博俊科技(300926)：3季度毛利率逆市同环比提升 预计4季度盈利有望继续环比向上

Core Viewpoint - The company achieved significant growth in both revenue and net profit in Q3, with a notable increase in gross margin despite industry price pressures [1] Group 1: Financial Performance - In the first three quarters, the company reported revenue of 4.075 billion yuan, a year-on-year increase of 42.4%, and a net profit attributable to shareholders of 627 million yuan, up 70.5% year-on-year [1] - Q3 revenue reached 1.563 billion yuan, representing a year-on-year growth of 37.2% and a quarter-on-quarter increase of 10.7% [1] - The gross margin in Q3 increased significantly by 4.8 and 4.2 percentage points compared to the previous quarter, while the gross margin for the first three quarters rose by 0.6 percentage points year-on-year [1] Group 2: Future Growth Drivers - The company is expected to maintain rapid profit growth in Q4, driven by the launch of new vehicles from key clients such as Seres, Li Auto, and Geely [2] - The sales of major models from primary clients are anticipated to improve, contributing positively to Q4 earnings [2] Group 3: Long-term Development - The company is entering a harvest phase for its integrated die-casting and high-pressure aluminum projects by 2025, with several projects already in mass production [3] - The expansion of production capacity across various automotive industry clusters is progressing steadily, enhancing the company's ability to serve new clients and projects [3] Group 4: Earnings Forecast and Investment Recommendation - The company forecasts EPS of 2.14, 2.85, and 3.75 yuan for 2025-2027, with a target price of 42.8 yuan based on a PE ratio of 20 times for comparable companies [4]