公司公布1H25 业绩：1H25 实现收入42.70 亿元，同比+17.2%；归母净利润为1.14 亿元，同比-34.1%； 扣非归母净利润为1.04 亿元，同比-33.6%。 对应2Q25 收入21.71 亿元，同环比+15.0%/+3.5%；归母净利润为0.69 亿元，同环比-35.3%/+52.9%；扣 非归母净利润为0.64 亿元，同环比-37.0%/+57.3%。1H25 业绩基本符合我们预期。 发展趋势 小鹏、比亚迪等客户驱动收入增长，但盈利能力相对承压。收入端，公司整体营收增速略跑赢行业，分 业务看1H25 铝铸件/注塑件收入31.61/10.38 亿元，同比+17.0%/+15.2%，我们认为虽然通用/丰田/本田等 外资客户销量相对承压，但是比亚迪/小鹏等新能源客户的压铸订单贡献主要增量，支撑收入端增长。 利润端，分业务看1H25 铝铸件/注塑件毛利率为11.6%/14.9%，同比-3.0/-0.2ppt，铸件业务/内外饰业务 净利率 2.7%/4.9%，我们认为1H25 注塑业务盈利能力相对稳健，铸件业务由于原料价格高位运行、客 户结构调整等因素导致盈利能力承压；2Q25 毛利率为13.1% ...

1H25 业绩符合预期，营收利润双增：1H25 公司总收入同比+45.8%至25.1 亿元（vs. 约占我们原全年预 测的42%），归母净利润同比+52.0%至3.5 亿元（vs.约占我们原全年预测的44%）；其中，2Q25 公司收 入同比+52.7%/环比+28.4%至14.1 亿元，归母净利润同比+55.0%/环比+36.0%至2.0 亿元。 维持"买入"评级：我们看好公司配套下游优质客户/车型+多工艺布局驱动业绩增长前景，维持 2025E/2026E/2027E 归母净利润预测为8.0/9.4/10.0 亿元，维持"买入"评级。 风险提示：核心客户车型销量不及预期、新建工厂产能爬坡不及预期、一体压铸推进程度不及预期、原 材料价格波动风险。 2Q25 毛利率短期波动，费用率持续优化：1H25 公司毛利率同比-2.1pcts 至25.5%，其中2Q25 毛利率同 比-4.1pcts/环比-0.8pcts 至25.1%；1H25 销管研三费费用率同比-1.8pcts 至6.4%（ 销售/ 管理/ 研发费用率 分别同比-0.1pcts/-0.8pcts/-0.9pcts 至0.2%/3.5%/2.7%），其中2 ...

2025 年 8 月 27 日 公司研究 1H25 营收利润双增，积极扩产持续增强配套能力 ——博俊科技（300926.SZ）2025 年半年报点评报告 要点 1H25 业绩符合预期，营收利润双增：1H25 公司总收入同比+45.8%至 25.1 亿 元（vs. 约占我们原全年预测的 42%），归母净利润同比+52.0%至 3.5 亿元（vs. 约占我们原全年预测的 44%）；其中，2Q25 公司收入同比+52.7%/环比+28.4% 至 14.1 亿元，归母净利润同比+55.0%/环比+36.0%至 2.0 亿元。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,600 | 4,227 | 5,947 | 6,980 | 7,490 | | 营业收入增长率 | 86.96% | 62.55% | 40.70% | 17.36% | 7.32% | | 归母净利润（百万元） | 309 | 613 | 805 | 937 | 1,005 ...

Market Overview - The A-share market experienced a strong upward movement, with the Shanghai Composite Index reaching a three-month high of 3423.78 points during the session [3] - The index closed up 1% at 3415.45 points, while the Shenzhen Component Index rose by 1.45%, the ChiNext Index by 1.94%, and the Northbound 50 Index by 3.17% [3] - The Hong Kong market also saw significant gains, with the Hang Seng Index surpassing the 24000-point mark, closing up 1.95% [15] Sector Performance - The non-bank financial sector performed notably well, with the insurance sector rising over 3%. Major companies like China Life and China Pacific Insurance saw their stocks increase by more than 5% [7] - The brokerage sector also experienced a rise of over 2%, with stocks such as Guosen Securities and Xiangcai Securities hitting the daily limit [7] - Other sectors, including public transportation, general machinery, automotive, internet, and software services, showed strong performance [10] Company Insights - New Oriental Education saw a significant increase, with its stock rising over 8% during the session [16] - China Hongqiao Group's stock surged, with a rise of over 8% following a positive profit forecast indicating a potential 35% increase in net profit for the six months ending June 30, 2025, compared to the same period in 2024 [17] Research Perspectives - Donghai Securities highlighted the importance of the new "National Nine Articles" for the brokerage industry, emphasizing the need to focus on mergers and acquisitions, high financial ratios, and return on equity (ROE) improvements [9] - For the insurance sector, Donghai Securities pointed out the "National Ten Articles" aimed at high-quality development under strong regulation, recommending attention to large comprehensive insurance companies with competitive advantages [9]

