Jiangsu Bojun Industrial Technology (300926) 光大证券·2025-01-17 05:40Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to achieve a significant increase in net profit for 2024, with an estimated growth of 90%-120% to reach between 586 million and 679 million yuan, surpassing previous forecasts [1] - The strong performance in Q4 2024 is attributed to the ramp-up in sales of the Xiaopeng MONA M03 and stable growth in sales from key downstream customers like Li Auto and Seres [1] - The company is expanding its product categories and customer base, successfully partnering with leading automotive manufacturers and introducing new clients such as Leap Motor and Xiaopeng [2] - The company is transitioning to a Tier 1 supplier status, with a focus on high-quality clients and the introduction of new manufacturing processes, including integrated die-casting expected to start mass production in Q2 2025 [2] Financial Performance and Forecast - The company’s revenue is projected to grow significantly from 4.286 billion yuan in 2024 to 5.439 billion yuan in 2025, with a growth rate of 26.90% [4] - Net profit is forecasted to increase from 602 million yuan in 2024 to 750 million yuan in 2025, reflecting a growth rate of 24.63% [4] - The earnings per share (EPS) is expected to rise from 1.44 yuan in 2024 to 1.79 yuan in 2025 [4] - The company’s return on equity (ROE) is projected to be 26.18% in 2024, slightly decreasing to 25.35% in 2025 [4] Key Metrics - The company’s gross margin is expected to improve to 27.8% in 2024, before slightly declining to 27.0% in 2025 [11] - The price-to-earnings (P/E) ratio is projected to decrease from 16 in 2024 to 13 in 2025, indicating a more attractive valuation over time [12] - The company’s total assets are expected to grow from 7.757 billion yuan in 2024 to 9.965 billion yuan in 2025 [10]