Bojay(SZ:002975) China Post Securities·2026-03-18 06:36Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is deeply integrated with major North American AI giants and is pioneering liquid cooling solutions, leading the AI server testing equipment industry. It supplies globally recognized server manufacturers such as NVIDIA, Dell, Amazon, Microsoft, and Cisco, as well as top domestic firms like Unisoc, Inspur, Alibaba, and Tencent [5]. - The company has developed a third-generation MLCC high-speed testing and sorting machine, achieving performance metrics comparable to imported equipment, with a maximum speed of 20,000 pcs/min. This has gained recognition from domestic clients and is now being mass-produced [6]. - The company is expanding its traditional consumer electronics testing capabilities while exploring optical and visual testing, as well as humanoid robot testing capabilities. It has developed a 1 arc-second precision IMU sensor testing platform and is advancing into the humanoid robot testing sector [7]. - The company has entered the electric vehicle electronics "smart driving" field by acquiring Zhuhai Guanghao Jie, covering major application scenarios such as 4D millimeter-wave radar, cameras, and EV sensors [8][9]. Financial Projections - The company is projected to achieve revenues of 1.731 billion, 2.369 billion, and 2.927 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 148 million, 364 million, and 459 million yuan [10]. - The revenue growth rates are expected to be 40.42% in 2025, 36.87% in 2026, and 23.54% in 2027 [12]. - The company's EBITDA is forecasted to reach 212.82 million, 441.06 million, and 544.60 million yuan for the years 2025, 2026, and 2027, respectively [12].