博俊科技：投资价值分析报告：冲压新星，冉冉升起

Investment Rating - The report assigns a positive investment rating to Bojun Technology, indicating strong growth potential in the automotive precision parts and molds sector [7]. Core Insights - Bojun Technology has successfully transitioned from a Tier 2 supplier to a Tier 1 supplier, significantly enhancing its customer base and revenue potential [8][11]. - The company has seen a substantial increase in revenue from its stamping business, which rose from 76% in 2020 to 89% in 2023, driven by product and customer structure upgrades [13]. - The automotive stamping industry is characterized by low concentration and high competition, with individual market shares below 2% for most players [16][30]. - Bojun Technology is well-positioned to benefit from the ongoing shift towards electric vehicles and the increasing demand for lightweight materials in automotive manufacturing [26][30]. Summary by Sections Company Overview - Established in 2011 and listed on the Shenzhen Stock Exchange in 2021, Bojun Technology specializes in the R&D, design, production, and sales of automotive precision parts and molds [8]. - The company has developed a competitive advantage in key production processes such as stamping, laser welding, and injection molding [8]. Customer Base and Market Position - Major clients include leading automotive suppliers and manufacturers such as Thyssenkrupp, Magna, BYD, and Geely, with a notable shift towards new energy vehicle manufacturers [11][13]. - The company has secured significant contracts with new energy vehicle manufacturers, enhancing its market position [35]. Financial Performance - In 2023, Bojun Technology reported a revenue increase of 87% year-on-year, reaching 2.6 billion yuan, with a net profit growth of 108.6% to 310 million yuan [75]. - The gross margin for the injection molding business was 29.06%, compared to 20.50% for the stamping business, indicating a strong profitability trend [47]. Industry Trends - The report highlights the growing market for automotive plastic parts, projected to reach 238.7 billion yuan by 2026, driven by increasing vehicle production and demand for lightweight materials [65]. - The adoption of integrated die-casting technology is expected to accelerate, with the market for large-scale high-vacuum die-casting projected to grow from 2 billion yuan in 2023 to 14 billion yuan by 2026 [52]. Competitive Landscape - Bojun Technology faces competition from both domestic and international stamping manufacturers, but its focus on R&D and cost control provides a competitive edge [30][41]. - The company is actively expanding its capabilities in injection molding and die-casting, which are expected to complement its traditional stamping business and enhance overall profitability [44][49].