博俊科技（300926）：Q3超预期，强客户结构典型代表

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][9]. Core Insights - The company is projected to achieve a net profit of 2.44 to 2.85 billion yuan in Q3 2025, representing a year-on-year growth of 80% to 110% [5][6]. - The strong performance is attributed to significant contributions from major clients such as Seres and Li Auto, with Li Auto's new models contributing to the growth [6]. - The company is positioned well within the automotive parts industry, benefiting from a robust client structure and a strong product cycle among key customers [6]. Financial Projections - Revenue is expected to grow from 2,600 million yuan in 2023 to 8,589 million yuan by 2027, with a compound annual growth rate (CAGR) of 39% from 2024 to 2025 [4][6]. - Net profit forecasts for 2025 to 2027 are adjusted to 9.3 billion yuan, 12 billion yuan, and 14.5 billion yuan respectively, with year-on-year growth rates of 51%, 30%, and 21% [6][8]. - The company's earnings per share (EPS) is projected to increase from 1.41 yuan in 2024 to 3.34 yuan in 2027 [4][8]. Market Position and Strategy - The company has established a strong market position by deeply integrating with leading clients such as Li Auto, Geely, and Seres, which accounted for 31% and 20% of revenue from Li Auto and Geely respectively in the first half of 2023 [6]. - The company is enhancing its production capabilities across various regions, including the Southwest, Yangtze River Delta, and Pearl River Delta, to support local client needs and service [6]. - The comprehensive coverage of bodywork processes and integrated capabilities positions the company as a leading supplier in the automotive parts sector, aiming for both volume and price increases [6].