科博达技术股份有限公司 2025年第五次临时股东大会 科博达技术股份有限公司 2025 年第五次临时股东大会 会议资料 中国 上海 二〇二五年十一月 科博达技术股份有限公司 2025年第五次临时股东大会 目 录 | 一、2025 | 年第五次临时股东大会会议议程 | 1 | | --- | --- | --- | | 二、2025 | 年第五次临时股东大会会议须知 | 4 | | 三、2025 | 年第五次临时股东大会审议议案 | | | 1. | 关于公司符合向不特定对象发行可转换公司债券条件的议案 | 6 | | 2. | 关于公司向不特定对象发行可转换公司债券方案的议案 | 7 | | 3. | 关于公司向不特定对象发行可转换公司债券预案的议案 | 18 | | 4. | 关于公司向不特定对象发行可转换公司债券的论证分析报告的议案 | 19 | | 5. | 关于公司向不特定对象发行可转换公司债券募集资金使用可行性分析报 | | | | 告的议案 | 20 | | 6. | 关于无需编制前次募集资金使用情况报告的议案 | 22 | | 7. | 关于公司向不特定对象发行可转换公司债券摊薄即期回报及相关填 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 市场数据： | 2025 年 11 月 05 日 | | --- | --- | | 收盘价（元） | 74.05 | | 一年内最高/最低（元） | 109.23/49.20 | | 市净率 | 5.5 | | 股息率%（分红/股价） | 0.88 | | 流通 A 股市值（百万元） | 29,906 | | 上证指数/深证成指 | 3,969.25/13,223.56 | 注："股息率"以最近一年已公布分红计算 投资要点：公司发布三季报，2025 年前三季度实现调整后营业收入 49.97 亿元，同比+16.46%； 归属于上市公司股东的净利润为 6.46 亿元，同比+14.21%；2025Q3 实现营收 17.3 亿元，同比 +11.8%/环比+3.6%；归母净利润 2.2 亿元，同比-0.1%/环比-11.1%；扣非归母净利润 2.1 亿 元，同比-11.3%/环比-13.8%。受智能科技并表影响，利润略低于预期。 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | ...

11月6日，科博达盘中上涨2.01%，截至13:57，报75.54元/股，成交3.51亿元，换手率1.16%，总市值 305.07亿元。 分红方面，科博达A股上市后累计派现12.51亿元。近三年，累计派现7.07亿元。 机构持仓方面，截止2025年9月30日，科博达十大流通股东中，兴全合泰混合A（007802）位居第九大 流通股东，持股271.77万股，相比上期减少209.17万股。香港中央结算有限公司位居第十大流通股东， 持股257.21万股，相比上期减少143.81万股。兴全合润混合A（163406）退出十大流通股东之列。 责任编辑：小浪快报 今年以来科博达已经3次登上龙虎榜，最近一次登上龙虎榜为10月22日，当日龙虎榜净买入-8941.99万 元；买入总计2.07亿元 ，占总成交额比25.55%；卖出总计2.97亿元 ，占总成交额比36.58%。 资料显示，科博达技术股份有限公司位于中国(上海)自由贸易试验区祖冲之路2388号1-2幢，成立日期 2003年9月12日，上市日期2019年10月15日，公司主营业务涉及汽车电子相关产品的研发、生产和销 售。主营业务收入构成为：汽车零部件96.77%，其他3. ...

科博达系列 车中旭霞 公司深度： 《科博达-603786-深度报告：一体两翼，汽车电子核心标的》-20191021 财报点评： 《科博达（603786.SH ）-三季报点评-单三季度收入同比增长12%，收购智能科技60%股权打开驾驶域控成长空间》-20251029 《 科博达（603786.SH）-中报点评-单二季度净利润同比增长61%，在手订单充沛》-20250901 《 科博达（603786.SH）-年报点及一季报点评- 在手订单充沛，打造域控制器平台型企业 》-20250428 《 科博达（603786.SH）-三季报点评-单三季度归母净利润同比增长31%，打造域控制器平台型企业 》-20241029 《科博达（603786.SH）-中报点评-加快全球化布局，打造域控制器平台型企业》-20240825 《 科博达（603786.SH）-年报及一季报点评-新产品放量，全球化加速，打造域控制器平台型企业 》-20240421 《科博达（603786.SH）-2023年三季报点评-拓客户、拓品类进展顺畅，打造域控制器平台型企业》 -20231029 《科博达（603786.SH）-2023年中报点评-单季度营 ...

