Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [6] Core Insights - The report highlights the potential benefits for domestic parts companies building factories in Mexico due to the new tariff policies announced by Trump, which will not impose additional tariffs on certain goods [9][12] - The report suggests continued focus on humanoid robotics and automotive supply chain investment opportunities, with expectations for profitability and valuation increases [3][14] - The anticipated growth in market share for competitive domestic brands and new forces in intelligent driving technology by 2025 is emphasized [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on companies such as SAIC Motor, BYD, and Changan Automobile, among others, for potential investment opportunities [3][15] - Specific companies highlighted include: - SAIC Motor (buy) - Changan Automobile (buy) - BYD (not rated) - China National Heavy Duty Truck Group (buy) - GAC Group (buy) [15] Market Performance - The report notes a decline in the automotive sector, with a 3.5% drop in the CITIC automotive sector index, underperforming the CSI 300 index [17] - The report identifies the top-performing stocks in the automotive sector, including New Aluminum Era and Jiuyi Co., while also noting significant declines in others like Junda Co. [17][18] Sales Tracking - Preliminary statistics indicate a 10% year-on-year increase in wholesale sales of passenger vehicles in March, with total sales reaching 2.41 million units [26] - Retail sales also saw a 12% increase year-on-year, totaling 1.89 million units in March [26] Industry Dynamics - The report discusses the launch of new models such as the AITO M8 and M9, which are expected to boost sales for the brand [2][14] - It also highlights the performance of various companies, with notable growth in revenue and profit for firms like Seres and Bojun Technology [39][40]

◼ 核心观点 主要客户需求向好，规模效应驱动业绩增长 公司主要客户赛力斯、理想、吉利等排产需求向好，据 Marklines，24 年产量分别约 49.64万辆、51.04 万辆和 267.51 万辆，同比分别约+94%、 +34%和+41%，24Q4 产量分别约 12.64 万辆、16.04 万辆和 88.72 万 辆，同比分别约+5%、+17%和+31%，环比分别约-5%、+4%和+33%。 此外，据 Marklines，小鹏 Mona M03 热销，24Q4 产量约 4.04 万辆， 环比约+210.91%。 盈利能力强劲，24Q4 净利率创季度新高 博俊科技(300926) 公司研究/公司点评 24Q4 业绩表现亮眼，优质客户持续放量 ——24 年业绩点评 ◼ 事件描述 公司发布 2024 年年报。2024 年公司实现营收约 42.27 亿元，同比约 +62.55%；归母净利润约 6.13 亿元，同比约+98.74%。其中 24Q4，营 收约 13.65 亿元，同比约+51.67%，环比约+19.82%；归母净利润约 2.45 亿元，同比约+93.41%，环比约+80.79%。 2024 年公司毛利率约 ...

Core Viewpoint - The company demonstrated strong financial performance in 2024, with total revenue increasing by 62.6% year-on-year to 4.23 billion yuan and net profit attributable to shareholders rising by 98.7% to 610 million yuan, driven by the ramp-up of the Xiaopeng MONA M03 model and the new factory in Guangdong [3]. Financial Performance - In Q4 2024, the company's revenue grew by 51.8% year-on-year and 19.9% quarter-on-quarter to 1.37 billion yuan, while net profit increased by 93.4% year-on-year and 80.8% quarter-on-quarter to 250 million yuan [3]. - The gross margin for 2024 improved by 2.1 percentage points to 27.7%, with Q4 2024 gross margin reaching 30.3%, reflecting a year-on-year increase of 2.1 percentage points and a quarter-on-quarter increase of 5.7 percentage points [4]. Cost Management and R&D - The selling, general, and administrative (SG&A) expense ratio for 2024 was 7.3%, with R&D expenses increasing by 0.6 percentage points to 3.8%, indicating a focus on innovation and long-term profitability [4]. - The increase in expense ratios is attributed to higher R&D investments, which are expected to yield long-term profit potential as scale effects expand and R&D results materialize [4]. Future Growth Prospects - The company is expected to benefit from the ramp-up of strong cyclical models such as the AITO M8, Xiaopeng MONA M03, and Leapmotor B series in 2025, with an expanding customer base including major clients like Ideal, Seres, Geely, and BYD [5]. - The company is actively expanding production capacity with new subsidiaries in Changzhou and Chongqing, enhancing its ability to respond quickly to customer demands and increasing opportunities for modular product collaborations [5]. - The installation of two 9,000-ton die-casting units is complete, with a third unit planned for installation in Q1 2025, which is anticipated to unlock a second growth curve for the company's performance [5].

