20250831-华源证券-骏创科技（833533.BJ）_4页_278kb

Summary of Junchuang Technology (833533.BJ) Securities Research Report

Junchuang Technology is an automotive零部件 company based in the Beijing Stock Exchange. The report maintains an "增持" investment rating, citing potential breakouts through challenges in the second half of 2025, particularly driven by expansion into energy storage and battery sectors.

Key highlights from the analysis:

• Financial Performance (2025H1): The company saw revenue at 3.27亿元, with net profit of 1530万元 and non-discretionary profit at 1190万元, mostly due to production cuts from T client's line upgrades and declining fuel car sales. The second quarter showed slight growth in revenue (+3% qoq) but continued net loss pressures.
• Business Segments: The company operates in auto plastic parts and mold manufacturing, with high毛利率 rates (22% for plastic parts, 30% for molds) and revenue split between domestic (10143万元) and international (22582万元) markets.
• Rationale for "增持" Recommendation: Potential growth comes from ongoing efforts in energy storage and batteries, leveraging core "以塑代钢" technology for automotive lightweighting, which aligns with global trends toward electric vehicles (e.g., 2030 target for 50% EV penetration). Global expansion into the US is anticipated to mitigate risks.
• Financial Forecast: Projected 2025-2027 net profits (0.68亿 to 1.18亿元) indicating improvement in PE ratios (66.7x to 38.4x), supported by revenue growth forecasts and产能 expansion.
• Risk Factors: Elevated risks include T client dependency, exchange rate exposures, and international operations vulnerabilities.

Overall, the company shows resilience amid short-term challenges, with strategic shifts expected to drive long-term value.