博俊科技：新势力客户持续放量，Q2业绩保持高增长

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved a revenue of 1.72 billion yuan in the first half of 2024, representing a year-on-year increase of 68.7%. The net profit attributable to the parent company was 230 million yuan, up 143.7% year-on-year, with a net profit margin of 13.5%, an increase of 4.1 percentage points year-on-year [1]. - In Q2 2024, the company reported a revenue of 930 million yuan, a year-on-year increase of 52.1% and a quarter-on-quarter increase of 15.9%. The net profit attributable to the parent company was 130 million yuan, up 115.7% year-on-year and 29.8% quarter-on-quarter [1]. - The company is expected to benefit from the continued ramp-up of new models from key clients such as Li Auto and AITO, which will provide stable revenue growth in the second half of the year [1]. Financial Performance Summary - The company’s gross margin in Q2 2024 was 29.3%, an increase of 2.4 percentage points year-on-year, while the net profit margin was 14.2%, up 4.2 percentage points year-on-year [1]. - The company’s revenue is projected to grow significantly, with forecasts of 4.84 billion yuan, 6.80 billion yuan, and 8.46 billion yuan for the years 2024, 2025, and 2026 respectively [2]. - The earnings per share (EPS) are expected to be 1.20 yuan, 1.68 yuan, and 2.09 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 15 times, 11 times, and 9 times [2]. Operational Insights - The company has a comprehensive technical reserve and production capacity layout, which is expected to support long-term growth. It covers various manufacturing techniques and has a strong cost advantage due to its integrated capabilities from mold design to manufacturing [1]. - The company is actively reducing costs and improving efficiency, with a decrease in expense ratios across sales, management, R&D, and financial costs in Q2 2024 compared to the previous year [1].