| 证券代码：300926 | 证券简称：博俊科技 | 公告编号：2025-026 | | --- | --- | --- | | 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2025年第一季度可转换公司债券转股情况的公告 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。 特别提示： 1、"博俊转债"（债券代码：123222）转股期为2024 年 3 月 14 日至 2029 年 9 月 7 日；最新有效的转股价格为人民币 16.70 元/股。 2、2025年第一季度，共有2,587张"博俊转债"完成转股（票面金额共计 258,700.00元人民币），合计转换成15,481股"博俊科技"股票（股票代码：300926）。 3、截至2025年第一季度末，江苏博俊工业科技股份有限公司（以下简称"公 司"）剩余可转换公司债券（以下简称"博俊转债"或"可转债"）为2,472,955张， 剩余可转债票面总金额为247,295,500.00元人民币。 根据《深圳证券交易所创业板股票上市规则》 ...

2025 年 4 月 1 日 公司研究 全年业绩高增，2025E 或再配套强周期车型 ——博俊科技（300926.SZ）2024 年报业绩点评 要点 2024 年业绩披露，全年表现亮眼：2024 年公司总收入同比+62.6%至 42.3 亿元 （vs. 我们此前预期 42.9 亿元），归母净利润同比+98.7%至 6.1 亿元（vs. 我 们此前预期 6.0 亿元）；其中，4Q24 公司收入同比+51.8%/环比+19.9%至 13.7 亿元，归母净利润同比+93.4%/环比+80.8%至 2.5 亿元。4Q24 公司营收和利润 端均表现强劲主要受益于小鹏 MONA M03 放量带动广东新工厂爬坡。 4Q24 毛利率如期爬坡，坚持研发创新构筑长期利润护城河：2024 年公司毛利 率同比+2.1pcts 至 27.7%，其中 4Q24 毛利率同比+2.1pcts/环比+5.7pcts 至 30.3%；2024 年销管研三费费用率同比+0.2pcts 至 7.3%（研发费用率同比 +0.6pcts 至 3.8% vs. 销 售 / 管 理 费 用 率 分 别 同 比 -0.1pcts/-0.3pcts 至 0.3 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth driven by core customer vehicle launches and an expanding market for new energy vehicles [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.2 billion, a year-on-year increase of 63%, and a net profit attributable to shareholders of 610 million, up 99% year-on-year [1]. - In Q4 2024, revenue reached 1.37 billion, reflecting a 52% year-on-year increase and a 20% quarter-on-quarter increase, while net profit was 250 million, up 93% year-on-year and 81% quarter-on-quarter [1]. - The company’s gross profit margin for 2024 was 28%, an increase of 2 percentage points year-on-year, and the net profit margin was 15%, up 3 percentage points year-on-year [2]. Customer and Market Dynamics - Key customers include Li Auto, Seres, and Xpeng Motors, with expectations of continued revenue growth as these customers launch new models [1]. - Domestic new energy vehicle sales reached 12.87 million in 2024, a 36% year-on-year increase, with significant sales growth from Xpeng (190,000 units, +34%), Li Auto (500,000 units, +33%), and Seres (430,000 units, +183%) [1]. Production and Capacity Expansion - The company is expanding its production capacity with new projects and has a robust order book, which is expected to support long-term growth [2]. - The company is enhancing its manufacturing capabilities across various processes, including stamping, injection molding, and integrated die-casting, which will facilitate entry into the white body sector [2]. Profitability Outlook - The company is projected to see continued profit growth due to existing core customer demand and the introduction of new products, with net profits forecasted at 860 million, 1.12 billion, and 1.34 billion for 2025-2027, corresponding to PE ratios of 14, 11, and 9 [3].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 01 年 月 日 博俊科技（300926.SZ） 业绩符合预期，绑定核心客户带动业绩增长 事件：公司发布 2024 年报。2024 年，公司实现收入 42 亿元，同比+63%， 归母净利润 6.1 亿元，同比+99%。2024Q4，公司实现收入 13.7 亿元， 同比+52%，环比+20%，归母净利润 2.5 亿元，同比+93%，环比+81%。 核心客户车型放量，带动公司业绩增长。公司主要客户为理想、赛力斯、 小鹏汽车等，我们预计客户车型放量带动公司 2024 年业绩高速增长。2024 年，国内新能源车销量 1287 万辆，同比+36%，其中小鹏销量 19 万辆， 同比+34%，理想销量 50 万辆，同比+33%，赛力斯销量 43 万辆，同比 +183%。公司和长安、吉利、比亚迪也有多个项目在配套，主力客户均处 在强车型周期，预计随新车发布及交付，收入有望继续高增。 预计新项目量产+规模效应，公司盈利能力提升。我们预计新项目量产+ 业务放量，释放规模效应，从而带动公司盈利能力提升。2024 年，公司销 售毛利率 28%，同比+2pct， ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved revenue of 4.2 billion yuan in 2024, a year-on-year increase of 63%, and a net profit attributable to shareholders of 610 million yuan, up 99% year-on-year [1] - The growth in performance is driven by the ramp-up of core customer models, with significant contributions from clients such as Li Auto, Seres, and Xiaopeng Motors [1][2] - The company is expected to benefit from new project mass production and scale effects, leading to improved profitability [2] Financial Performance - In Q4 2024, the company reported revenue of 1.37 billion yuan, a 52% year-on-year increase, and a net profit of 250 million yuan, up 93% year-on-year [1] - The gross margin for 2024 is projected at 28%, an increase of 2 percentage points year-on-year, while the net profit margin is expected to be 15%, up 3 percentage points year-on-year [2] - The company has a strong order backlog and is expanding its production capacity, which is anticipated to support long-term growth [2] Earnings Forecast - The forecast for net profit attributable to shareholders is 860 million yuan for 2025, 1.115 billion yuan for 2026, and 1.343 billion yuan for 2027, corresponding to price-to-earnings ratios of 14, 11, and 9 times respectively [3][4]

