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]

据证券之星公开数据整理，近期博俊科技（300926）发布2025年中报。截至本报告期末，公司营业总收 入25.12亿元，同比上升45.77%，归母净利润3.52亿元，同比上升51.95%。按单季度数据看，第二季度 营业总收入14.12亿元，同比上升52.66%，第二季度归母净利润2.03亿元，同比上升55.01%。本报告期 博俊科技应收账款上升，应收账款同比增幅达44.73%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率25.51%，同比减7.69%，净利率14.03%，同比增 4.24%，销售费用、管理费用、财务费用总计1.24亿元，三费占营收比4.94%，同比减14.29%，每股净资 产6.9元，同比增58.63%，每股经营性现金流-0.57元，同比减751.71%，每股收益0.83元，同比增45.47% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 17.23亿 | 25.12 乙 | 45.77% | | 归母净利润(元) | 2.32亿 | 3.52亿 | 51.95% | | 扣非净利润(元) ...

证券日报网讯博俊科技（300926）8月27日在互动平台表示，2025年8月19日，公司与上海电气 （601727）自动化集团签署订单合作框架协议，双方将围绕汽车零部件制造场景，开展智能机器人定制 化技术研发与落地应用。目前项目正按计划有序推进。 ...

Group 1 - The company's total revenue for 1H25 increased by 45.8% year-on-year to 2.51 billion yuan, and the net profit attributable to shareholders rose by 52.0% to 350 million yuan, indicating strong financial performance [1] - In 2Q25, the company's revenue grew by 52.7% year-on-year and 28.4% quarter-on-quarter to 1.41 billion yuan, with net profit increasing by 55.0% year-on-year and 36.0% quarter-on-quarter to 200 million yuan [1] Group 2 - The gross margin for 1H25 decreased by 2.1 percentage points to 25.5%, with 2Q25 gross margin down by 4.1 percentage points year-on-year and 0.8 percentage points quarter-on-quarter to 25.1% [2] - The expense ratio for sales, management, and R&D decreased by 1.8 percentage points year-on-year to 6.4% in 1H25, with 2Q25 expense ratio down by 1.1 percentage points year-on-year and 0.8 percentage points quarter-on-quarter to 6.0% [2] Group 3 - The company is expanding its production capacity and enhancing its supporting capabilities by establishing subsidiaries and production bases in multiple locations, which will deepen cooperation with key clients [3] - The company has successfully diversified its client base, including partnerships with new energy vehicle manufacturers, and is expected to benefit from the ramp-up of several key models in 2025 [3] - The company is also focusing on technological advancements, including a comprehensive layout of bodywork processes and a one-stop solution for body-in-white, which is anticipated to drive a second growth curve in performance [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's performance in 1H25 met expectations, with total revenue increasing by 45.8% year-on-year to 2.51 billion yuan, and net profit attributable to shareholders rising by 52.0% to 350 million yuan [1]. - The company is expected to benefit from expanding production capacity and a strong customer base, including partnerships with new energy vehicle manufacturers [3]. Summary by Sections Financial Performance - In 1H25, the company's revenue grew by 45.8% to 2.51 billion yuan, accounting for approximately 42% of the annual forecast, while net profit increased by 52.0% to 350 million yuan, representing about 44% of the annual forecast [1]. - In 2Q25, revenue reached 1.41 billion yuan, up 52.7% year-on-year and 28.4% quarter-on-quarter, with net profit of 200 million yuan, reflecting a 55.0% year-on-year and 36.0% quarter-on-quarter increase [1]. Profitability and Cost Management - The gross margin in 1H25 decreased by 2.1 percentage points to 25.5%, with a further decline in 2Q25 to 25.1% [2]. - The selling, general, and administrative expenses ratio decreased by 1.8 percentage points to 6.4% in 1H25, indicating ongoing cost optimization [2]. Growth Drivers - The company is expanding its production capabilities with new facilities in various locations, enhancing its ability to meet customer demands [3]. - The report highlights the company's strong customer relationships with major clients such as Ideal, Seres, Geely, and BYD, which are expected to drive revenue growth through new model launches [3]. Earnings Forecast - The report maintains profit forecasts for 2025E, 2026E, and 2027E at 800 million yuan, 940 million yuan, and 1 billion yuan respectively, indicating a positive growth outlook [3][5].

Group 1 - The company Bojun Technology (300926.SZ) confirmed that it is a supplier of body parts for Xiaopeng Motors, specifically for the MONA M03 model [2] - The company has not yet supplied body parts for the new P7 model from Xiaopeng Motors [2]

Core Insights - The company, Bojun Technology, reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2.512 billion yuan, a year-on-year growth of 45.77%, and net profit attributable to shareholders at 352 million yuan, up 51.95% [1][2] Group 1: Financial Performance - The net profit after deducting non-recurring gains and losses was 351 million yuan, reflecting a growth of 51.66% year-on-year [1] - The growth in performance is primarily attributed to the substantial release of production capacity from wholly-owned subsidiaries, leading to an increase in orders [1] Group 2: Business Operations - The company focuses on the research and manufacturing of precision automotive components and molds, with products covering steering systems, power systems, body frames, and electronic systems [1] - Key clients include major automotive manufacturers such as Li Auto, Seres, Geely, and BYD, as well as international suppliers like Thyssenkrupp and Magna [1] Group 3: Capacity Expansion - The company has optimized its production capacity layout with new bases in Jiangsu, Sichuan, Zhejiang, Guangdong, and Hebei, targeting various automotive industry clusters [2] - The Chongqing and Changzhou bases contributed significantly to net profits, with a combined profit share exceeding 60% [2] Group 4: Market Development - The company has accumulated extensive market development experience over the years and has made progress in international market expansion, with products exported to North America, Europe, South America, and Southeast Asia [2]