Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated sustained high growth, with a revenue of 2.5 billion yuan in H1 2025, representing a year-on-year increase of 46%, and a net profit of 350 million yuan, up 52% year-on-year [1] - The growth is driven by core customers' increased production, with domestic new energy vehicle sales reaching 2.95 million units in Q2 2025, a quarter-on-quarter increase of 26% [1][2] - The company is focusing on becoming a comprehensive supplier of white body assemblies, leveraging advancements in lightweight and electronic components [2] Financial Performance - In Q2 2025, the company reported a revenue of 1.4 billion yuan, a year-on-year increase of 53% and a quarter-on-quarter increase of 28% [1] - The gross profit margin for Q2 2025 was 25.1%, showing a slight decrease compared to previous periods [1] - The company expects net profits for 2025-2027 to be 860 million, 1.13 billion, and 1.37 billion yuan respectively, corresponding to P/E ratios of 15, 11, and 9 [2][4] Market Position and Strategy - The company has established a strong order backlog and is expanding its production capacity through new facilities in various locations [2] - It has a diverse customer base, including major automotive parts suppliers and manufacturers, which enhances its market position [2] - The company is actively developing new processes to improve efficiency and profitability [2]

Group 1 - The company announced the payment of the second-year interest for the "Bo Jun Convertible Bonds" on September 8, 2025, with an interest rate of 0.40%, amounting to 4.00 CNY per 10 bonds (including tax) [2][3][4] - The interest payment will be made to all registered holders of the "Bo Jun Convertible Bonds" as of September 5, 2025, after the market closes [4][5] - The company will not pay interest for the current and subsequent interest periods to bondholders who apply for conversion into company stock before the interest payment date [2][3][4] Group 2 - The total issuance of the "Bo Jun Convertible Bonds" is 5 million bonds, with a maturity period from September 8, 2023, to September 7, 2029 [2][3] - The interest rates for the subsequent years are set at 1.50% for the fourth year, 1.80% for the fifth year, and 2.50% for the sixth year [2][3] - The company has received a credit rating of A+ for the convertible bonds, with a stable outlook [3]

2025 年半年度持续督导跟踪报告 | 保荐机构名称：东方证券股份有限公司 | 被保荐公司简称：博俊科技 | | --- | --- | | 保荐代表人姓名：刘俊清 | 联系电话：021-2315 3434 | | 保荐代表人姓名：陈华明 | 联系电话：021-2315 3684 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询一次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 | | | 4.公司治理督导情况 | | | ...

| 证券代码：300926 | 证券简称：博俊科技 | 公告编号：2025-079 | | --- | --- | --- | | 债券代码：123222 | 债券简称：博俊转债 | | 江苏博俊工业科技股份有限公司 关于"博俊转债"2025年付息公告 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。 特别提示： 1、"博俊转债"（债券代码：123222）将于2025年9月8日（原付息日2025 年9月7日为休息日，顺延至下一交易日）按面值支付第二年利息，每10张"博俊 转债"（面值1,000.00元）利息为4.00元（含税）。 2、债权登记日：2025年9月5日（星期五）。 3、除息日：2025年9月8日（星期一）。 4、付息日：2025年9月8日（星期一）。 5、"博俊转债"票面利率：第一年为0.20%、第二年为0.40%、第三年为1.00%、 第四年为1.50%、第五年为1.80%、第六年为2.50%。 6、"博俊转债"本次付息的债权登记日为2025年9月5日，截至2025年9月5日 下午深圳证券交易所收市后，在中国 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue for the first half of 2025 reached 2.512 billion yuan, representing a year-on-year increase of 45.77%, while the net profit attributable to shareholders was 352 million yuan, up 51.95% year-on-year [4] - The significant growth in Q2 2025 was driven by the release of new production capacity, seasonal recovery, and increased sales from core customers [5] - The company has established strong partnerships with major clients such as Geely, BYD, and new energy vehicle manufacturers, which are expected to further enhance performance in the second half of 2025 [6] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.412 billion yuan, with a year-on-year and quarter-on-quarter increase of 52.66% and 28.41% respectively [5] - The net profit for Q2 2025 was 203 million yuan, reflecting a year-on-year increase of 55.01% and a quarter-on-quarter increase of 36.00% [5] Cost Management - The net profit margin for Q2 2025 improved to 14.38%, with a year-on-year increase of 0.22 percentage points and a quarter-on-quarter increase of 0.80 percentage points [5] - The company optimized its expense ratio, with a period expense ratio of 7.17%, down 1.64 percentage points year-on-year and 1.11 percentage points quarter-on-quarter [5] Production Capacity and Product Development - The company is expanding its production capabilities and product offerings, including entering mass production of integrated die-casting products in Q2 2025 [5] - The company has established 12 subsidiaries across key regions, which will enhance collaboration with core customers and localize supply [5] Earnings Forecast - The company is projected to achieve revenues of 5.835 billion, 7.842 billion, and 9.875 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 38%, 34%, and 26% [6] - The net profit attributable to shareholders is expected to reach 884 million, 1.152 billion, and 1.434 billion yuan for the same years, with growth rates of 44%, 30%, and 25% respectively [6]

