Ge Long Hui A P P·2025-10-14 08:01Core Viewpoint - The report from Dongfang Securities indicates that Bojun Technology is expected to achieve a net profit attributable to shareholders of 552-662 million yuan in the first three quarters, representing a year-on-year growth of 50.0%-80.0% [1] Financial Performance - For the third quarter, the estimated net profit attributable to shareholders is projected to be 244-285 million yuan, reflecting a year-on-year increase of 80.0%-110.0% and a quarter-on-quarter growth of 20.3%-40.4% [1] - The revenue from the company's modular body products for new energy vehicles has further increased in the third quarter, contributing to the net profit growth through cost reduction and efficiency enhancement [1] Growth Drivers - The third quarter's profit growth outpaced the overall sales growth of major clients, primarily due to the release of scale effects, the introduction of new models, and the increased value per vehicle from modular body products [1] - The launch of multiple new vehicles by major clients is expected to further enhance profitability in the fourth quarter [1] Valuation - The comparable company average PE valuation for 2025 is estimated at 20 times, with a target price set at 42.2 yuan, maintaining a "buy" rating [1]