Core Viewpoint - Bojun Technology (300926.SZ) has demonstrated robust growth in the automotive parts sector, with significant increases in revenue and net profit for the first three quarters of 2025, driven by a focus on core business and market expansion [1][2]. Financial Performance - For the first three quarters of 2025, Bojun Technology achieved revenue of 4.075 billion yuan, a year-on-year increase of 42.36%, and a net profit of 627 million yuan, up 70.47% [2][3]. - In Q3 2025 alone, the company reported revenue of 1.56 billion yuan, a 37.2% increase year-on-year, and a net profit of 274 million yuan, reflecting a remarkable growth of 102.1% [2][3]. Asset Growth - As of the end of Q3 2025, Bojun Technology's total assets reached 8.317 billion yuan, marking a historical high and a 33.05% increase compared to the same period last year [1][5][7]. Research and Development - The company has consistently increased its R&D investment, with expenditures of 50.92 million yuan in 2022, 84.92 million yuan in 2023, 162 million yuan in 2024, and 110 million yuan in the first three quarters of 2025, totaling 408 million yuan over the past four years [7]. - As of mid-2025, Bojun Technology and its subsidiaries held 109 patents, reinforcing its technological barriers in key areas such as lightweight and modularization [1][7]. Market Position and Strategy - Since 2018, Bojun Technology has shifted its focus from stamping parts to body modularization, enhancing its product offerings to include white body, battery packs, and electric drive components [5]. - The company has established a strong customer base, including leading new energy vehicle manufacturers such as Li Auto, Geely, BYD, and global suppliers like Thyssenkrupp and Magna [5][6]. Stock Performance - In the secondary market, Bojun Technology's stock has shown an upward trend in 2025, closing at 33.8 yuan per share on October 27, with a year-to-date increase of 54.62% [7].

Core Viewpoint - The company achieved significant growth in both revenue and net profit in Q3, with a notable increase in gross margin despite industry price pressures [1] Group 1: Financial Performance - In the first three quarters, the company reported revenue of 4.075 billion yuan, a year-on-year increase of 42.4%, and a net profit attributable to shareholders of 627 million yuan, up 70.5% year-on-year [1] - Q3 revenue reached 1.563 billion yuan, representing a year-on-year growth of 37.2% and a quarter-on-quarter increase of 10.7% [1] - The gross margin in Q3 increased significantly by 4.8 and 4.2 percentage points compared to the previous quarter, while the gross margin for the first three quarters rose by 0.6 percentage points year-on-year [1] Group 2: Future Growth Drivers - The company is expected to maintain rapid profit growth in Q4, driven by the launch of new vehicles from key clients such as Seres, Li Auto, and Geely [2] - The sales of major models from primary clients are anticipated to improve, contributing positively to Q4 earnings [2] Group 3: Long-term Development - The company is entering a harvest phase for its integrated die-casting and high-pressure aluminum projects by 2025, with several projects already in mass production [3] - The expansion of production capacity across various automotive industry clusters is progressing steadily, enhancing the company's ability to serve new clients and projects [3] Group 4: Earnings Forecast and Investment Recommendation - The company forecasts EPS of 2.14, 2.85, and 3.75 yuan for 2025-2027, with a target price of 42.8 yuan based on a PE ratio of 20 times for comparable companies [4]

公司表示，业绩增长主要由于新能源汽车行业景气度高，公司订单持续增加，主营业务收入较上年同期 实现稳步增长；以及公司新能源汽车车身模块化产品盈利提升，盈利水平进一步增强等。 博俊科技（300926）10月13日晚发布2025年前三季度业绩预告，预计归属于上市公司股东的净利润为 5.52亿元-6.62亿元，比上年同期增长50%-80%；其中，预计第三季度实现净利润2.44亿元-2.85亿元，同 比增长80%至110%。 公开资料显示，博俊科技是汽车精密零部件和精密模具的专业制造企业，主要从事汽车精密零部件和精 密模具的研发、设计、生产和销售。公司产品覆盖整车上下车体，车身模块化产品，仪表台骨架总成 等；零部件产品种类覆盖转向系统、动力系统、车门系统、天窗系统、电子系统、内饰系统、座椅系统 等，向客户提供一站式的汽车零部件解决方案。 ...

