博俊科技(300926)：3Q25利润端超预期 看好业绩持续增长前景

Core Insights - The company reported strong financial performance in Q3 2025, with total revenue increasing by 42.4% year-on-year to 4.07 billion yuan and net profit attributable to shareholders rising by 70.5% to 630 million yuan [1] - In Q3 2025, revenue grew by 37.2% year-on-year and 10.7% quarter-on-quarter to 1.56 billion yuan, while net profit surged by 102.1% year-on-year and 35.1% quarter-on-quarter to 270 million yuan [1] Financial Performance - Gross margin improved, with a year-on-year increase of 0.6 percentage points to 27.0% for the first three quarters of 2025; Q3 2025 gross margin rose by 4.8 percentage points year-on-year and 4.2 percentage points quarter-on-quarter to 29.4% [2] - The expense ratio for sales, management, and R&D decreased by 0.9 percentage points year-on-year to 6.3% for the first three quarters of 2025; in Q3 2025, the expense ratio was down by 1.0 percentage points year-on-year to 6.2% [2] Competitive Advantages - The company has established strong customer relationships with leading domestic new energy vehicle manufacturers, expanding its client base to include brands like Li Auto, Seres, Geely, BYD, and new clients such as Leap Motor and Xpeng [3] - As of Q3 2025, the company’s construction projects increased by 92% year-on-year to 767 million yuan, indicating accelerated capacity expansion to meet customer demand [3] - The company has made significant advancements in technology, including comprehensive bodywork processes and integrated die-casting solutions, which are expected to enhance both volume and pricing [3] Future Outlook - The company maintains a "Buy" rating, with upward revisions to net profit forecasts for 2025, 2026, and 2027 by 14%, 24%, and 38% respectively, projecting net profits of 920 million, 1.16 billion, and 1.39 billion yuan [4]