Core Viewpoint - The company expects a significant increase in net profit for Q3 2025, driven by contributions from major clients such as Seres and Li Auto, with a projected net profit of 244-285 million yuan, representing a year-on-year growth of 80%-110% [1] Short-term Outlook - The company's modular body business is closely tied to leading clients like Seres, Li Auto, Geely, BYD, and Changan, which is expected to support sustained high growth in performance [2] - In the first half of 2023, revenue contributions from Li Auto and Geely were 31% and 20% respectively, indicating strong client relationships and growth potential [2] Long-term Strategy - The company aims to become a leading supplier of white body assemblies by leveraging comprehensive bodywork processes, integrated capabilities, and production advantages [3] - The company has a full range of bodywork processes, including stamping, hot forming, welding, laser welding, injection molding, laser cutting, integrated die-casting, and assembly, which positions it to meet the development needs of OEMs [3] - The integrated capability spans from mold design and manufacturing to body parts and modular products, creating strong responsiveness and cost advantages [3] - The company has been enhancing its production capacity across various regions, with new factories in Chongqing and Changzhou set to boost localized support and service for clients [3] Profit Forecast - The company has revised its net profit forecasts for 2025-2027 to 930 million, 1.2 billion, and 1.45 billion yuan, reflecting year-on-year growth rates of 51%, 30%, and 21% respectively, with corresponding PE ratios of 14.5X, 11.2X, and 9.3X [3]

执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 汽车零部件 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 基本状况 | 总股本(百万股) | 434.31 | | --- | --- | | 流通股本(百万股) | 283.30 | | 市价(元) | 30.90 | | 市值(百万元) | 13,420.32 | | 流通市值(百万元) | 8,753.88 | 请务必阅读正文之后的重要声明部分 1、《业绩强劲延续，强客户结构典型 代表》2025-08-27 2、《Q2 超预期，强客户结构典型代 表》2025-07-20 3、《Q1 增长维持强劲，强客户结构 典型代表》2025-04-29 Q3 超预期，强客户结构典型代表 ——博俊科技 2025 三季报预告点评 博俊科技（300926.SZ） 证券研究报告/公司点评报告 2025 年 10 月 19 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue of 2.51 billion and a year-on-year growth of 45.8%, while net profit attributable to shareholders reached 350 million, up 52% year-on-year, aligning with previous forecasts [1] Short-term Summary - The modular body business is closely tied to major clients such as Seres, Ideal, Geely, BYD, and Changan, which is expected to drive sustained high growth in performance [2] - In the first half of 2023, revenue contributions from Ideal and Geely accounted for 31% and 20% respectively, indicating strong growth potential from these key clients [2] Long-term Summary - The company aims to become a leading supplier of complete body assemblies by leveraging comprehensive bodywork processes, integrated capabilities, and production advantages [3] - The company has a full range of bodywork processes that are industry-leading, including stamping, hot forming, welding, laser welding, injection molding, laser cutting, integrated die-casting, and assembly, enabling one-stop service for body development [3] - The integrated capability spans from mold design and manufacturing to body parts and modular products, providing strong responsiveness and cost advantages [3] - The company has been continuously enhancing its production capacity across various regions, with new factories in Chongqing and Changzhou set to boost localized support and service for clients [3] - Profit forecasts indicate net profits of 850 million, 1.08 billion, and 1.27 billion for 2025-2027, with year-on-year growth rates of 38%, 28%, and 17% respectively, reflecting confidence in the modular body business alongside major clients [3]

Core Insights - The report highlights the emergence of new product cycles for Dongshan Precision, focusing on foldable screens, robotics, and smart glasses, indicating a strategic shift towards innovative technologies [3][7]. Company Summaries Dongshan Precision (002384.SZ) - In 2024, Dongshan Precision is projected to achieve revenue of 36.79 billion yuan, a year-on-year increase of 9.33%, while the net profit attributable to shareholders is expected to decline by 44.55% to 1.09 billion yuan due to operational adjustments in the LED business [7]. - The company anticipates a significant recovery in Q1 2025, with net profit forecasted between 434 million and 463 million yuan, representing a year-on-year growth of 50%-60% [7]. - The demand for PCB and precision components is expected to rise due to the expansion of AI applications in ICT infrastructure and consumer products, leading to an increase in average selling prices (ASP) [7]. - Revenue projections for 2025 and 2026 are 43.6 billion and 50.7 billion yuan, respectively, with net profits expected to reach 3.8 billion and 4.8 billion yuan, reflecting substantial growth rates of 248.6% and 26.4% [7]. Huakin Technology (603296.SH) - Huakin Technology has established itself as a leading ODM manufacturer in the global smart hardware sector, with a diversified product structure that includes smartphones, laptops, and data center products [3]. - The company is expanding into new application areas such as servers, automotive electronics, and robotics, driven by the increasing demand for AI computing power and smart vehicle technologies [3]. - Revenue forecasts for 2024-2026 are 109.25 billion, 129.36 billion, and 152.09 billion yuan, with net profits projected at 2.88 billion, 3.41 billion, and 4.05 billion yuan, indicating growth rates of 28.0%, 18.4%, and 17.6% [3]. Hongcheng Environment (600461.SH) - Hongcheng Environment is experiencing growth in both revenue and profit, supported by an improving operational management and a robust cash flow [7]. - The company is expected to benefit from the expansion of its business segments, with net profits projected at 1.28 billion, 1.36 billion, and 1.44 billion yuan for 2025-2027 [7]. Bojun Technology (300926.SZ) - Bojun Technology is set to benefit from the release of core customer models and the ramp-up of new product capacities, with Q1 2025 net profit expected to be between 130 million and 160 million yuan, reflecting a year-on-year increase of 30%-60% [9]. - The company is focusing on lightweight and electronic components, enhancing its production capabilities and expanding into new product areas such as white body and battery packs [10].