Group 1: Company Overview - Jiangsu Bojun Industrial Technology Co., Ltd. was established in 2011, focusing on the R&D, design, production, and sales of automotive precision components and molds [2][3]. - The company offers a one-stop solution for automotive parts, covering various systems such as steering, power, doors, sunroofs, electronics, interiors, and seating [3]. - Bojun has established strategic partnerships with renowned manufacturers like Geely, Changan, BYD, and Magna [3]. Group 2: Subsidiaries and Expansion - The company has 15 subsidiaries across China, with several established between 2017 and 2025, including locations in Chongqing, Chengdu, and Xi'an [3][4]. - Recent acquisitions include Hebei Bojun Auto Parts Co., Ltd. and Jiangsu Bojun Auto Parts Co., Ltd. in 2024 [4]. Group 3: Investor Relations and Financial Performance - The company has seen significant growth in sales to BYD in the first half of the year compared to the same period last year, with expectations for continued growth in the second half [5]. - Many main engine manufacturers have shortened payment terms, which has helped reduce accounts receivable and improve asset turnover [5]. - The company is also exploring investments in robotics but has not made substantial progress yet [5]. Group 4: Future Collaborations and Projects - Bojun is collaborating with Shanghai Electric on customized robotics technology for automotive parts manufacturing, with the project progressing as planned [4]. - The company has secured a project with BAIC for integrated die-casting, focusing on products like shock towers and rear floors [5].