Core Viewpoint - Bojun Technology (300926) expects significant growth in net profit and non-recurring profit for the first three quarters of 2025, driven by the booming electric vehicle industry and increased orders [1] Financial Performance - The company anticipates net profit between 552 million to 662 million yuan, representing a year-on-year increase of 50% to 80% [1] - For the third quarter, net profit is projected to be between 244 million to 285 million yuan, reflecting a year-on-year growth of 80% to 110% [1] - In the first half of the year, Bojun Technology achieved operating revenue of 2.512 billion yuan, net profit of 352 million yuan, and non-recurring net profit of 351 million yuan, with year-on-year growth rates of 45.77%, 51.95%, and 51.66% respectively [2] Business Operations - Bojun Technology specializes in the research, design, production, and sales of precision automotive components and molds, offering a one-stop solution for various automotive systems [2] - The company has established strong partnerships with major automotive manufacturers such as Geely, Changan, BYD, and Xpeng, enhancing its market presence [2] Production Capacity and Expansion - The main production bases are located in Jiangsu and Chongqing, strategically positioned near major automotive industry clusters [3] - The company is expanding its production capacity with new facilities planned in Changzhou and Jinhua to support lightweight and modular automotive components [3] - A new production base in Chengdu focuses on high-pressure aluminum die-casting products, catering to the Southwest automotive industry cluster [3] Customer Relationships and Sales Strategy - The company has improved its accounts receivable management by adjusting payment terms with major clients to 60 days, enhancing operational efficiency and profitability [4] - Sales to BYD have significantly increased, and supply to Leap Motor is expected to ramp up in the second half of the year [4] - The company is not a direct supplier to Xiaomi Automotive but supplies some products indirectly through Tier 1 customers [4]

Core Viewpoint - The company, Bojun Technology (300926.SZ), anticipates a significant increase in net profit for the first three quarters of 2025, driven by the booming electric vehicle industry and increased orders [1] Financial Performance - The expected net profit attributable to shareholders is projected to be between 552 million and 662 million yuan, representing a year-on-year growth of 50% to 80% [1] - For the third quarter, the net profit is forecasted to be between 244 million and 285 million yuan, showing a year-on-year increase of 80% to 110% [1] Business Operations - The company has experienced steady growth in its main business revenue due to the ongoing prosperity in the electric vehicle sector [1] - Revenue from modular body products has increased, and cost reduction and efficiency enhancement have contributed to improved profitability [1] Non-Recurring Gains - The company estimates that non-recurring gains and losses will impact the net profit attributable to shareholders by approximately 3 million yuan for the first three quarters of 2025 [1]

Core Viewpoint - Bojun Technology (300926.SZ) expects a significant increase in net profit for the first three quarters of 2025, projecting a growth of 50%-80% compared to the same period last year [1] Financial Performance - The estimated net profit attributable to shareholders is between 552 million yuan and 662 million yuan [1] - For the third quarter, the projected net profit is between 244 million yuan and 285 million yuan, reflecting a year-on-year growth of 80%-110% [1] Industry Context - The continuous prosperity of the new energy vehicle industry has led to an increase in company orders, contributing to steady growth in main business revenue [1] - Revenue from modular body products has improved, and cost reduction and efficiency enhancement have driven an increase in profitability [1] Non-Recurring Gains - The company anticipates that non-recurring gains and losses will impact the net profit attributable to shareholders by approximately 3 million yuan [1]

