博俊科技(300926)：1H25营收利润双增 积极扩产持续增强配套能力

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]