博俊科技（300926）：核心客户需求向好促进盈利增长强劲

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.47 CNY, based on a projected PE of 17 times for 2025 [3][6]. Core Views - The company's revenue and profit are expected to grow rapidly, with projected net profits for 2025-2027 at 828 million, 1.096 billion, and 1.438 billion CNY respectively, reflecting significant growth compared to previous estimates [3][10]. - Strong demand from core customers is anticipated to drive continued performance improvement, with major clients such as Seres, Li Auto, Geely, and Xpeng showing robust sales growth [10]. - The company is actively expanding its production capacity to meet increasing orders, with plans to establish production bases in multiple locations [10]. Financial Summary - Revenue is projected to grow from 2.6 billion CNY in 2023 to 10.363 billion CNY in 2027, with year-on-year growth rates of 87.0%, 62.5%, 42.0%, 33.6%, and 29.2% respectively [5][10]. - The gross margin is expected to remain stable, with slight fluctuations, projected at 27.6% in 2024 and around 26.5% in 2027 [5][10]. - The net profit margin is forecasted to improve from 11.9% in 2023 to approximately 13.9% in 2027, indicating enhanced profitability [5][10]. - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares to all shareholders in 2024 [10].