Group 1 - The company reported a revenue of approximately 2.512 billion yuan for H1 2025, representing a year-on-year increase of about 45.77%, and a net profit attributable to shareholders of approximately 352 million yuan, up about 51.95% year-on-year [1] - In Q2 2025, the company achieved a revenue of approximately 1.412 billion yuan, reflecting a year-on-year growth of about 52.65% and a quarter-on-quarter increase of about 28.36%, with a net profit of approximately 203 million yuan, up about 55.01% year-on-year and 36.00% quarter-on-quarter [1][2] Group 2 - The performance growth was driven by major clients such as Seres, Geely, and Li Auto, with their production volumes in Q2 2025 being approximately 131,800 units, 892,300 units, and 111,100 units, respectively, showing year-on-year increases of about 10.86%, 26.47%, and 16.26% [2] - The company's gross margin in Q2 2025 was approximately 25.14%, down about 4.15 percentage points year-on-year, while the net profit margin was approximately 14.38%, up about 0.22 percentage points year-on-year [2] Group 3 - The company is transitioning from a Tier 1 supplier to a complete vehicle manufacturer supplier, enhancing its product offerings from components to complete body products, which increases the value per vehicle [3] - Significant investments have been approved for capacity expansion, including 1.5 billion yuan for a Changzhou base, 1.6 billion yuan for a Chongqing comprehensive production base, and 1 billion yuan for an automotive lightweight component production base in Jinhua [3] Group 4 - The company's white body business is expected to grow steadily, with strong ties to leading clients such as Geely, Seres, Xiaopeng, Leap Motor, and BYD, indicating a potential for sustained high growth in performance [4] - Revenue projections for 2025 to 2027 are approximately 5.835 billion yuan, 7.533 billion yuan, and 9.028 billion yuan, with year-on-year growth rates of about 38.0%, 29.1%, and 19.9% respectively [4]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue of 2.51 billion and a year-on-year growth of 45.8%, while net profit attributable to shareholders reached 350 million, up 52% year-on-year, aligning with previous forecasts [1] Short-term Summary - The modular body business is closely tied to major clients such as Seres, Ideal, Geely, BYD, and Changan, which is expected to drive sustained high growth in performance [2] - In the first half of 2023, revenue contributions from Ideal and Geely accounted for 31% and 20% respectively, indicating strong growth potential from these key clients [2] Long-term Summary - The company aims to become a leading supplier of complete body assemblies by leveraging comprehensive bodywork processes, integrated capabilities, and production advantages [3] - The company has a full range of bodywork processes that are industry-leading, including stamping, hot forming, welding, laser welding, injection molding, laser cutting, integrated die-casting, and assembly, enabling one-stop service for body development [3] - The integrated capability spans from mold design and manufacturing to body parts and modular products, providing strong responsiveness and cost advantages [3] - The company has been continuously enhancing its production capacity across various regions, with new factories in Chongqing and Changzhou set to boost localized support and service for clients [3] - Profit forecasts indicate net profits of 850 million, 1.08 billion, and 1.27 billion for 2025-2027, with year-on-year growth rates of 38%, 28%, and 17% respectively, reflecting confidence in the modular body business alongside major clients [3]

Core Viewpoint - 博俊科技 (300926) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating robust business growth and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.512 billion yuan, a year-on-year increase of 45.77% [1]. - Net profit attributable to shareholders was 352 million yuan, up 51.95% year-on-year [1]. - In Q2 2025, total revenue was 1.412 billion yuan, reflecting a 52.66% increase year-on-year, while net profit for the quarter was 203 million yuan, up 55.01% [1]. - The gross margin was 25.51%, down 7.69% year-on-year, while the net margin improved to 14.03%, an increase of 4.24% [1]. - Total receivables increased by 44.73% year-on-year, indicating a rise in accounts receivable [1]. Key Financial Metrics - Earnings per share (EPS) rose to 0.83 yuan, a 45.47% increase year-on-year [1]. - The company's net asset value per share increased by 58.63% to 6.9 yuan [1]. - Operating cash flow per share was -0.57 yuan, a significant decrease of 751.71% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 41.73% due to increased payments for materials [3]. - Accounts receivable decreased by 9.59% as collections improved [3]. - Inventory increased by 20.5% due to business growth and higher ending inventory balances [3]. - Fixed assets rose by 11.72% due to the transfer of construction projects to fixed assets [3]. - Short-term borrowings increased by 14.88% as the company borrowed more from banks [5]. - Contract liabilities increased by 25.1% due to higher prepayments for tooling [6]. Investment and Cash Flow Insights - R&D investment grew by 21.08%, reflecting the company's commitment to innovation [10]. - Net cash flow from financing activities increased by 54.29% due to a simplified stock issuance process [11]. - The net increase in cash and cash equivalents surged by 284.79%, driven by higher cash flow from financing activities [11]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was 19.07%, indicating strong capital efficiency [12]. - Analysts expect the company's performance in 2025 to reach 848 million yuan, with an average EPS forecast of 1.95 yuan [13].

Core Insights - The company Bojun Technology (300926) announced a framework cooperation agreement with Shanghai Electric Automation Group (601727) on August 19, 2025, focusing on customized technology development and application of intelligent robots in the automotive parts manufacturing sector [1] Company Summary - Bojun Technology is actively engaging in a partnership with Shanghai Electric Automation Group to enhance its capabilities in the automotive parts manufacturing industry through the development of intelligent robotics [1] - The project is currently progressing as planned, indicating effective project management and execution [1]