Company and Industry Overview * **Company**: Bojun Technology, a medium-sized manufacturer of stamping parts in the A-share market. * **Industry**: Automotive stamping parts industry. * **Market Size**: The automotive stamping parts market is estimated to be around 300 billion yuan in China. * **Key Players**: Foreign giants like Benteler and Haste浦，domestic leaders like Dongtan Technology and Bojun Technology, and numerous medium and small-sized domestic enterprises. Key Points 1. Revenue Growth and Customer Structure * **Revenue Growth**: Bojun Technology expects a revenue growth of 50% to 80% in 2024, driven by new customers and projects, particularly from the Wuling Hongguang M9's strong sales. * **Customer Structure**: The company's revenue from first-tier suppliers has increased, with Geely, Li Auto, and Wuling Hongguang accounting for 38% of total revenue in 2022. * **New Customers**: Bojun Technology is actively expanding its customer base, including new projects from Geely, Chang'an, and other new car models. 2. Product Upgrade and Market Potential * **Product Upgrade**: The company has upgraded its products from single parts to integrated parts, with the revenue of body module products reaching 39% of total revenue in 2022. * **Market Potential**: The market for automotive stamping parts is large and growing, with the domestic market share of autonomous vehicles increasing from 36% in 2019 to 55% in the first quarter of 2024. 3. Profitability and Efficiency * **Profitability**: The company's gross profit margin has been stable at around 30% in recent years, with a net profit margin of 12% to 14%. * **Efficiency**: The company has improved its production efficiency and cost control, with an average annual output value per person reaching 1.07 million yuan in 2023. 4. Investment Value * **Valuation**: The company's P/E ratio is around 17 to 12 times for 2024 and 2025, higher than other A-share automotive parts companies. However, its PEG ratio is only 0.5, indicating potential undervaluation. * **Rating**: The company has been given an "Buy" rating due to its strong growth prospects and potential for profit improvement. Conclusion Bojun Technology is expected to benefit from the growing demand for automotive stamping parts in the domestic market, driven by the rise of autonomous vehicles and the expansion of its customer base and product portfolio. The company's focus on product upgrades, efficiency improvement, and cost control is expected to contribute to its future growth and profitability.

各位记者大家中午好我是永兴赠讯的汽车分析师王靖今天我们讲一下那个永兴那个我们汽车组关于那个博剧科技的一个深度报告那为什么在这个时间点推荐博剧科技呢我们觉得市场上对于博剧科技还是有比较大的一个预期差的那对他的一个分歧的点主要是集中在他的营收端了 因为从它的客户结构来看的话理想汽车的占比还是比较高23年的话理想汽车在公司的营收比例大概在34%那现在在理想销量的一个预期下调之下包括MEGA以及L系列这几个月的一个销量其实不是特别好只是这么一个大的背景之下市场对于博音科技的公司的业绩尤其是营收端的一个业绩 呃产生了比较大的一个分歧那我们认为呢就是嗯其实公司这个发展经历了这么几个阶段了分阶段来说的话其实你想汽车赛的公司完成了公司在汽车节奏键这边0-1的这个转变啊当前公司的一个发展的节点正在处于1-10的这么一个快速发展的这个道路上面那背后主要就是新客户以及新项目的一个导入 那但在这个点上面的话其实我们想说的就是你想汽车的一个影响其实没有那么大一方面呢就是你想汽车的一个销量从五月的销量来看的话短期是有一个起稳的这么一个趋势 那另外一方面的话就根据我们的一个测算啊那今年的主要业绩增量主要是在问304问界这边尤其是M9的一个 ...

1) 客户升级:从 Tier-1 到整车厂 整车厂营收占比持续提升。到 2022年，国内优质自主车企吉利、理想、 赛力斯进入公司前五大客户，营收占比合计约 38%。 1）汽车零部件，公司已逐步建立优质的客户网络与渠道,与蒂森克房 伯、伟巴斯特、麦格纳、耐世特、凯毅德、德尔福、福益等国际优秀汽车零 部件制造企业建立了紧密合作关系,产品广泛应用于特斯拉、比亚迪、理想、 大众等品牌汽车。 2）白车身，凭借在冲压零部件积累的经验，近两年公司寻求向 Tier-1 的角色转型,大力拓展吉利、理想、比亚迪等国内主流整车厂。 | --- | --- | --- | --- | --- | --- | |--------------|----------------|----------------------------------------|--------------|-----------------|---------------------------------| | 帶秦克房伯 | kiekert 凯毅德 | 主要一级供应商客户 \n-lebasto 伟巴斯特 | MAGNA 麦格纳 | B 市制定制 古利 ...

证券代码：300926 证券简称：博俊科技 公告编号：2024-040 江苏博俊工业科技股份有限公司 2024 年第一次临时股东大会决议公告 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、本次股东大会未出现否决议案的情形； 江苏博俊工业科技股份有限公司（以下简称"公司"）2024 年第一次临时股东 大会通知已于 2024 年 4 月 29 日以公告形式发出，具体内容详见公司在巨潮资讯 网（www.cninfo.com.cn）发布的《2024 年第一次临时股东大会通知》（公告编 号：2024-037）。 （一）会议召开情况 1、现场会议召开日期、时间：2024 年 5 月 17 日（星期五）上午 10:00。 2、网络投票日期、时间：通过深圳证券交易所交易系统进行网络投票的具 体时间为 2024 年 5 月 17 日（星期五）的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2024 年 5 月 17 日 9:15-15 ...

