博俊科技：冲压新星，冉冉升起

Investment Rating - The report gives a "Buy" rating for Bojun Technology (300926 SZ) for the first time, with a target price of RMB 20 81 [5][6] Core Views - The rapid transformation of the automotive industry towards electrification and intelligence presents new opportunities for stamping parts suppliers Bojun Technology has successfully transitioned from Tier 2 to Tier 1 supplier and is expected to benefit from the strong product cycles of its core customers such as Li Auto and Seres [1][7] - The company has diversified its business by expanding into multiple body manufacturing processes including stamping injection molding and die casting which is expected to drive long term growth [7][8] - The stamping market for passenger vehicles is projected to reach RMB 253 1 billion by 2026 with a CAGR of 2 3% from 2022 to 2026 The stamping market for new energy vehicles (NEVs) is expected to grow at a CAGR of 20 0% reaching RMB 105 8 billion by 2026 [1][12] Market and Industry Analysis - The stamping industry is capital intensive with significant barriers to entry including customer certification technological expertise and management systems [16][23] - The trend towards lightweighting in NEVs is driving the adoption of hot stamping and laser welding technologies which can reduce vehicle weight and improve safety [24][28] - The domestic stamping market is highly fragmented with no single player holding more than 2% market share The market is divided into four categories foreign owned or joint venture companies large domestic private enterprises subsidiaries of OEMs and small to medium sized stamping manufacturers [44][45] Company Analysis - Bojun Technology has established a competitive advantage through its diversified customer base strong R&D capabilities and cost control measures The company has successfully transitioned to a Tier 1 supplier with major clients including Li Auto Seres Geely and BYD [7][32] - The company has expanded its production capacity with nine subsidiaries across China enabling it to provide rapid response services to major OEMs [145][146] - Bojun Technology has invested in multiple body manufacturing processes including stamping injection molding and die casting which is expected to drive long term growth and profitability [7][8][179] Financial Performance and Projections - The company's revenue and net profit have shown strong growth with revenue increasing from RMB 1 391 million in 2020 to RMB 6 186 million in 2026E and net profit growing from RMB 148 million to RMB 751 million over the same period [4][55] - The stamping business is expected to remain the core revenue driver with projected revenue of RMB 3 33 billion in 2024E growing to RMB 4 21 billion by 2026E The die casting business is expected to contribute RMB 350 million in 2024E increasing to RMB 1 59 billion by 2026E [67][183] - The company's gross margin for the stamping business is expected to improve from 21 9% in 2024E to 23 1% in 2026E while the injection molding business is projected to maintain a gross margin of around 28% [67][196]