Jiangsu Bojun Industrial Technology (300926) 中泰证券·2024-10-09 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Insights - The company, Bojun Technology, continues to show strong performance in Q3, with expected net profit growth of 90% to 120% year-on-year for the first three quarters of 2024, driven by major clients like Li Auto, Geely, and BYD [3]. - The company is positioned well within the automotive supply chain, benefiting from a robust client structure and increasing orders from key customers, which is expected to lead to sustained high growth in performance [3]. - The financial forecasts have been revised upwards, with projected net profits for 2024-2026 now at 5.4 billion, 7.3 billion, and 8.8 billion CNY respectively, reflecting a year-on-year growth rate of 74%, 36%, and 20% [3]. Financial Summary - Revenue is projected to grow from 2,600 million CNY in 2023 to 6,662 million CNY by 2026, with a compound annual growth rate (CAGR) of 51% [1][4]. - Net profit is expected to increase from 538 million CNY in 2024 to 877 million CNY in 2026, with a CAGR of 20% [1][4]. - Earnings per share (EPS) is forecasted to rise from 0.76 CNY in 2023 to 2.17 CNY in 2026 [1][4]. Client and Market Dynamics - The company has established deep partnerships with leading automotive manufacturers, which is expected to enhance its revenue streams significantly [3]. - Major clients such as Li Auto and Geely are entering strong product cycles, which will likely contribute to the company's growth trajectory [3]. - The company is enhancing its production capabilities across various regions, including Southwest China and the Yangtze River Delta, to support local customer needs [3].