Oriental Securities: Bojun Technology's second quarter performance exceeds market expectations, maintains a "buy" rating.

The research report of Oriental Securities pointed out that under the boost of major clients and vehicle models sales volume, Bojun Technology's second-quarter performance exceeded market expectations. Although the sales growth rate of the company's major client, Ideal Automobile, in the second quarter slowed down compared to the same period last year, the sales performance of other major clients and supporting vehicle models was good. In the second quarter, Geely's sales volume increased by 59.5% year-on-year, Sailease's sales volume increased by 8.7% and 137.3% respectively, and the cumulative sales volume of WENJIE M8, which was launched in April, exceeded 35,000 units. In the second quarter, the sales volume of Xiaopeng MONAM03 exceeded 38,000 units. With the boost of the unexpected sales volume of major clients and supporting vehicle models, the company's second-quarter performance was better than expected. The company's scale effect continues to be released, and it is expected that the industry price war in the second quarter will have a relatively small impact on the company's gross profit margin and net profit margin. It is also expected that the launch of several key new cars will promote the company's performance to continue to improve in the second half of the year; it is expected that the continuous expansion of high-quality customer resources and business scale will provide guarantees for the company's profitability. Maintain a 2025 PE average valuation of 17 times for comparable companies, with a target price of 33.66 yuan, and maintain a "buy" rating.