博俊科技：业绩超预期，绑定核心客户带动业绩放量

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 590-680 million yuan in 2024, representing a year-on-year growth of 90%-120% [1] - The strong performance is primarily driven by the increase in orders from core customers in the new energy vehicle sector, with a projected net profit of 220-310 million yuan in Q4 2024, reflecting a year-on-year growth of 72%-145% and a quarter-on-quarter growth of 60%-129% [1] - The company is expanding its production capacity and has a solid order backlog, which is expected to support long-term growth [2][3] Financial Performance - Revenue is projected to grow from 2.6 billion yuan in 2023 to 4.719 billion yuan in 2024, with a year-on-year growth rate of 81.5% [4] - Net profit is expected to increase from 309 million yuan in 2023 to 640 million yuan in 2024, with a year-on-year growth rate of 107.3% [4] - The company’s earnings per share (EPS) is forecasted to rise from 0.74 yuan in 2023 to 1.52 yuan in 2024 [4] Market Position and Strategy - The company is focusing on technology research and innovation, mastering key production processes such as stamping, laser welding, and integrated die-casting, which enhances its competitive edge in the white body assembly market [2] - The company has established partnerships with major automotive suppliers and manufacturers, including Thyssenkrupp, Magna, and BYD, which strengthens its market position [2] - The expansion of production bases in various locations is expected to meet customer demand effectively and enhance the company's ability to secure contracts [2]