Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company has demonstrated strong revenue growth, with a 33.79% year-on-year increase in revenue for the first three quarters of 2024, reaching 4.273 billion yuan, and a net profit increase of 33.24% to 607 million yuan [1]. - The company's new products, particularly in energy management systems, have shown significant growth, becoming the second-largest business segment [2]. - The internationalization strategy is progressing well, with overseas revenue accounting for 34.79% of total revenue, reflecting a 39.76% year-on-year increase [3]. - Profitability has improved, with a net profit margin of 15.88% in Q3 2024, driven by enhanced gross margins and effective cost management [4]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 5.995 billion yuan, with a year-on-year growth of 29.6%, and a net profit of 816 million yuan, reflecting a growth of 34.0% [6]. - The company's earnings per share (EPS) is expected to increase from 2.02 yuan in 2024 to 3.48 yuan by 2026, indicating strong growth potential [6]. - The report highlights a stable expense management strategy, with a period expense ratio of 12.34% in Q3 2024, showing room for further optimization [4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 1.53 billion yuan in Q3 2024, representing a year-on-year increase of 24% and a quarter-on-quarter increase of 15%. The net profit attributable to the parent company was 230 million yuan, up 31% year-on-year and 54% quarter-on-quarter. The gross margin was 29.65%, down 0.91 percentage points year-on-year but up 3.53 percentage points quarter-on-quarter. The net profit margin was 15.9%, an increase of 0.33 percentage points year-on-year and 3.52 percentage points quarter-on-quarter [4] - The energy management system is leading revenue growth, with the lighting control system generating 760 million yuan in revenue (up 19% year-on-year), the motor control system generating 230 million yuan (up 17% year-on-year), and the energy management system generating 250 million yuan (up 94% year-on-year) [4] - The company has secured a project with Volkswagen for suspension controllers, marking its first entry into the Volkswagen Group's product line and expanding its high-value product offerings in the global market [4] Financial Forecast and Investment Suggestions - Revenue forecasts for 2024-2026 are 6.11 billion yuan, 7.67 billion yuan, and 9.45 billion yuan, respectively. Net profits are projected to be 811 million yuan, 1.095 billion yuan, and 1.388 billion yuan, respectively. The earnings per share (EPS) are expected to be 2.01 yuan, 2.71 yuan, and 3.44 yuan for the same periods [5] - The company is assigned a price-to-earnings (PE) ratio of 30-35x for 2024, corresponding to a reasonable value range of 60.26 to 70.30 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.74 CNY, based on a comparable company PE average valuation of 34 times for 2024 [2][4]. Core Views - The company's performance exceeded market expectations, with a revenue of 4.273 billion CNY for the first three quarters, representing a year-on-year growth of 33.8%. The net profit attributable to the parent company was 607 million CNY, also up by 33.2% year-on-year [1][2]. - The company is experiencing significant growth in its domain control products and new energy customer segments, which are expected to drive profitability upward. The energy management system products saw a remarkable revenue increase of 99.5% year-on-year in the first three quarters [1][2]. - The company is expanding its customer base in the new energy vehicle sector, with significant orders from emerging car manufacturers, which is anticipated to further boost performance [1]. Financial Summary - Revenue for 2022 was 3.384 billion CNY, projected to grow to 6.094 billion CNY by 2024, reflecting a compound annual growth rate (CAGR) of 31.8% [3]. - The net profit attributable to the parent company is expected to rise from 450 million CNY in 2022 to 854 million CNY in 2024, indicating a year-on-year growth of 40.3% [3]. - The company's gross margin is projected to stabilize around 30.6% in 2024, with a slight increase to 31.7% by 2026 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 4.273 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 33.8%, and a net profit attributable to shareholders of 607 million yuan, also up by 33.2% year-on-year [3] - In Q3 2024, the company achieved a record revenue of 1.530 billion yuan, with a quarter-on-quarter increase of 24.1% and a year-on-year increase of 15.5%, while the net profit attributable to shareholders was 235 million yuan, reflecting a quarter-on-quarter increase of 30.8% and a year-on-year increase of 54.1% [3] - The company experienced significant growth in overseas markets, with foreign revenue reaching 1.440 billion yuan, a year-on-year increase of 39.76%, driven