Jiangsu Bojun Industrial Technology (SZ:300926) EBSCN·2025-08-27 07:21Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's performance in 1H25 met expectations, with total revenue increasing by 45.8% year-on-year to 2.51 billion yuan, and net profit attributable to shareholders rising by 52.0% to 350 million yuan [1]. - The company is expected to benefit from expanding production capacity and a strong customer base, including partnerships with new energy vehicle manufacturers [3]. Summary by Sections Financial Performance - In 1H25, the company's revenue grew by 45.8% to 2.51 billion yuan, accounting for approximately 42% of the annual forecast, while net profit increased by 52.0% to 350 million yuan, representing about 44% of the annual forecast [1]. - In 2Q25, revenue reached 1.41 billion yuan, up 52.7% year-on-year and 28.4% quarter-on-quarter, with net profit of 200 million yuan, reflecting a 55.0% year-on-year and 36.0% quarter-on-quarter increase [1]. Profitability and Cost Management - The gross margin in 1H25 decreased by 2.1 percentage points to 25.5%, with a further decline in 2Q25 to 25.1% [2]. - The selling, general, and administrative expenses ratio decreased by 1.8 percentage points to 6.4% in 1H25, indicating ongoing cost optimization [2]. Growth Drivers - The company is expanding its production capabilities with new facilities in various locations, enhancing its ability to meet customer demands [3]. - The report highlights the company's strong customer relationships with major clients such as Ideal, Seres, Geely, and BYD, which are expected to drive revenue growth through new model launches [3]. Earnings Forecast - The report maintains profit forecasts for 2025E, 2026E, and 2027E at 800 million yuan, 940 million yuan, and 1 billion yuan respectively, indicating a positive growth outlook [3][5].