科博达（603786.SH） 证券研究报告 | 季报点评 gszqdatemark 2025 11 04 年 月 日 智能科技并表影响短期盈利，主业盈利稳健。公司 2025Q3 毛利率 23.5%， 同比-6.2pct，环比-3.7pct；销售净利率 10.4%，同降 5.5pct，环降 4.7pct。 盈利能力同环比下降主要由于智能科技并表影响，我们预计 Q3 智能科技 亏损近 2000 万元，Q4 有望持续收窄，盈利能力逐步提升。Q3 期间费用 率 14.6%，环比提升 4.6pct，主要由于智能科技带来的研发投入增加， 25Q3 研发费用率 9.99%，环比+3.35pct。此外，25Q2 汇兑收益贡献超 3000 万元，Q3 基本无该项影响。 Q3 业绩符合预期，智能科技并表贡献增量 事件：公司发布 2025Q3 业绩。2025Q3 实现营收 19.5 亿元，同比+26%， 环增 17%，归母净利润 1.95 亿元，同比+0.6%，环降 20%；2025 Q1-3， 公司收入 50 亿元，同比+16%；归母净利润 6.5 亿元，同比+14%。 智能科技完成并表，智驾域控为核心增长引擎。截至 9 月末， ...

Core Insights - Kobot's October institutional research summary indicates strong engagement with numerous institutional investors, highlighting the company's operational status and product developments [1] Group 1: Company Developments - Kobot has secured designated orders from four well-known domestic and international automotive manufacturers, with a lifecycle sales value exceeding 20 billion yuan [1] - The company has acquired control of Kobot Intelligent Technology, enabling it to leverage the latter's expertise in automotive intelligent central computing platforms and related domain controllers, thus entering the core product segment of automotive intelligence [1] Group 2: Industry Outlook - The company expresses optimism regarding the industrialization opportunities in the robotics sector, anticipating significant growth potential in the industry [1] - Kobot is capable of producing controllers and actuators for robots, indicating its readiness to expand into this market through its subsidiary, Kobot Intelligent Technology [1]

11月4日，科博达盘中下跌2.01%，截至10:42，报74.41元/股，成交1.19亿元，换手率0.39%，总市值 300.51亿元。 资金流向方面，主力资金净流出24.31万元，特大单买入123.82万元，占比1.04%，卖出250.66万元，占 比2.11%；大单买入1315.45万元，占比11.05%，卖出1212.92万元，占比10.19%。 科博达今年以来股价涨21.68%，近5个交易日跌6.78%，近20日跌31.27%，近60日涨42.60%。 科博达所属申万行业为：汽车-汽车零部件-汽车电子电气系统。所属概念板块包括：小鹏汽车概念、智 能汽车、汽车零部件、线控底盘、比亚迪概念等。 截至9月30日，科博达股东户数1.33万，较上期增加17.18%；人均流通股30431股，较上期减少14.35%。 2025年1月-9月，科博达实现营业收入49.97亿元，同比增长16.96%；归母净利润6.46亿元，同比增长 6.55%。 分红方面，科博达A股上市后累计派现12.51亿元。近三年，累计派现7.07亿元。 机构持仓方面，截止2025年9月30日，科博达十大流通股东中，兴全合泰混合A（007802）位 ...

