博俊科技(300926)25H1业绩点评：25Q2业绩高增 主要客户快速放量

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]