上海市通力律师事务所 关于江苏博俊工业科技股份有限公司 2024 年第一次临时股东大会的法律意见书 致: 江苏博俊工业科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受江苏博俊工业科技股份有限公司(以下简 称"公司")的委托, 指派本所唐方律师、梁翔蓝律师(以下合称"本所律师")根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等法律法规和规范性 文件(以下统称"法律法规")及《江苏博俊工业科技股份有限公司章程》(以下简称"公司章 程")的规定就公司 2024 年第一次临时股东大会(以下简称"本次股东大会")相关事宜出具 法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司 ...

Investment Rating - The report assigns a positive investment rating to Bojun Technology, indicating strong growth potential in the automotive precision parts and molds sector [7]. Core Insights - Bojun Technology has successfully transitioned from a Tier 2 supplier to a Tier 1 supplier, significantly enhancing its customer base and revenue potential [8][11]. - The company has seen a substantial increase in revenue from its stamping business, which rose from 76% in 2020 to 89% in 2023, driven by product and customer structure upgrades [13]. - The automotive stamping industry is characterized by low concentration and high competition, with individual market shares below 2% for most players [16][30]. - Bojun Technology is well-positioned to benefit from the ongoing shift towards electric vehicles and the increasing demand for lightweight materials in automotive manufacturing [26][30]. Summary by Sections Company Overview - Established in 2011 and listed on the Shenzhen Stock Exchange in 2021, Bojun Technology specializes in the R&D, design, production, and sales of automotive precision parts and molds [8]. - The company has developed a competitive advantage in key production processes such as stamping, laser welding, and injection molding [8]. Customer Base and Market Position - Major clients include leading automotive suppliers and manufacturers such as Thyssenkrupp, Magna, BYD, and Geely, with a notable shift towards new energy vehicle manufacturers [11][13]. - The company has secured significant contracts with new energy vehicle manufacturers, enhancing its market position [35]. Financial Performance - In 2023, Bojun Technology reported a revenue increase of 87% year-on-year, reaching 2.6 billion yuan, with a net profit growth of 108.6% to 310 million yuan [75]. - The gross margin for the injection molding business was 29.06%, compared to 20.50% for the stamping business, indicating a strong profitability trend [47]. Industry Trends - The report highlights the growing market for automotive plastic parts, projected to reach 238.7 billion yuan by 2026, driven by increasing vehicle production and demand for lightweight materials [65]. - The adoption of integrated die-casting technology is expected to accelerate, with the market for large-scale high-vacuum die-casting projected to grow from 2 billion yuan in 2023 to 14 billion yuan by 2026 [52]. Competitive Landscape - Bojun Technology faces competition from both domestic and international stamping manufacturers, but its focus on R&D and cost control provides a competitive edge [30][41]. - The company is actively expanding its capabilities in injection molding and die-casting, which are expected to complement its traditional stamping business and enhance overall profitability [44][49].

Investment Rating - The report gives a "Buy" rating for Bojun Technology (300926 SZ) for the first time, with a target price of RMB 20 81 [5][6] Core Views - The rapid transformation of the automotive industry towards electrification and intelligence presents new opportunities for stamping parts suppliers Bojun Technology has successfully transitioned from Tier 2 to Tier 1 supplier and is expected to benefit from the strong product cycles of its core customers such as Li Auto and Seres [1][7] - The company has diversified its business by expanding into multiple body manufacturing processes including stamping injection molding and die casting which is expected to drive long term growth [7][8] - The stamping market for passenger vehicles is projected to reach RMB 253 1 billion by 2026 with a CAGR of 2 3% from 2022 to 2026 The stamping market for new energy vehicles (NEVs) is expected to grow at a CAGR of 20 0% reaching RMB 105 8 billion by 2026 [1][12] Market and Industry Analysis - The stamping industry is capital intensive with significant barriers to entry including customer certification technological expertise and management systems [16][23] - The trend towards lightweighting in NEVs is driving the adoption of hot stamping and laser welding technologies which can reduce vehicle weight and improve safety [24][28] - The domestic stamping market is highly fragmented with no single player holding more than 2% market share The market is divided into four categories foreign owned or joint venture companies large domestic private enterprises subsidiaries of OEMs and small to medium sized stamping manufacturers [44][45] Company Analysis - Bojun Technology has established a competitive advantage through its diversified customer base strong R&D capabilities and cost control measures The company has successfully transitioned to a Tier 1 supplier with major clients including Li Auto Seres Geely and BYD [7][32] - The company has expanded its production capacity with nine subsidiaries across China enabling it to provide rapid response services to major OEMs [145][146] - Bojun Technology has invested in multiple body manufacturing processes including stamping injection molding and die casting which is expected to drive long term growth and profitability [7][8][179] Financial Performance and Projections - The company's revenue and net profit have shown strong growth with revenue increasing from RMB 1 391 million in 2020 to RMB 6 186 million in 2026E and net profit growing from RMB 148 million to RMB 751 million over the same period [4][55] - The stamping business is expected to remain the core revenue driver with projected revenue of RMB 3 33 billion in 2024E growing to RMB 4 21 billion by 2026E The die casting business is expected to contribute RMB 350 million in 2024E increasing to RMB 1 59 billion by 2026E [67][183] - The company's gross margin for the stamping business is expected to improve from 21 9% in 2024E to 23 1% in 2026E while the injection molding business is projected to maintain a gross margin of around 28% [67][196]

