博俊科技2024三季报点评：业绩符合预期，期待Q4以旧换新

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a record high revenue of 2.86 billion yuan in Q3 2024, representing a year-on-year increase of 68.3% [1] - The net profit attributable to shareholders reached 370 million yuan, up 102.5% year-on-year [1] - The company is expected to continue its upward revenue trajectory in Q4, driven by increased orders from major clients such as Li Auto, Geely, and BYD [1] Financial Performance Summary - Revenue Forecasts: - 2023A: 2,600 million yuan - 2024E: 3,937 million yuan (growth rate of 51%) - 2025E: 5,551 million yuan (growth rate of 41%) - 2026E: 6,662 million yuan (growth rate of 20%) [1][2] - Net Profit Forecasts: - 2023A: 309 million yuan - 2024E: 538 million yuan (growth rate of 74.5%) - 2025E: 730 million yuan (growth rate of 35.7%) - 2026E: 877 million yuan (growth rate of 20.1%) [1][2] - Earnings Per Share (EPS): - 2023A: 0.76 yuan - 2024E: 1.33 yuan - 2025E: 1.80 yuan - 2026E: 2.17 yuan [1][2] - Gross Margin: - 2023: 25.5% - 2024E: 27.3% - 2025E: 27.0% - 2026E: 27.0% [2] Market Position and Client Base - The company has established strong relationships with major clients, including Li Auto, Geely, and BYD, which are expected to drive continued growth [1] - The company is positioned to benefit from the increasing demand for modular body components in the automotive sector [1]