博俊科技：首次覆盖深度报告：客户产品技术升级，量利双升

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its future performance [73]. Core Insights - The company is transitioning from a Tier-2 supplier to a Tier-1 supplier, with a significant increase in revenue contribution from major automotive manufacturers such as Geely, Li Auto, and BYD, which collectively accounted for approximately 38% of revenue by 2022 [1][12]. - The company has established a robust customer network and is expanding its production capacity in various locations, including Changzhou and Langfang, to meet the growing demand from automotive manufacturers [8][30]. - The product upgrade strategy is clear, with a focus on modular body assembly products, which accounted for 39% of total revenue by 2022, enhancing the company's product matrix and application areas [12][17]. Customer Structure - By 2022, the customer structure showed a significant shift, with major clients including Thyssenkrupp, Webasto, and Magna, alongside domestic manufacturers like Geely and Li Auto [6][11]. - The company is actively optimizing its customer structure, with plans to further integrate into the supply chains of leading automotive manufacturers [8][12]. Production Capacity and Expansion - The company is investing heavily in expanding its production capacity, with a total investment of 10 billion yuan in Changzhou for a new production base aimed at producing hot-formed components [8]. - Additional investments of 4 billion yuan each in Hebei and Zhaoqing are planned to enhance production capabilities for die-casting and body stamping components [8]. Product Development and Upgrades - The company is focusing on product upgrades from individual components to modular assemblies, which are expected to improve profitability due to higher unit prices and margins [12][17]. - The average price of modular body products is estimated at 17.73 yuan per unit, significantly higher than traditional stamping parts priced at 3-6 yuan [12][18]. Financial Performance and Projections - The company has demonstrated strong revenue growth, with projections indicating a compound annual growth rate (CAGR) of approximately 37% for net profit from 2024 to 2026 [73]. - The report anticipates revenue growth rates of 55%, 35%, and 30% for the years 2024 to 2026, driven by a large order backlog and capacity expansion [70][72]. Industry Trends - The report highlights the trend of integrated die-casting in the automotive industry, led by companies like Tesla, which has significantly reduced the number of components in vehicle production [23][26]. - The company is positioning itself to capitalize on this trend by investing in large die-casting machines and targeting new energy vehicle manufacturers [30].