by clients such as BMW and Ford [3] - The company is evolving from a lighting control provider to a platform enterprise, successfully developing various intelligent control modules, which are expected to enhance the value per vehicle [3] Summary by Sections Financial Performance - For Q3 2024, the gross profit margin was 29.7%, with a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter increase of 3.5 percentage points [3] - The net profit margin for Q3 was 15.4%, showing a year-on-year increase of 0.8 percentage points and a quarter-on-quarter increase of 3.8 percentage points [3] - The company’s operating expenses ratio was 12.3%, down by 3.7 percentage points year-on-year and 2.5 percentage points quarter-on-quarter [3] Revenue Forecast - Revenue forecasts for 2024-2026 are 6.005 billion yuan, 7.715 billion yuan, and 9.718 billion yuan respectively, with corresponding net profits of 826 million yuan, 1.111 billion yuan, and 1.389 billion yuan [4][8] - The projected PE ratios for 2024-2026 are 29, 21, and 17 times respectively, indicating significant growth potential [3][4] Market Position - The company has established a global customer base and is expected to continue expanding its product offerings to penetrate larger clients [3] - The company has secured 43 new projects in the first half of 2024, with an estimated lifecycle sales volume of 75 million units, and has 136 projects under research, projecting over 280 million units in lifecycle sales [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has a solid market position in lighting control, with ample orders on hand. The new high-value products such as domain controllers, chassis controllers, and Efuse are expanding successfully. The profit forecast for the company is maintained, with expected net profits of 844 million, 1.076 billion, and 1.346 billion yuan for 2024-2026, corresponding to EPS of 2.09, 2.66, and 3.33 yuan, with PE ratios of 28X, 22X, and 18X respectively [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.53 billion yuan, a year-on-year increase of 24%, and a net profit attributable to shareholders of 235 million yuan, up 31% year-on-year. For the first three quarters of 2024, revenue reached 4.27 billion yuan, a 34% increase year-on-year, with a net profit of 607 million yuan, up 33% year-on-year [7] - The revenue breakdown for Q3 2024 shows the lighting control system, motor control system, energy management system, and vehicle electrical and electronic business generating revenues of 757 million, 233 million, 250 million, and 214 million yuan respectively, with year-on-year growth rates of 19%, 17%, 94%, and 0% [7] Margin and Cost Management - The gross margin for Q3 2024 was 29.65%, a decrease of 0.91 percentage points year-on-year but an increase of 3.54 percentage points quarter-on-quarter. The expense ratio was 12.34%, down 3.72 percentage points year-on-year and 2.45 percentage points quarter-on-quarter [8] Product Development and Market Expansion - The company is deepening its focus on automotive intelligence, continuously expanding its product line with new offerings such as body domain controllers, chassis domain controllers, and various high-value products. The chassis controller products have gained traction with major clients including Volkswagen and Geely [8][9] - The company is committed to its international development strategy, enhancing its global presence with new product launches and local production facilities in Japan, Europe, and North America [9] Future Projections - The company forecasts a steady increase in revenue and net profit over the next few years, with expected revenues of 6.11 billion, 7.61 billion, and 9.35 billion yuan for 2024-2026, and net profits of 844 million, 1.076 billion, and 1.346 billion yuan respectively [11]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 59.14 CNY and a target price not specified for the next 6 months [1]. Core Insights - The company's Q3 performance exceeded expectations, with a revenue of 15.3 billion CNY in Q3, representing a year-on-year increase of 24.2% and a quarter-on-quarter increase of 15.5%. The net profit for Q3 was 2.35 billion CNY, up 30.8% year-on-year and 54.1% quarter-on-quarter [1][2]. - The company has effectively controlled its expense ratio, achieving a Q3 expense ratio of 12.3%, down 3.7 percentage points year-on-year and 2.5 percentage points quarter-on-quarter, indicating ongoing cost reduction and efficiency improvements [2]. - The company has expanded its client base, securing 43 new projects in the first half of the year, with an expected product lifecycle sales volume of approximately 75 million units. As of June 2024, the company has 136 projects under research, with an expected lifecycle sales volume exceeding 280 million units [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 42.73 billion CNY, a year-on-year