Jiangsu Bojun Industrial Technology (300926) 光大证券·2024-10-29 08:40Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in Q3 2024 met expectations, with a year-on-year revenue increase of 68.3% to 2.86 billion yuan and a net profit increase of 102.5% to 370 million yuan, driven by strong sales growth from key downstream customers like Li Auto and Seres [1] - The gross margin is under short-term pressure but is expected to recover in Q4 2024 as new models ramp up production, supported by product structure upgrades and economies of scale [2] - The company is successfully securing new model contracts and expanding production capacity through various bodywork processes, which is anticipated to drive long-term growth [3] Summary by Sections Financial Performance - In Q3 2024, the company's revenue reached 1.14 billion yuan, a year-on-year increase of 67.7% and a quarter-on-quarter increase of 23.1%, with a net profit of 136 million yuan, reflecting a year-on-year increase of 57.1% and a quarter-on-quarter increase of 3.6% [1] - For the first three quarters, the gross margin increased by 2.2 percentage points to 26.4%, while the selling, general, and administrative expenses ratio decreased by 0.3 percentage points to 7.2% [2] Business Development - The company has established strong ties with leading automotive manufacturers, successfully transitioning to a Tier 1 supplier status, and is expected to continue expanding its customer base [3] - The company is diversifying its production capabilities across various bodywork processes, including hot and cold stamping, laser welding, injection molding, and die-casting, which is expected to enhance its long-term growth potential [3] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 510 million yuan, 650 million yuan, and 850 million yuan respectively, indicating a positive growth trajectory [4]