博俊科技动态跟踪 —— 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 2025 PE of 17 times [3][6]. Core Insights - The company's revenue and profit are expected to grow significantly, with projected net profits for 2025, 2026, and 2027 at 828 million, 1.096 billion, and 1.438 billion CNY respectively, reflecting a substantial increase from previous estimates [3][10]. - The company is experiencing strong demand from key customers, which is anticipated to drive continued performance improvements [10]. Financial Performance 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 26.5% in 2027 [5][10]. - The net profit margin is forecasted to improve from 11.9% in 2023 to 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]. Customer Demand and Capacity Expansion - The company is closely tied to leading domestic brands and new energy vehicle manufacturers, which are expected to see significant sales growth, thereby benefiting the company's performance [10]. - The company is actively expanding its production capacity to meet increasing orders, with plans to establish new production bases in various locations [10].