increase of 33.8%, and a net profit of 6.07 billion CNY, also up 33.2%. The gross margin was 29.3%, down 1.5 percentage points year-on-year, while the net margin was 14.9%, down 0.3 percentage points year-on-year [1]. - The company’s revenue and net profit for Q3 were 15.3 billion CNY and 2.35 billion CNY, respectively, with significant growth compared to the previous year and quarter [1]. Product and Market Expansion - The company is actively promoting new products and accelerating its global strategy, with significant progress in entering the supply chains of major automotive brands such as Volkswagen, BMW, Porsche, and Audi [3]. - Domestic and international revenues grew by 37.5% and 39.6%, respectively, indicating synchronized growth in global markets [3]. Earnings Forecast - The company’s EPS is projected to be 2.14 CNY, 2.66 CNY, and 3.32 CNY for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 28, 22, and 18. The compound annual growth rate (CAGR) for net profit is expected to be 30.1% [3][4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][20][23] Core Views - The company achieved a significant revenue growth of 33.8% year-on-year, reaching 4.273 billion yuan in the first three quarters of 2024, with a net profit of 607 million yuan, also up 33.2% year-on-year [1][5] - The company is focusing on high-value products and aims to become a platform enterprise for domain controllers, with expectations of increasing the single vehicle value to over 10,000 yuan [2][10] - The company has a robust order backlog, with 43 new projects secured in the first half of 2024, expected to yield a lifecycle sales volume of approximately 75 million units [2][17] Financial Performance - In Q3 2024, the company reported a revenue of 1.530 billion yuan, a year-on-year increase of 24.2% and a quarter-on-quarter increase of 15.5% [1][5] - The gross margin for Q3 2024 was 29.7%, with a net margin of 15.9%, reflecting a quarter-on-quarter improvement of 3.5 percentage points [2][11] - The company’s four expense ratios decreased to 12.4% in Q3 2024, down 3.8 percentage points year-on-year [2][13] Product and Customer Insights - The revenue breakdown for Q3 2024 shows that the lighting control system generated 760 million yuan, up 19% year-on-year, while the energy management system saw a remarkable growth of 94% year-on-year [1][9] - The company is expanding its customer base, with new energy vehicle manufacturers accounting for over 15% of sales in the first half of 2024, indicating a diversification away from traditional customers like Volkswagen [1][10][17] Future Outlook - The company projects revenues of 6.206 billion yuan, 7.707 billion yuan, and 9.302 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to reach 854 million yuan, 1.109 billion yuan, and 1.320 billion yuan in the same years [2][20] - The company is actively enhancing its global presence, with plans to establish production facilities in Europe and North America by the end of 2024 [18][19]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved significant growth in Q3 2024, with a year-on-year increase in net profit of 30.8% and a quarter-on-quarter increase of 54.1% [3][4]. - The company's revenue for the first three quarters of 2024 reached 4.273 billion yuan, representing a year-on-year growth of 33.8% [3]. - The report highlights the successful introduction of new products and the expansion of new customer bases, which are expected to drive future growth [4]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 1.53 billion yuan, up 24.1% year-on-year, and a net profit of 235 million yuan, up 30.8% year-on-year [3]. - The gross margin for Q3 2024 was 29.65%, showing a year-on-year decrease of 0.91 percentage points but an increase of 3.54 percentage points quarter-on-quarter [4]. - The net profit margin for Q3 2024 was 15.88%, with a year-on-year increase of 0.33 percentage points and a quarter-on-quarter increase of 3.52 percentage points [4]. Growth Drivers - The company is focusing on new product development and market expansion, particularly in the automotive electronics sector, collaborating with new domestic car manufacturers [4]. - Key new products include body domain controllers, chassis domain controllers, Efuse, and intelligent thermal management actuators [4]. - The company has made significant inroads into international markets, successfully integrating new products into the supply chains of major automotive brands such as Volkswagen, BMW, Porsche, and Audi [4]. Future Projections - The company is projected to achieve total revenue of 6.035 billion yuan in 2024, with a year-on-year growth rate of 30% [7]. - Expected net profit for 2024 is 858 million yuan, reflecting a year-on-year growth rate of 41% [7]. - The report forecasts earnings per share (EPS) of 2.12 yuan for 2024, with continued growth expected in subsequent years [7].

