博俊科技：2024业绩预告点评：业绩超预期，强客户结构典型代表

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2024 performance exceeded expectations, with a projected net profit attributable to the parent company of RMB 5.86 billion to RMB 6.79 billion, representing a year-on-year increase of 90% to 120% [3] - The company's strong customer structure, including key clients like Xiaopeng, Geely, and Seres, is expected to drive continued revenue growth [4] - The company's modular body business is deeply integrated with major clients such as Li Auto, Geely, BYD, and Changan, contributing to sustained high growth [4] - The company's comprehensive body manufacturing capabilities and integrated production chain provide a competitive advantage in cost and responsiveness [4] - The company's capacity expansion in key regions (Southwest, Yangtze River Delta, Beijing-Tianjin-Hebei, and Pearl River Delta) supports future growth [4] Financial Performance and Projections - Revenue for 2023 is estimated at RMB 2.6 billion, with a projected growth of 87% year-on-year [2] - Revenue for 2024 is projected to reach RMB 4.315 billion, with a growth rate of 66% [2] - Net profit attributable to the parent company is expected to grow from RMB 309 million in 2023 to RMB 1.081 billion in 2026, with a compound annual growth rate of 36% [2] - Earnings per share (EPS) is projected to increase from RMB 0.74 in 2023 to RMB 2.58 in 2026 [2] - The company's P/E ratio is expected to decrease from 30.7 in 2023 to 8.7 in 2026, indicating improving valuation metrics [2] Operational Highlights - The company's 24Q4 profit is estimated at RMB 260 million, a year-on-year increase of 108% and a quarter-on-quarter increase of 94%, driven by new orders from Xiaopeng and improved profitability due to economies of scale [4] - The company's gross margin is expected to remain stable at 27.3% from 2024 to 2026 [6] - The company's return on equity (ROE) is projected to increase from 17.7% in 2023 to 27.5% in 2025 [6] Strategic Advantages - The company has a comprehensive range of body manufacturing technologies, including stamping, welding, laser welding, injection molding, and integrated die-casting, enabling it to provide full-body solutions [4] - The company's integrated capabilities, from mold design to modular product manufacturing, enhance its cost efficiency and responsiveness [4] - The company's capacity expansion, including new factories in Chongqing, Changzhou, and Hebei, supports its ability to meet growing customer demand [4]