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by strong customer demand and improved production capacity [1][2]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 341-387 million yuan for the first half of 2025, representing a year-on-year increase of 47.0%-67.0% [1]. - For Q2 2025, the estimated net profit is projected to be 215 million yuan, reflecting a year-on-year growth of 64.2% and a quarter-on-quarter increase of 44.4% [2]. Group 2: Customer and Market Dynamics - Key customers such as Seres, Li Auto, Geely, and BYD have shown significant sales growth, with Q2 sales increasing by 136%, 20%, 5%, and 14% respectively [2]. - The absence of holiday disruptions in Q2 allowed for a normalization of production and delivery schedules, contributing to the company's performance [2]. Group 3: Production and Capacity Expansion - The company is expanding its production capabilities, including the introduction of integrated die-casting products expected to enter mass production in Q2 2025 [3]. - The company has established 12 subsidiaries across various regions, including Southwest, Yangtze River Delta, Beijing-Tianjin-Hebei, and Pearl River Delta, to enhance collaboration with core customers [3]. Group 4: Revenue and Profit Forecast - The company anticipates revenues of 5.952 billion, 8.039 billion, and 9.970 billion yuan for 2025-2027, with year-on-year growth rates of 41%, 35%, and 24% respectively [4]. - The projected net profit for the same period is 859 million, 1.180 billion, and 1.418 billion yuan, with growth rates of 40%, 37%, and 20% respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.47 CNY, based on a projected 2025 PE of 17 times [3][6]. Core Insights - The company's revenue and profit are expected to grow significantly, with projected net profits for 2025, 2026, and 2027 at 828 million, 1.096 billion, and 1.438 billion CNY respectively, reflecting a substantial increase from previous estimates [3][10]. - The company is experiencing strong demand from key customers, which is anticipated to drive continued performance improvements [10]. Financial Performance Summary - Revenue is projected to grow from 2.6 billion CNY in 2023 to 10.363 billion CNY in 2027, with year-on-year growth rates of 87.0%, 62.5%, 42.0%, 33.6%, and 29.2% respectively [5][10]. - The gross margin is expected to remain stable, with slight fluctuations, projected at 27.6% in 2024 and 26.5% in 2027 [5][10]. - The net profit margin is forecasted to improve from 11.9% in 2023 to 13.9% in 2027, indicating enhanced profitability [5][10]. - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares to all shareholders in 2024 [10]. Customer Demand and Capacity Expansion - The company is closely tied to leading domestic brands and new energy vehicle manufacturers, which are expected to see significant sales growth, thereby benefiting the company's performance [10]. - The company is actively expanding its production capacity to meet increasing orders, with plans to establish new production bases in various locations [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.47 CNY, based on a projected PE of 17 times for 2025 [3][6]. Core Views - The company's revenue and profit are expected to grow rapidly, with projected net profits for 2025-2027 at 828 million, 1.096 billion, and 1.438 billion CNY respectively, reflecting significant growth compared to previous estimates [3][10]. - Strong demand from core customers is anticipated to drive continued performance improvement, with major clients such as Seres, Li Auto, Geely, and Xpeng showing robust sales growth [10]. - The company is actively expanding its production capacity to meet increasing orders, with plans to establish production bases in multiple locations [10]. Financial Summary - Revenue is projected to grow from 2.6 billion CNY in 2023 to 10.363 billion CNY in 2027, with year-on-year growth rates of 87.0%, 62.5%, 42.0%, 33.6%, and 29.2% respectively [5][10]. - The gross margin is expected to remain stable, with slight fluctuations, projected at 27.6% in 2024 and around 26.5% in 2027 [5][10]. - The net profit margin is forecasted to improve from 11.9% in 2023 to approximately 13.9% in 2027, indicating enhanced profitability [5][10]. - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares to all shareholders in 2024 [10].

Group 1 - The company achieved rapid growth in revenue and profit, with 2024 operating revenue reaching 4.227 billion, a year-on-year increase of 62.5%, and net profit attributable to shareholders at 613 million, up 98.7% year-on-year [1] - In Q4 2024, operating revenue was 1.365 billion, showing a year-on-year growth of 51.7% and a quarter-on-quarter increase of 19.8% [1] - The company plans to distribute a cash dividend of 1.5 per 10 shares to all shareholders in 2024 [1] Group 2 - The gross margin continued to improve year-on-year, with a gross margin of 27.6% in 2024, up 2.1 percentage points [2] - The operating cash flow was negative in 2024, with a net cash flow from operating activities of -63 million, compared to 193 million in 2023, primarily due to increased raw material procurement and production personnel expenses [2] Group 3 - Strong demand from major clients is expected to drive continued performance improvement, with significant sales growth projected for key clients such as Seres, Li Auto, Geely, and Xpeng [3] - The company is accelerating capacity expansion with new production bases planned in Changzhou, Chongqing, and Jinhua to meet increasing orders [3] Group 4 - Adjustments to revenue, gross margin, and expense ratios have been made, with new profit forecasts for 2025-2027 indicating net profits of 828 million, 1.096 billion, and 1.438 billion respectively [4] - The average PE valuation for comparable companies in 2025 is projected at 17 times, with a target price set at 32.47 [4]