Investment Rating - The report assigns a "Buy" rating for the company [1][19]. Core Insights - The company achieved a revenue of 2.6 billion yuan in 2023, representing a year-on-year growth of 86.96%, and a net profit attributable to shareholders of 309 million yuan, which is a 108.18% increase year-on-year [19]. - The revenue growth is attributed to strong sales from key clients such as Li Auto and Seres, with Li Auto delivering 376,000 vehicles in 2023, a 182.2% increase year-on-year [19]. - The company has improved its profitability, with a gross margin of 28.14% in Q4 2023, and a net margin of 14.10%, benefiting from enhanced automation and cost control measures [19]. - The company has a well-structured supply chain and a strong client base, including Tier 1 suppliers and major automotive manufacturers, positioning it to benefit from the growth of core clients [19]. - Capacity expansion is underway, with a new production base in Changzhou set to launch a 9,000-ton die-casting machine in Q4 2024, and another base in Zhaoqing to enhance production capabilities [19]. - The company is expected to benefit from the lightweighting trend in the new energy vehicle sector, with projected revenues of 4.15 billion yuan, 5.57 billion yuan, and 6.98 billion yuan for 2024-2026, respectively [19]. Financial Summary - Revenue (billion yuan): 2023A: 2.6, 2024E: 4.15, 2025E: 5.57, 2026E: 6.98 [2]. - Net profit (billion yuan): 2023A: 0.31, 2024E: 0.46, 2025E: 0.63, 2026E: 0.81 [2]. - EPS (yuan/share): 2023A: 1.11, 2024E: 1.66, 2025E: 2.25, 2026E: 2.89 [2]. - PE Ratio: 2024E: 13.1, 2025E: 9.7, 2026E: 7.5 [2].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved significant revenue growth in Q1 2024, with revenue reaching 798 million yuan, a year-on-year increase of 93.3%. The net profit attributable to the parent company was 101 million yuan, up 193% year-on-year, and the net profit after deducting non-recurring items was 97 million yuan, an increase of 183.6% year-on-year [3]. - The growth is attributed to the increase in sales from key clients such as Li Auto, Seres, BYD, and Changan, alongside the rapid release of production capacity from the company's factories in Changzhou and Chongqing [3]. - The company is expected to benefit from the continued ramp-up of new models like Li L6 and Seres' new M5 throughout 2024, providing stable incremental growth to its performance [3]. - The company's gross margin improved to 25.71%, an increase of 4.78 percentage points year-on-year, and the net profit margin reached 12.64%, up 4.30 percentage points year-on-year [3]. - The report highlights the company's comprehensive technical reserves, sufficient capacity layout, and significant cost advantages, indicating a positive outlook for its medium to long-term growth [3]. Financial Summary - The company is projected to achieve net profits of 470 million yuan, 660 million yuan, and 880 million yuan for the years 2024 to 2026, representing year-on-year growth rates of 52.5%, 40.6%, and 32.9%, respectively [3]. - The corresponding price-to-earnings (P/E) ratios are forecasted to be 20, 14, and 10 times for the years 2024, 2025, and 2026 [3]. - The report provides a detailed financial outlook, including total revenue projections of 3.955 billion yuan in 2024, 5.315 billion yuan in 2025, and 6.644 billion yuan in 2026, with respective year-on-year growth rates of 52.1%, 34.4%, and 25.0% [16].

会计年度 2023 2024E 2025E 2026E 会计年度 2023 2024E 2025E 2026E 货币资金 508 709 999 1,199 营业收入 2,600 3,937 5,551 6,662 应收票据 172 197 278 333 营业成本 1,936 2,941 4,147 4,976 应收账款 999 1,181 1,554 1,865 税金及附加 9 24 33 40 预付账款 52 44 62 75 销售费用 10 20 39 40 存货 907 1,176 1,659 1,990 管理费用 92 138 200 233 合同资产 0 3 2 2 研发费用 85 134 194 233 其他流动资产 376 557 767 921 财务费用 30 31 45 56 流动资产合计 3,015 3,864 5,319 6,384 信用减值损失 -21 -20 -20 -20 其他长期投资 0 0 0 0 资产减值损失 -48 -50 -50 -50 长期股权投资 0 0 0 0 公允价值变动收益 0 0 0 0 固定资产 1,199 1,502 1,837 2,203 投资收益 ...