博俊科技(300926)：业绩强劲延续 强客户结构典型代表

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]