Group 1: China Petroleum - In Q3 2025, the company reported a 14% increase in net profit attributable to shareholders, demonstrating resilience in the oil and gas sector [4][5] - The company achieved a total revenue of 21,693 billion yuan in the first three quarters of 2025, a year-on-year decrease of 3.9%, with a net profit of 1,263 billion yuan, down 4.9% year-on-year [4][5] - Capital expenditures for 2025 are budgeted at 262.2 billion yuan, focusing on exploration and development in key basins and upgrading refining and chemical projects [6][7] Group 2: Shanghai Film - The company reported a revenue of 361 million yuan in Q3 2025, a year-on-year increase of 101.6%, with a net profit of 86 million yuan, up 123.51% year-on-year [10][11] - The success of the film "Wang Wang Mountain Little Monster" significantly contributed to the revenue growth, with a box office exceeding 1.7 billion yuan [11][13] - The company is actively developing its IP business, with multiple upcoming projects expected to enhance future growth [11][13] Group 3: Foton Motor - Foton Motor's revenue for the first three quarters of 2025 reached 45.45 billion yuan, a year-on-year increase of 27.1%, with a net profit of 1.11 billion yuan, up 157.5% year-on-year [15][16] - The company achieved a market share of 12.6% in heavy truck wholesale, the highest in 10 years, with significant growth in both domestic and export sales [16][17] - The annualized ROE improved to the highest level since 2013, reflecting enhanced profitability and cash flow quality [18][19] Group 4: Bojun Technology - Bojun Technology reported a revenue of 4.075 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.36%, with a net profit of 627 million yuan, up 70.47% year-on-year [20][21] - The company is expanding its production capacity and has established multiple subsidiaries across key regions, enhancing its operational efficiency [22][23] - The human-robot business is steadily advancing, with ongoing collaborations in intelligent robotics [22][23] Group 5: Dingyang Technology - Dingyang Technology achieved a revenue of 431 million yuan in the first three quarters of 2025, a year-on-year increase of 21.67%, with a net profit of 111 million yuan, up 21.49% year-on-year [24][25] - The company is focusing on high-end product development, with significant growth in high-end product sales [25][26] - The overall gross margin remains high at 61.13%, reflecting effective cost management and product pricing strategies [26] Group 6: KEBODA - KEBODA reported a revenue of approximately 17.33 billion yuan in Q3 2025, a year-on-year increase of 11.76%, with a net profit of about 2.18 billion yuan [27][28] - The company is expanding its global presence, with overseas revenue growth outpacing domestic markets [28][29] - KEBODA's acquisition of intelligent technology is expected to enhance its product offerings and market competitiveness [29][30] Group 7: Desay SV - Desay SV reported a revenue of approximately 76.92 billion yuan in Q3 2025, a year-on-year increase of 5.63%, with a net profit of about 5.65 billion yuan [31][32] - The company is focusing on expanding its product structure and optimizing customer relationships to mitigate short-term performance pressures [32][33] - Desay SV is actively exploring new business areas, including smart transportation and autonomous delivery [33][34] Group 8: Aishide - Aishide reported a revenue of 393.75 billion yuan in the first three quarters of 2025, a year-on-year decrease of 31.47%, with a net profit of 33.7 million yuan [35][36] - The company is undergoing a strategic adjustment to focus on high-margin core businesses, showing signs of operational improvement [36][37] - Aishide is establishing an industry fund to invest in emerging technologies, enhancing its growth potential [38][39]

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence sector [4][6]. Core Insights - The automotive intelligence industry is experiencing significant advancements, with companies like Xiaopeng Motors and Leap Motor being recommended for investment. For L4 level autonomous driving, Pony.ai and WeRide are highlighted as key players. In the component sector, Hesai Technology is recommended for data acquisition, while Horizon Robotics and other companies are suggested for data processing and application [4][5]. Industry News - Tesla's Robotaxi service is set to expand to 8 to 10 regions by the end of the year [1]. - Xiaopeng Motors and WeRide have initiated their IPO process, aiming for a Hong Kong listing on November 6 [1]. - Stellantis is collaborating with Nvidia, Uber, and Foxconn to accelerate its Robotaxi deployment [1]. - Hesai Technology has secured a 5 billion yuan global order in automotive intelligence [1]. - Yujia Innovation's unmanned vehicle has begun operations in Huaqiangbei, marking a new phase in smart logistics [1]. - Jiusi Intelligent has completed a $100 million Series B4 financing led by Ant Group [1]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles reached 43.8% in August 2025, up 27 percentage points year-on-year [2]. - Nvidia's chip penetration in passenger vehicle driving domains increased to 57.2%, a year-on-year increase of 27 percentage points [2]. - The penetration rate of lidar in passenger vehicles reached 10.4%, with Huawei holding a 40% market share among lidar suppliers [2]. Smart Driving Insights - The penetration rate of passenger vehicles with L2 and above functions reached 33.3% in August 2025, an increase of 18 percentage points year-on-year [3]. - The penetration rates for front-view cameras, forward millimeter-wave radar, and lidar were 67.8%, 57.5%, and 10.4%, respectively [3]. - The penetration rate of driving domain controllers reached 33.2%, up 17.5 percentage points year-on-year [3]. Investment Recommendations - Recommended companies include Xiaopeng Motors, Leap Motor, and Geely for complete vehicles. For L4 autonomous driving, Pony.ai and WeRide are suggested. In the components sector, Hesai Technology is recommended for data acquisition, while Horizon Robotics, Black Sesame Technologies, and others are recommended for data processing [4][5].

2025 年 11 月 03 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 陈飞宇 S0350525060001 chenfy02@ghzq.com.cn [Table_Title] 2025Q3 智能科技并表驱动成长，全球化与域控 布局开启新篇 ——科博达（603786）公司动态研究 | 相对沪深 | 300 | 表现 | | 2025/10/31 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 科博达 | | -25.9% | 49.0% | 37.9% | | 沪深 300 | | -0.0% | 13.9% | 19.3% | | 市场数据 | 2025/10/31 | | --- | --- | | 当前价格（元） | 77.50 | | 周价格区间（元） 52 | 49.20-109.23 | | 总市值（百万） | 31,298.89 | | 流通市值（百万） | 31,298.89 | | 总股本（万股） | 40,385.6 ...