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 59.14 CNY per share [1]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 4.73 billion CNY, a year-on-year increase of 33.79%, and a net profit of 607 million CNY, also up 33.24% year-on-year [3][5]. - The growth in revenue and profit is attributed to partnerships with leading new energy vehicle manufacturers and the introduction of new products [3][5]. - The company has established itself as a key player in the automotive electronics sector, focusing on domain control technology and expanding its client base [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 4.273 billion CNY, a 33.79% increase year-on-year, and a net profit of 607 million CNY, up 33.24% year-on-year [3]. - In Q3 2024 alone, revenue was 1.530 billion CNY, reflecting a 24.11% year-on-year growth and a 15.48% quarter-on-quarter increase [3]. - The gross margin for Q3 2024 was 29.65%, showing a slight decrease of 0.92 percentage points year-on-year but an increase of 3.54 percentage points quarter-on-quarter [3]. Product and Client Development - The company has successfully partnered with major new energy vehicle manufacturers, with sales to Li Auto increasing by 157.5% year-on-year, making it the fourth-largest client [3][5]. - New product launches include body domain controllers, chassis domain controllers, and energy management systems, contributing to revenue growth [3][5]. - The company has secured 43 new projects with global clients such as Volkswagen, BMW, and Mercedes, indicating a strong pipeline for future growth [3][5]. Future Projections - The company is projected to achieve revenues of 6.431 billion CNY, 7.865 billion CNY, and 9.862 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 898 million CNY, 1.153 billion CNY, and 1.457 billion CNY [6][7]. - The earnings per share (EPS) are expected to rise to 2.22 CNY, 2.85 CNY, and 3.61 CNY over the same period, with price-to-earnings (PE) ratios of 27, 21, and 16 [6][7].

证券代码：603786 证券简称：科博达 公告编号：2024-053 科博达技术股份有限公司 第三届监事会第十次会议决议公告 （1）公司 2024 年第三季度报告的编制和审议程序符合相关法律法规、公司 章程和公司内部管理制度的各项规定； （2）公司 2024 年第三季度报告的内容及格式符合中国证监会和上海证券交 易所的相关规定，其内容真实、准确、完整，不存在任何虚假记载、误导性陈述 或者重大遗漏，报告客观地反映了公司 2024 年第三季度的财务及经营情况； （3）在监事会提出本审核意见之前，未发现参与公司 2024 年第三季度报告 的编制和审议人员有违反有关保密规定的行为。 详见同日披露的《科博达技术股份有限公司 2024 年第三季度报告》。 表决结果：3 票赞成；0 票反对；0 票弃权。 本公司监事会及全体监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。 一、监事会会议召开情况 科博达技术股份有限公司（以下简称"公司"）第三届监事会第十次会议通 知于 2024 年 10 月 22 日以邮件方式发出，并于 2024 年 10 月 28 日上 ...