对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金五零二组合，，持股减 少占比达0.51%。 外资态度来看，本期较上一季未再披露的外资机构即香港中央结算有限公司。 2025年4月1日，博俊科技(300926.SZ)发布2024年年度报告。截至2025年3月31日，共有146个机构投资 者披露持有博俊科技A股股份，合计持股量达1.28亿股，占博俊科技总股本的30.58%。其中，前十大机 构投资者包括上海富智投资有限公司、上海嘉恒睿俊企业管理咨询中心(有限合伙)、全国社保基金一一 六组合、海富通价值精选股票型养老金产品-中国民生银行股份有限公司、香港中央结算有限公司、全 国社保基金五零二组合、西藏埃维创业投资有限公司、天弘创新成长A、天弘互联网混合A、南方中证 1000ETF，前十大机构投资者合计持股比例达28.26%。相较于上一季度，前十大机构持股比例合计下跌 了3.89个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括天弘创新成长A、天弘创新领航A、东 方红中证优势成长指数发起A、富荣量化精选混合发起A，持股增加占比达0.18%。本期较上一季度持 股减少的公募基金共计8 ...

事件：公司发布2024 年报，2024 年实现营收42.3 亿元，同比+62.6%，归母净利润6.1 亿元，同比 +98.7%。其中24Q4 实现营收13.7 亿元，同比+51.7%，归母净利润2.5 亿元，同比+93.4%。 24Q4 收入规模创历史新高，规模效益带来边际盈利提升净利率也创历史新高。24Q4 公司收入13.7 亿 元，同比+51.7%，环比+19.8%,单季度收入规模创历史新高，预计环比增量主要得益于小鹏MONA 等增 量订单释放收入规模向上。24Q4 公司毛利率30.2%，同比+2.08%,环比+5.67pct，净利率17.98%，同比 +3.88pct，环比+6.06pct，规模效益带来边际盈利能力提升。展望2025，大客户赛力斯、吉利、理想依 然处于新能源强产品周期，同时增量客户小鹏、零跑等进一步放量，预计收入规模继续向上，公司财务 预算指引2025 年预计净利润增长20-40%，博俊作为汽零里强客户结构的典型代表，看好吉利、小鹏、 赛力斯、零跑等优质成长性客户放量共振下公司量利共振。 中短期：车身模块化业务绑定头部客户赛力斯、理想、吉利、比亚迪、长安等，助力业绩持续高增长。 公司深度 ...