博俊科技：24Q3业绩点评：业绩符合预期，客户放量驱动业绩增长

Investment Rating - The report maintains a "Buy" rating for the company [8][20][11] Core Views - The company's performance in Q3 2024 met expectations, with revenue of approximately 1.14 billion yuan, a year-on-year increase of about 67.7% and a quarter-on-quarter increase of about 23.1%. The net profit attributable to shareholders was approximately 140 million yuan, a year-on-year increase of about 57.1% and a quarter-on-quarter increase of about 3.6% [4] - Major clients such as Seres, Li Auto, and Geely have shown strong production demand, with respective production volumes of approximately 134,000, 154,000, and 667,000 vehicles, representing year-on-year increases of approximately 205%, 48%, and 25% [5] - The company's gross margin in Q3 2024 was approximately 24.5%, a year-on-year increase of 0.8 percentage points but a quarter-on-quarter decrease of 4.7 percentage points [6] - The company is transitioning from a Tier 1 supplier to a complete vehicle manufacturer, enhancing the value per vehicle and increasing production capacity with a new investment of 1.5 billion yuan in a Changzhou base [7] Financial Forecasts - Revenue forecasts for 2024, 2025, and 2026 are 3.94 billion yuan, 5.28 billion yuan, and 6.85 billion yuan, representing year-on-year growth rates of 52%, 34%, and 30% respectively. Net profit forecasts for the same years are 480 million yuan, 666 million yuan, and 908 million yuan, with year-on-year growth rates of 56%, 38%, and 36% respectively [8][10]