, 27.9%, 27.6%, and 27.2% over the forecast period, indicating a slight improvement despite industry pressures [5][12]. Market Position and Client Relationships - The company has established strong partnerships with key automotive clients, including Saiers and Li Auto, which are expected to drive sales growth in Q4 [11]. - The introduction of new models from these clients is anticipated to enhance the company's revenue and profitability [11].

Core Viewpoint - The company achieved significant growth in both revenue and net profit in Q3, with a notable increase in gross margin despite industry price pressures [1] Group 1: Financial Performance - In the first three quarters, the company reported revenue of 4.075 billion yuan, a year-on-year increase of 42.4%, and a net profit attributable to shareholders of 627 million yuan, up 70.5% year-on-year [1] - Q3 revenue reached 1.563 billion yuan, representing a year-on-year growth of 37.2% and a quarter-on-quarter increase of 10.7% [1] - The gross margin in Q3 increased significantly by 4.8 and 4.2 percentage points compared to the previous quarter, while the gross margin for the first three quarters rose by 0.6 percentage points year-on-year [1] Group 2: Future Growth Drivers - The company is expected to maintain rapid profit growth in Q4, driven by the launch of new vehicles from key clients such as Seres, Li Auto, and Geely [2] - The sales of major models from primary clients are anticipated to improve, contributing positively to Q4 earnings [2] Group 3: Long-term Development - The company is entering a harvest phase for its integrated die-casting and high-pressure aluminum projects by 2025, with several projects already in mass production [3] - The expansion of production capacity across various automotive industry clusters is progressing steadily, enhancing the company's ability to serve new clients and projects [3] Group 4: Earnings Forecast and Investment Recommendation - The company forecasts EPS of 2.14, 2.85, and 3.75 yuan for 2025-2027, with a target price of 42.8 yuan based on a PE ratio of 20 times for comparable companies [4]

Group 1 - The core point of the news is that Bojun Technology's stock price increased by 5.08% to 34.14 CNY per share, with a trading volume of 306 million CNY and a turnover rate of 3.24%, resulting in a total market capitalization of 14.827 billion CNY [1] - Bojun Technology, established on March 29, 2011, and listed on January 7, 2021, primarily engages in the research, design, production, and sales of precision automotive components and molds [1] - The revenue composition of Bojun Technology is as follows: stamping business accounts for 91.99%, other (supplementary) 6.92%, injection molding business 1.08%, and commodity molds 0.01% [1] Group 2 - Among the top circulating shareholders of Bojun Technology, E Fund's Kexun Mixed Fund (110029) reduced its holdings by 551,800 shares in the third quarter, now holding 1.7931 million shares, which is 0.63% of the circulating shares [2] - The Kexun Mixed Fund has achieved a year-to-date return of 102.98%, ranking 56 out of 8,226 in its category, and a one-year return of 99.86%, also ranking 56 out of 8,099 [2] - The fund manager of Kexun Mixed Fund is Liu Jianwei, who has been in the position for 6 years and 110 days, with a total asset scale of 7.707 billion CNY [3]

Group 1: Financial Events and Policies - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from the Governor of the People's Bank of China, the head of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [2][3] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [3][5] - The State Council's report on financial work emphasizes the need for a moderately loose monetary policy to support the real economy and create a favorable financial environment [3] Group 2: Company Earnings Reports - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [4] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [5] - Weicai Technology achieved a net profit of 202 million yuan for the first three quarters, marking a 226.41% year-on-year growth [5] - Guosheng Financial Holdings reported a net profit of 242 million yuan for the first three quarters, up 191.21% year-on-year [6] - Shen Shen Fang A's net profit surged by 2791.57% year-on-year for the first three quarters, reaching 14.5 million yuan [6] - Several companies, including Morning Light Biotechnology and Wen Tai Technology, reported significant year-on-year profit increases of 385.3% and 265.09%, respectively [6][12] Group 3: Company Losses and Declines - Jing Sheng Machinery reported a net profit decline of 69.56% for the first three quarters [9] - China Shenhua's net profit decreased by 10% year-on-year, amounting to 39.052 billion yuan [8] - Health Yuan and Ping An Bank experienced net profit declines of 1.83% and 3.5%, respectively, for the first three quarters [8]

