1) 客户升级:从 Tier-1 到整车厂 整车厂营收占比持续提升。到 2022年，国内优质自主车企吉利、理想、 赛力斯进入公司前五大客户，营收占比合计约 38%。 1）汽车零部件，公司已逐步建立优质的客户网络与渠道,与蒂森克房 伯、伟巴斯特、麦格纳、耐世特、凯毅德、德尔福、福益等国际优秀汽车零 部件制造企业建立了紧密合作关系,产品广泛应用于特斯拉、比亚迪、理想、 大众等品牌汽车。 2）白车身，凭借在冲压零部件积累的经验，近两年公司寻求向 Tier-1 的角色转型,大力拓展吉利、理想、比亚迪等国内主流整车厂。 | --- | --- | --- | --- | --- | --- | |--------------|----------------|----------------------------------------|--------------|-----------------|---------------------------------| | 帶秦克房伯 | kiekert 凯毅德 | 主要一级供应商客户 \n-lebasto 伟巴斯特 | MAGNA 麦格纳 | B 市制定制 古利 ...

证券代码：300926 证券简称：博俊科技 公告编号：2024-040 江苏博俊工业科技股份有限公司 2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 特别提示： 1、本次股东大会未出现否决议案的情形； 江苏博俊工业科技股份有限公司（以下简称"公司"）2024 年第一次临时股东 大会通知已于 2024 年 4 月 29 日以公告形式发出，具体内容详见公司在巨潮资讯 网（www.cninfo.com.cn）发布的《2024 年第一次临时股东大会通知》（公告编 号：2024-037）。 （一）会议召开情况 1、现场会议召开日期、时间：2024 年 5 月 17 日（星期五）上午 10:00。 2、网络投票日期、时间：通过深圳证券交易所交易系统进行网络投票的具 体时间为 2024 年 5 月 17 日（星期五）的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2024 年 5 月 17 日 9:15-15 ...

上海市通力律师事务所 关于江苏博俊工业科技股份有限公司 2024 年第一次临时股东大会的法律意见书 致: 江苏博俊工业科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受江苏博俊工业科技股份有限公司(以下简 称"公司")的委托, 指派本所唐方律师、梁翔蓝律师(以下合称"本所律师")根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等法律法规和规范性 文件(以下统称"法律法规")及《江苏博俊工业科技股份有限公司章程》(以下简称"公司章 程")的规定就公司 2024 年第一次临时股东大会(以下简称"本次股东大会")相关事宜出具 法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司 ...

Investment Rating - The report assigns a positive investment rating to Bojun Technology, indicating strong growth potential in the automotive precision parts and molds sector [7]. Core Insights - Bojun Technology has successfully transitioned from a Tier 2 supplier to a Tier 1 supplier, significantly enhancing its customer base and revenue potential [8][11]. - The company has seen a substantial increase in revenue from its stamping business, which rose from 76% in 2020 to 89% in 2023, driven by product and customer structure upgrades [13]. - The automotive stamping industry is characterized by low concentration and high competition, with individual market shares below 2% for most players [16][30]. - Bojun Technology is well-positioned to benefit from the ongoing shift towards electric vehicles and the increasing demand for lightweight materials in automotive manufacturing [26][30]. Summary by Sections Company Overview - Established in 2011 and listed on the Shenzhen Stock Exchange in 2021, Bojun Technology specializes in the R&D, design, production, and sales of automotive precision parts and molds [8]. - The company has developed a competitive advantage in key production processes such as stamping, laser welding, and injection molding [8]. Customer Base and Market Position - Major clients include leading automotive suppliers and manufacturers such as Thyssenkrupp, Magna, BYD, and Geely, with a notable shift towards new energy vehicle manufacturers [11][13]. - The company has secured significant contracts with new energy vehicle manufacturers, enhancing its market position [35]. Financial Performance - In 2023, Bojun Technology reported a revenue increase of 87% year-on-year, reaching 2.6 billion yuan, with a net profit growth of 108.6% to 310 million yuan [75]. - The gross margin for the injection molding business was 29.06%, compared to 20.50% for the stamping business, indicating a strong profitability trend [47]. Industry Trends - The report highlights the growing market for automotive plastic parts, projected to reach 238.7 billion yuan by 2026, driven by increasing vehicle production and demand for lightweight materials [65]. - The adoption of integrated die-casting technology is expected to accelerate, with the market for large-scale high-vacuum die-casting projected to grow from 2 billion yuan in 2023 to 14 billion yuan by 2026 [52]. Competitive Landscape - Bojun Technology faces competition from both domestic and international stamping manufacturers, but its focus on R&D and cost control provides a competitive edge [30][41]. - The company is actively expanding its capabilities in injection molding and die-casting, which are expected to complement its traditional stamping business and enhance overall profitability [44][49].

