Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue up 42.4% year-on-year to 4.07 billion yuan and net profit up 70.5% to 630 million yuan [2]. - The gross margin improved, with a year-on-year increase of 0.6 percentage points to 27.0% for the first three quarters of 2025, and a notable increase in Q3 2025 gross margin by 4.8 percentage points year-on-year to 29.4% [3]. - The company has established strong customer relationships with leading domestic new energy vehicle manufacturers, enhancing its market position [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.56 billion yuan, representing a year-on-year growth of 37.2% and a quarter-on-quarter growth of 10.7% [2]. - The net profit for Q3 2025 reached 270 million yuan, showing a year-on-year increase of 102.1% and a quarter-on-quarter increase of 35.1% [2]. Cost and Margin Analysis - The company’s selling, general, and administrative expenses (SG&A) ratio decreased by 0.9 percentage points year-on-year to 6.3% for the first three quarters of 2025 [3]. - The improvement in gross margin is attributed to economies of scale and a decline in upstream raw material prices [3]. Customer and Capacity Advantages - The company has deepened its partnerships with major clients such as Li Auto, Seres, Geely, and BYD, while also expanding its client base to include new players like Leap Motor and Xpeng [4]. - As of Q3 2025, the company’s construction projects increased by 92% year-on-year to 767 million yuan, indicating a robust capacity expansion strategy [4]. Technological Edge - The company has achieved comprehensive layout in bodywork processes and is developing integrated die-casting solutions, which are expected to enhance both volume and pricing [4]. - The company is also venturing into the robotics field, collaborating with Shanghai Electric on customized technology development [4]. Earnings Forecast - The report has revised upward the net profit forecasts for 2025, 2026, and 2027 by 14%, 24%, and 38% respectively, projecting net profits of 920 million yuan, 1.16 billion yuan, and 1.39 billion yuan [5].

Core Viewpoint - 博俊科技 is a leading automotive parts manufacturer in China, with a comprehensive industry chain capability, providing services to well-known automotive companies, including those in the electric vehicle sector [1] Group 1: Business Performance - In Q3 2025, 博俊科技 reported revenue of 4.075 billion, ranking 7th among 55 companies in the industry, while the industry leader, 中鼎股份, had revenue of 14.555 billion [2] - The company's net profit for the same period was 627 million, placing it 3rd in the industry, with the top performer, 中鼎股份, achieving a net profit of 1.305 billion [2] Group 2: Financial Ratios - 博俊科技's debt-to-asset ratio stood at 59.66% in Q3 2025, down from 66.88% year-on-year, which is higher than the industry average of 40.56% [3] - The gross profit margin for the company was 26.99%, slightly up from 26.40% year-on-year, and above the industry average of 21.56% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 13.39% to 18,600, while the average number of shares held per shareholder decreased by 11.81% to 15,200 [5] - The top ten circulating shareholders included 香港中央结算有限公司 and 易方达科讯混合, with notable changes in their holdings [5] Group 4: Future Outlook - 东方证券 anticipates continued high growth in profitability for 博俊科技 in Q4, driven by new vehicle launches from quality downstream customers [5] - 中泰证券 has revised its net profit forecasts for 2025-2027 to 930 million, 1.2 billion, and 1.45 billion respectively, maintaining a "buy" rating [6]

Core Viewpoint - The automotive parts industry in A-shares is experiencing positive growth, with over 60% of the 129 listed companies reporting a year-on-year increase in net profit for the first three quarters of 2025, driven by the recovery of the global automotive market and the rise of new energy vehicles [1] Group 1: Industry Performance - 73 listed companies in the automotive parts sector achieved both revenue and net profit growth in the first three quarters of this year, with some companies like Wuhu Fushai Technology and Chengdu Xiling Power Technology reporting net profit growth exceeding 100% [1] - The demand for new energy vehicles is a key factor driving the positive performance of automotive parts companies, with Jiangsu Bojun Industrial Technology reporting steady growth in main business revenue due to increased orders in the new energy vehicle sector [2] - In September, new energy vehicle production and sales reached 1.617 million and 1.604 million units, respectively, marking year-on-year increases of 23.7% and 24.6% [2] Group 2: Technological Transformation - The intelligent transformation of the industry is contributing to new growth, with Zhejiang Shibao reporting a 35.44% year-on-year increase in revenue, benefiting from trends in electrification, intelligence, and globalization [3] Group 3: Expansion into Robotics - Automotive parts companies are increasingly focusing on emerging fields such as robotics, with Ningbo Fangzheng Automotive Mould signing a strategic cooperation agreement to develop deep-sea robot components [4] - Zhejiang Rongtai Electric Equipment has made significant investments in humanoid robotics, acquiring stakes in companies to establish a foundation in precision transmission and intelligent equipment [4] - Jin Guo Co. is exploring the application of its "Avatar Ni Microalloy Material" in emerging fields like embodied intelligent robots, with plans for mass production by the end of the year [4] Group 4: Industry Synergies - The production of automotive parts and robotics shares technological similarities, allowing for rapid technology transfer during product development [5] - The established supply chain management capabilities and customer resources of automotive parts companies provide a natural advantage for entering the robotics sector [6] - Expanding into robotics can reduce reliance on the automotive industry, mitigate cyclical risks, and enhance long-term growth potential [6]

Core Viewpoint - The automotive parts industry in A-shares is experiencing positive growth, driven by the recovery of the global automotive market and the increasing popularity of new energy vehicles, with over 60% of listed companies reporting a year-on-year increase in net profit for the first three quarters of 2025 [1] Group 1: Industry Performance - As of the latest reports, 129 listed companies in the automotive parts sector have disclosed their Q3 results, with 80 companies showing a year-on-year increase in net profit [1] - Companies such as Zhejiang Jingu Co., Ltd. and Fuyao Glass Industry Group Co., Ltd. reported both revenue and net profit growth in the first three quarters of this year, with 8 companies achieving a net profit growth rate exceeding 100% [1] - The demand for new energy vehicles is a key factor driving the positive performance of automotive parts companies, with significant increases in orders and revenue reported by companies like Jiangsu Bojun Industrial Technology Co., Ltd. [2] Group 2: Technological Transformation - The industry's shift towards intelligent transformation is contributing to new growth, as seen in Zhejiang Shibao Co., Ltd., which reported a 35.44% year-on-year increase in revenue, benefiting from trends in electrification and globalization [3] Group 3: Expansion into Robotics - Automotive parts companies are increasingly focusing on emerging fields such as robotics, with several companies entering strategic partnerships to develop robotic components for various applications [4] - Zhejiang Rongtai Electric Equipment Co., Ltd. has made significant investments in humanoid robotics, acquiring stakes in companies to enhance its capabilities in precision transmission and intelligent equipment [4] - The move into robotics is seen as a way to reduce dependence on the automotive sector and mitigate industry cycle risks, while also providing opportunities for growth and transformation [5]

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]