Core Insights - Bojun Technology (300926.SZ) reported its Q3 2025 results, revealing that as of October 26, 2025, nine institutional investors held a total of 120 million A-shares, accounting for 27.62% of the company's total equity. This represents a decrease of 0.67 percentage points compared to the previous quarter [1] Group 1: Institutional Holdings - A total of nine institutional investors disclosed their holdings in Bojun Technology, with a combined shareholding of 120 million shares, which is 27.62% of the total equity [1] - The institutional holding percentage decreased by 0.67 percentage points compared to the previous quarter [1] Group 2: Public Fund Activity - One public fund, Huatai-PB Fortune Mixed A, increased its holdings by 0.30% compared to the previous quarter [2] - One public fund, E Fund Kexun Mixed, reduced its holdings by 0.13% compared to the previous quarter [2] - Two new public funds disclosed their holdings this quarter: Jianxin Shuangxi Hongli Bond A and Jianxin Xingli Flexible Allocation Mixed A [2] - A total of 197 public funds were not disclosed this quarter, including E Fund Kairong Mixed and Southern CSI 1000 ETF [2] Group 3: Social Security Fund Activity - One social security fund, the National Social Security Fund 116 Portfolio, increased its holdings by 0.31% compared to the previous quarter [2] Group 4: Foreign Investment - One new foreign institution, Hong Kong Central Clearing Limited, disclosed its holdings this quarter [2]

Group 1: Company Performance Highlights - Ecovacs Robotics reported a significant increase in Q3 2025 revenue of 4.201 billion yuan, up 29.26% year-on-year, and a net profit of 438 million yuan, up 7160.87% [1] - Deep South Housing A achieved a revenue of approximately 898.85 million yuan in the first three quarters of 2025, a year-on-year increase of 331.66%, with a net profit of about 145.12 million yuan, up 2791.57% [1] - Antong Holdings reported Q3 2025 revenue of 2.152 billion yuan, an 18.85% increase year-on-year, and a net profit of 152 million yuan, up 2155.18% [2] - Sichuan Changhong's Q3 2025 revenue was 25.184 billion yuan, down 2.69% year-on-year, but net profit increased to 507 million yuan, up 690.83% [2] - Zhenghai Magnetic Materials reported a revenue of approximately 4.973 billion yuan for the first three quarters of 2025, a 30.54% increase, with a net profit of about 228 million yuan, up 20.46% [3] - Gold Mountain reported Q3 2025 revenue of 3.372 billion yuan, up 66.39% year-on-year, and a net profit of 951 million yuan, up 140.98% [4] Group 2: Corporate Actions and Strategic Moves - Yiyi Co. plans to acquire 100% equity of Gao Ye Jia, with the stock resuming trading on October 27 [6][8] - Ying Tang Zhi Kong is planning to issue shares to acquire assets, leading to a stock suspension starting October 27 [18][35] - Dream Jie Co. faced dissent from board member Chen Jie regarding the Q3 2025 report, raising concerns about its accuracy and completeness [9] - Drugmaker WuXi AppTec intends to sell 100% equity of two subsidiaries for 2.8 billion yuan to focus on its CRDMO business model [20][21] - Huayi Technology is planning to invest in a new project with a budget of approximately 266.65 million yuan for advanced manufacturing capabilities [22]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the third quarter of 2025, indicating strong operational performance and market demand [1] Financial Performance - For the first three quarters of 2025, the company's operating revenue reached 4.075 billion, representing a year-on-year increase of 42.36% [1] - The net profit attributable to shareholders for the same period was 627 million, showing a year-on-year growth of 70.47% [1] - In the third quarter alone, the operating revenue was 1.563 billion, which is a year-on-year increase of 37.21% [1] - The net profit attributable to shareholders in the third quarter was 274 million, reflecting a remarkable year-on-year growth of 102.11% [1]

Growth - Shen Shen Fang A reported a net profit of 42.09 million yuan in the third quarter, representing a year-on-year increase of 7066.86% [1] - Zhenghai Magnetic Materials achieved a net profit of 115 million yuan in the third quarter, up 189.72% year-on-year [1] - Bojun Technology's net profit reached 274 million yuan in the third quarter, marking a year-on-year growth of 102.11% [1] - Weicai Technology reported a net profit of 101 million yuan in the third quarter, reflecting a year-on-year increase of 98.11% [1] - Cambridge Technology posted a net profit of 138 million yuan in the third quarter, a year-on-year rise of 92.92% [1] - WuXi AppTec's net profit for the third quarter was 3.515 billion yuan, showing a year-on-year growth of 53.27% [1] - Hengdian East Magnetic's net profit was 432 million yuan in the third quarter, up 51.98% year-on-year [1] - Xiyu Co. reported a net profit of 683 million yuan in the third quarter, an increase of 41.34% year-on-year [1] - Keda Technology achieved a net profit of 19 million yuan in the third quarter, reflecting a year-on-year growth of 38.36% [1] - Huace Testing reported a net profit of 345 million yuan in the third quarter, marking an 11.24% year-on-year increase [1] Decline and Loss - Guosheng Financial Holdings reported a net profit of 32.8008 million yuan in the third quarter, a decrease of 15% year-on-year [1] - Xinlei Co. experienced a net loss of 9.7794 million yuan in the third quarter [1]