Investment Rating - The report gives a "Buy" rating for Bojun Technology (300926 SZ) for the first time, with a target price of RMB 20 81 [5][6] Core Views - The rapid transformation of the automotive industry towards electrification and intelligence presents new opportunities for stamping parts suppliers Bojun Technology has successfully transitioned from Tier 2 to Tier 1 supplier and is expected to benefit from the strong product cycles of its core customers such as Li Auto and Seres [1][7] - The company has diversified its business by expanding into multiple body manufacturing processes including stamping injection molding and die casting which is expected to drive long term growth [7][8] - The stamping market for passenger vehicles is projected to reach RMB 253 1 billion by 2026 with a CAGR of 2 3% from 2022 to 2026 The stamping market for new energy vehicles (NEVs) is expected to grow at a CAGR of 20 0% reaching RMB 105 8 billion by 2026 [1][12] Market and Industry Analysis - The stamping industry is capital intensive with significant barriers to entry including customer certification technological expertise and management systems [16][23] - The trend towards lightweighting in NEVs is driving the adoption of hot stamping and laser welding technologies which can reduce vehicle weight and improve safety [24][28] - The domestic stamping market is highly fragmented with no single player holding more than 2% market share The market is divided into four categories foreign owned or joint venture companies large domestic private enterprises subsidiaries of OEMs and small to medium sized stamping manufacturers [44][45] Company Analysis - Bojun Technology has established a competitive advantage through its diversified customer base strong R&D capabilities and cost control measures The company has successfully transitioned to a Tier 1 supplier with major clients including Li Auto Seres Geely and BYD [7][32] - The company has expanded its production capacity with nine subsidiaries across China enabling it to provide rapid response services to major OEMs [145][146] - Bojun Technology has invested in multiple body manufacturing processes including stamping injection molding and die casting which is expected to drive long term growth and profitability [7][8][179] Financial Performance and Projections - The company's revenue and net profit have shown strong growth with revenue increasing from RMB 1 391 million in 2020 to RMB 6 186 million in 2026E and net profit growing from RMB 148 million to RMB 751 million over the same period [4][55] - The stamping business is expected to remain the core revenue driver with projected revenue of RMB 3 33 billion in 2024E growing to RMB 4 21 billion by 2026E The die casting business is expected to contribute RMB 350 million in 2024E increasing to RMB 1 59 billion by 2026E [67][183] - The company's gross margin for the stamping business is expected to improve from 21 9% in 2024E to 23 1% in 2026E while the injection molding business is projected to maintain a gross margin of around 28% [67][196]

评级： [Table_Rank] 买入 [市场指数走势（最近 Table_Chart] 1 年） -0.5 0 0.5 1 3-Apr14-Jun 25-Aug 5-Nov16-Jan 28-Mar 博俊科技 沪深300 | --- | --- | --- | --- | --- | |----------------------------|-------|----------------------|-------|-------| | [Table_Profit] | 2023A | 2024E | 2025E | 2026E | | 营收（亿元） | 26.0 | 41.5 | 55.7 | 69.8 | | 营收增速（%） | 87.0 | 59.6 | 34.1 | 25.3 | | 归母净利润（亿元） | 3.1 | 4.6 | 6.3 | 8.1 | | 归母净利润增速（ %） | | 108.2 50.0 35.4 28.7 | | | | EPS(元/ 股 ) | 1.11 | 1.66 | 2.25 | 2.89 | | PE | 19.6 | 13.1 | 9.7 | 7.5 | | ...

