博俊科技20240606

Company and Industry Overview * Company: Bojun Technology, a medium-sized manufacturer of stamping parts in the A-share market. * Industry: Automotive stamping parts industry. * Market Size: The automotive stamping parts market is estimated to be around 300 billion yuan in China. * Key Players: Foreign giants like Benteler and Haste浦，domestic leaders like Dongtan Technology and Bojun Technology, and numerous medium and small-sized domestic enterprises. Key Points 1. Revenue Growth and Customer Structure * Revenue Growth: Bojun Technology expects a revenue growth of 50% to 80% in 2024, driven by new customers and projects, particularly from the Wuling Hongguang M9's strong sales. * Customer Structure: The company's revenue from first-tier suppliers has increased, with Geely, Li Auto, and Wuling Hongguang accounting for 38% of total revenue in 2022. * New Customers: Bojun Technology is actively expanding its customer base, including new projects from Geely, Chang'an, and other new car models. 2. Product Upgrade and Market Potential * Product Upgrade: The company has upgraded its products from single parts to integrated parts, with the revenue of body module products reaching 39% of total revenue in 2022. * Market Potential: The market for automotive stamping parts is large and growing, with the domestic market share of autonomous vehicles increasing from 36% in 2019 to 55% in the first quarter of 2024. 3. Profitability and Efficiency * Profitability: The company's gross profit margin has been stable at around 30% in recent years, with a net profit margin of 12% to 14%. * Efficiency: The company has improved its production efficiency and cost control, with an average annual output value per person reaching 1.07 million yuan in 2023. 4. Investment Value * Valuation: The company's P/E ratio is around 17 to 12 times for 2024 and 2025, higher than other A-share automotive parts companies. However, its PEG ratio is only 0.5, indicating potential undervaluation. * Rating: The company has been given an "Buy" rating due to its strong growth prospects and potential for profit improvement. Conclusion Bojun Technology is expected to benefit from the growing demand for automotive stamping parts in the domestic market, driven by the rise of autonomous vehicles and the expansion of its customer base and product portfolio. The company's focus on product upgrades, efficiency improvement, and cost control is expected to contribute to its future growth and profitability.