大金融冲锋。 A股市场今天（6月24日）上午强劲上行，其中，上证指数重新站上3400点，盘中创出近3个月新高。 被誉为"牛市旗手"的券商板块上午大涨，成为近期盘面最大变化之一，上午整个A股市场总体呈现普涨格局。 港股市场今天上午也大涨，恒生指数盘中重新站上24000点整数关口，盘中涨幅超过2%。 恒生指数成份股中，新东方-S大涨，盘中涨幅超过8%。 沪指盘中创出近3个月新高 A股市场今天上午强劲上行，上证指数盘中最高一度触及3423.78点，创出最近3个月新高。深证成指、创业板指、北证50指数等主要指数也强劲上行。 截至上午收盘，上证指数涨1%，报3415.45点；深证成指涨1.45%，创业板指涨1.94%，北证50指数上涨3.17%。 富时A50指数期货盘中快速拉升，现涨超1%。 行业板块和赛道方面，非银金融赛道大涨，其中保险板块盘中涨幅超过3%，中国人保、中国人寿等盘中涨幅均一度超过5%。新华保险、中国太保、中国平安等股 票盘中创出阶段新高。 券商板块盘中涨幅超过2%，国盛金控、湘财股份盘中涨停。中国银河、长江证券、东方财富、信达证券等多股跟涨。 对于保险行业，东海证券近日的研究观点认为，保险业新"国十条 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, indicating robust growth across various sectors despite industry challenges [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.063 billion yuan, a year-on-year increase of 23.61%, and a net profit attributable to shareholders of 608 million yuan, up 27.42% [1]. - For Q1 2025, revenue reached 1.187 billion yuan, reflecting a 24.32% year-on-year growth, with a net profit of 132 million yuan, an increase of 14.29% [1][2]. Growth Drivers - The company’s revenue growth in 2024 was driven by strong performance in multiple downstream sectors, including automotive (17%), 3C (64%), home appliances (28%), daily necessities (57%), and medical (78%) [2]. - Domestic revenue was 3.668 billion yuan, up 22.22%, while overseas revenue reached 1.395 billion yuan, increasing by 27.45% [2]. Profitability Analysis - The gross margin for 2024 was 31.95%, a decrease of 1.3 percentage points, while the net margin was 12.41%, an increase of 0.41 percentage points [3]. - In Q1 2025, the gross margin was 30.64%, down 4.16 percentage points, and the net margin was 11.52%, a decline of 0.85 percentage points [3]. Industry Trends - The injection molding and die-casting sectors are experiencing a cyclical recovery, with the company enhancing operational efficiency and market share despite overall industry challenges [4]. - The company launched the SKIII series of injection molding machines and the new A6 series, aimed at driving innovation and sustainability in the industry [4]. Strategic Developments - The company has made significant advancements in heavy die-casting machines, successfully developing and delivering models for major automotive manufacturers, which strengthens its position in the market [5]. - The successful delivery of the LEAP 7000T die-casting machine to Changan Automobile marks a significant milestone in the company's capabilities in the metal forming sector [5]. Future Outlook - The company is expected to maintain high growth in 2025-2027, with projected net profits of 735 million yuan, 854 million yuan, and 980 million yuan for the respective years [5].

Core Viewpoint - The company demonstrated strong financial performance in 2024, with total revenue increasing by 62.6% year-on-year to 4.23 billion yuan and net profit attributable to shareholders rising by 98.7% to 610 million yuan, driven by the ramp-up of the Xiaopeng MONA M03 model and the new factory in Guangdong [3]. Financial Performance - In Q4 2024, the company's revenue grew by 51.8% year-on-year and 19.9% quarter-on-quarter to 1.37 billion yuan, while net profit increased by 93.4% year-on-year and 80.8% quarter-on-quarter to 250 million yuan [3]. - The gross margin for 2024 improved by 2.1 percentage points to 27.7%, with Q4 2024 gross margin reaching 30.3%, reflecting a year-on-year increase of 2.1 percentage points and a quarter-on-quarter increase of 5.7 percentage points [4]. Cost Management and R&D - The selling, general, and administrative (SG&A) expense ratio for 2024 was 7.3%, with R&D expenses increasing by 0.6 percentage points to 3.8%, indicating a focus on innovation and long-term profitability [4]. - The increase in expense ratios is attributed to higher R&D investments, which are expected to yield long-term profit potential as scale effects expand and R&D results materialize [4]. Future Growth Prospects - The company is expected to benefit from the ramp-up of strong cyclical models such as the AITO M8, Xiaopeng MONA M03, and Leapmotor B series in 2025, with an expanding customer base including major clients like Ideal, Seres, Geely, and BYD [5]. - The company is actively expanding production capacity with new subsidiaries in Changzhou and Chongqing, enhancing its ability to respond quickly to customer demands and increasing opportunities for modular product collaborations [5]. - The installation of two 9,000-ton die-casting units is complete, with a third unit planned for installation in Q1 2025, which is anticipated to unlock a second growth curve for the company's performance [5].

Group 1 - The overall market continues to shrink, with total trading volume down 8.26% to 1.1543 trillion, marking a new low since the Spring Festival [1] - Micro-cap stocks rebounded over 2%, but the market remains chaotic with 74 stocks hitting the daily limit up and nearly 3,500 stocks rising overall [1] - The robotics sector showed strong recovery, particularly in machine tools, while marine economy stocks, especially in the cable sector, performed relatively well [1][3] Group 2 - Morgan Stanley upgraded the rating of the Chinese stock market to "neutral," predicting an 8% increase in the market this year, with the Hang Seng Index expected to reach 25,000 points [4] - The recovery in corporate return on equity (ROE) and valuation is driven by enhanced corporate self-discipline, improved shareholder returns, and a shift towards higher-quality, less macro-sensitive industries [4] Group 3 - Recent market declines are attributed to performance pressure in March-April, multiple stocks facing direct ST (special treatment), and concerns over capital expenditures from Tencent and telecom operators [5] - The upcoming April 2 tariff implementation and the acceleration of company earnings reports by the end of April are critical upcoming events that may impact market sentiment [5] Group 4 - The chemical sector continues to strengthen with price increases, and stocks like Zhongyida and Jiangtian Chemical have shown significant gains [3] - The robotics sector has potential catalysts and layout opportunities, with stocks like Nanfang Precision and Linzhou Heavy Machinery reaching new highs [2][3]