丁泓婧，墨尔本大学金融硕士，主要覆盖智能座舱、电动化、整车等领域。 评级说明 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

会计年度 2023 2024E 2025E 2026E 会计年度 2023 2024E 2025E 2026E 货币资金 508 709 999 1,199 营业收入 2,600 3,937 5,551 6,662 应收票据 172 197 278 333 营业成本 1,936 2,941 4,147 4,976 应收账款 999 1,181 1,554 1,865 税金及附加 9 24 33 40 预付账款 52 44 62 75 销售费用 10 20 39 40 存货 907 1,176 1,659 1,990 管理费用 92 138 200 233 合同资产 0 3 2 2 研发费用 85 134 194 233 其他流动资产 376 557 767 921 财务费用 30 31 45 56 流动资产合计 3,015 3,864 5,319 6,384 信用减值损失 -21 -20 -20 -20 其他长期投资 0 0 0 0 资产减值损失 -48 -50 -50 -50 长期股权投资 0 0 0 0 公允价值变动收益 0 0 0 0 固定资产 1,199 1,502 1,837 2,203 投资收益 ...

| 证券代码：300926 | 证券简称：博俊科技 | 公告编号：2024-039 | | --- | --- | --- | | 债券代码：123222 | 债券简称：博俊转债 | | 一、可转换公司债券发行情况 公司于2024年5月6日收到伍亚林先生通知，获悉截至2024年5月6日，伍亚 林先生已累计通过深圳证券交易系统以大宗交易方式转让其持有的"博俊转债" 510,000张，占可转债发行总量的10.20%。具体变动情况如下： 江苏博俊工业科技股份有限公司 | | 本次变动前 | | 本次变动情况 | | | 本次变动后 | | --- | --- | --- | --- | --- | --- | --- | | 持有人 名称 | 持有数量 | 占本次债券发 行总量比例 | 变动数量 | 占本次债券发 行总量比例 | 持有数量 | 占本次债券发 行总量比例 | | | （张） | （%） | （张） | （%） | （张） | （%） | | 伍亚林 | 2,248,035 | 44.96 | 510,000 | 10.20 | 1,738,035 | 34.76 | | 富智投 资 | 887,634 ...

2024 年 05 月 02 日 理想、问界销售强势，Q1 业绩延续高增 核心客户销量强势，业绩延续高增长。2022 年，理想、赛力斯成为公司前 五大客户，合计营收占比超 20%。2023 年，理想推出 L7/L8，赛力斯推出 问界品牌新车 M7/M9，订单火爆，理想、问界分别实现销量 37.6/10.7 万辆， 同比+182.2%/33.3%，带动公司收入实现 26.0 亿元，同比增长 87.0%。 2024Q1，理想销售 8 万辆（同比+52.9%），问界销售超 8.5 万辆，行业及 核心客户的强势销售给公司贡献较好的增长，收入同比大增 93%。公司和 长安、吉利、比亚迪也有多个项目在配套，主力客户均处在强车型周期，预 计随新车发布及交付，收入有望继续高增。 订单+产能双轮驱动，拟定增助力长期发展。公司工艺布局完善，并陆续拓 展白车身、电池包、电驱等产品，在手订单已超 70 亿元。公司扩张常州基 地，设子公司建设河北、宁波、沙坪坝以及肇庆基地，同时布局一体化压铸， 新产能将在未来三年逐步投产，预计能有效满客户订单需求，强化公司定点 获取能力。资金方面，公司拟定增融资 3 亿元用于主业及补充流动资金，充 分 ...