博俊科技（300926）：业绩符合预期，绑定核心客户带动业绩增长

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved revenue of 4.2 billion yuan in 2024, a year-on-year increase of 63%, and a net profit attributable to shareholders of 610 million yuan, up 99% year-on-year [1] - The growth in performance is driven by the ramp-up of core customer models, with significant contributions from clients such as Li Auto, Seres, and Xiaopeng Motors [1][2] - The company is expected to benefit from new project mass production and scale effects, leading to improved profitability [2] Financial Performance - In Q4 2024, the company reported revenue of 1.37 billion yuan, a 52% year-on-year increase, and a net profit of 250 million yuan, up 93% year-on-year [1] - The gross margin for 2024 is projected at 28%, an increase of 2 percentage points year-on-year, while the net profit margin is expected to be 15%, up 3 percentage points year-on-year [2] - The company has a strong order backlog and is expanding its production capacity, which is anticipated to support long-term growth [2] Earnings Forecast - The forecast for net profit attributable to shareholders is 860 million yuan for 2025, 1.115 billion yuan for 2026, and 1.343 billion yuan for 2027, corresponding to price-to-earnings ratios of 14, 11, and 9 times respectively [3][4]