博俊科技（300926）：2025H1业绩增长韧性持续验证，产能布局加速完善

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue for the first half of 2025 reached 2.512 billion yuan, representing a year-on-year increase of 45.77%, while the net profit attributable to shareholders was 352 million yuan, up 51.95% year-on-year [4] - The significant growth in Q2 2025 was driven by the release of new production capacity, seasonal recovery, and increased sales from core customers [5] - The company has established strong partnerships with major clients such as Geely, BYD, and new energy vehicle manufacturers, which are expected to further enhance performance in the second half of 2025 [6] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.412 billion yuan, with a year-on-year and quarter-on-quarter increase of 52.66% and 28.41% respectively [5] - The net profit for Q2 2025 was 203 million yuan, reflecting a year-on-year increase of 55.01% and a quarter-on-quarter increase of 36.00% [5] Cost Management - The net profit margin for Q2 2025 improved to 14.38%, with a year-on-year increase of 0.22 percentage points and a quarter-on-quarter increase of 0.80 percentage points [5] - The company optimized its expense ratio, with a period expense ratio of 7.17%, down 1.64 percentage points year-on-year and 1.11 percentage points quarter-on-quarter [5] Production Capacity and Product Development - The company is expanding its production capabilities and product offerings, including entering mass production of integrated die-casting products in Q2 2025 [5] - The company has established 12 subsidiaries across key regions, which will enhance collaboration with core customers and localize supply [5] Earnings Forecast - The company is projected to achieve revenues of 5.835 billion, 7.842 billion, and 9.875 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 38%, 34%, and 26% [6] - The net profit attributable to shareholders is expected to reach 884 million, 1.152 billion, and 1.434 billion yuan for the same years, with growth rates of 44%, 30%, and 25% respectively [6]