Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to benefit from the continuation of the vehicle replacement policy, which is anticipated to support consumer demand and sales growth in 2025 [16] - The report highlights a new phase of domestic brands entering a strategic offensive towards high-end development, with companies offering quality products priced above 300,000 yuan likely to benefit significantly [16] - The report emphasizes the potential for high-level intelligent driving technologies to become more affordable, which could increase their penetration rates [16] Summary by Sections Recent Trends - The automotive sector underperformed compared to the Shanghai Composite Index, with a weekly decline of 0.4% from July 7 to July 11, 2025, while the Shanghai Composite Index rose by 1.1% [17] - In June 2025, the wholesale volume of automobiles reached 2.904 million units, a year-on-year increase of 13.8% [30] Key Company Recommendations - Recommended companies include: - Li Auto, JAC Motors, Geely, SAIC Group, BYD, Great Wall Motors for high-end supply [16] - XPeng Motors, Huayang Group, Desay SV, and Coboda for intelligent driving technologies [16] - Top Group, Sanhua Intelligent Control, and Beite Technology for robotics production [16] - Fuyao Glass, Xingyu Co., and Yinlun Co. for quality auto parts [16] - Foton Motor and China National Heavy Duty Truck for commercial vehicles [16] Earnings Forecasts - Key companies and their projected earnings per share (EPS) for 2024, 2025E, and 2026E include: - Yinlun Co.: 0.92, 1.28, 1.59 [49] - Baolong Technology: 1.44, 2.56, 3.22 [49] - BYD: 13.84, 18.15, 22.13 [49] - Li Auto: 4.16, 5.43, 8.33 [49]

Group 1 - The State Intellectual Property Office of China has published a patent application by Kobot Technology Co., Ltd. for a method and controller for switching control functions, with the publication number CN120295090A and application date of January 2024 [1] - The patent describes a method that allows a controller to switch between a first and second control function based on received requests, maintaining the output value of the first function when resuming after interruption [1] Group 2 - Kobot Technology Co., Ltd. was established in 2003 in Shanghai, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 403.8593 million RMB [2] - The company has invested in 14 enterprises, participated in 6 bidding projects, and holds 310 patents along with 48 trademark registrations [2] - Zhejiang Kobot Industrial Co., Ltd., founded in 2009 in Jiaxing, focuses on the manufacturing of specialized equipment, with a registered capital of 150 million RMB [2] - This subsidiary has invested in 3 enterprises, participated in 20 bidding projects, and holds 267 patents [2]

Core Insights - The report maintains an "Outperform" rating for the automotive sector, highlighting the expected boost in market sentiment due to a surge in new product launches and the upcoming earnings reports [1][5][12] - The automotive industry is transitioning towards a technology-driven era, with significant advancements in electrification, intelligence, and connectivity, which are expected to create new demand [12][13] - The report emphasizes the growth potential of domestic brands and the opportunities in incremental components driven by electric and intelligent trends [22][23] Sales Tracking - In June 2025, retail sales of passenger vehicles in China reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - Cumulative retail sales from January to June 2025 totaled 10.901 million units, reflecting a year-on-year growth of 10.8% [1] - The new energy vehicle market saw retail sales of 1.111 million units in June, marking a year-on-year increase of 29.7% and a cumulative total of 5.468 million units for the first half of the year, up 33.3% [1] Market Performance - In June, the CS automotive sector experienced a slight decline of 0.13%, with the CS passenger vehicle index down 2.34% [2] - Year-to-date, the automotive sector has risen by 28.88%, outperforming the Shanghai Composite Index by 14.17 percentage points [2] - The report notes a decrease in the inventory warning index for automotive dealers, indicating improved market conditions [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components, particularly in the context of the electric and intelligent vehicle trends [22][23] - Recommended companies include Leap Motor, JAC Motors, and Geely for vehicle manufacturing, and companies like Kobot, Huayang Group, and Junsheng Electronics for intelligent components [3][22] - The report highlights the potential of new entrants like Huawei and Xiaomi in the automotive sector, emphasizing their strong channel and software ecosystem capabilities [22][23] Company Earnings Forecasts - Leap Motor is projected to have an EPS of -0.05 in 2025, with a PE ratio of -1200, while Geely is expected to achieve an EPS of 1.36 with a PE of 12 [4] - JAC Motors is forecasted to have an EPS of 0.11 in 2025, with a PE of 380, indicating significant growth potential [4] - The report provides a detailed earnings forecast for several key companies, reflecting their expected performance in the evolving automotive landscape [4][30]

Core Insights - The report maintains an "Outperform" rating for the automotive sector, highlighting the potential for improved industry sentiment driven by a surge in new product launches and upcoming earnings reports [1][5] - The domestic passenger car market saw retail sales of 2.084 million units in June 2025, representing a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - The report emphasizes the long-term growth opportunities in the automotive industry, particularly in the context of electric and intelligent vehicle trends, as well as the rise of domestic brands [12][13] Sales Tracking - In June 2025, the retail sales of new energy passenger vehicles reached 1.111 million units, marking a year-on-year growth of 29.7% and a month-on-month growth of 8.2% [1] - Cumulative retail sales for the first half of 2025 reached 10.901 million units, reflecting a year-on-year increase of 10.8% [1] - The report notes that the inventory warning index for automotive dealers in May 2025 was at 52.7%, indicating an improvement in the automotive circulation industry's sentiment [2] Market Performance - The automotive sector index experienced a slight decline of 0.13% in June 2025, underperforming compared to the Shanghai Composite Index, which rose by 2.9% [2] - Year-to-date, the automotive sector has increased by 28.88%, significantly outperforming the Shanghai Composite Index's 15.78% increase [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities presented by incremental components in the context of electric and intelligent vehicles [12][19] - Recommended companies include Leap Motor, JAC Motors, and Geely for vehicle manufacturing, and companies like KOBOT, Huayang Group, and Junsheng Electronics for intelligent components [3][19] Industry Outlook - The report anticipates that the domestic automotive market will maintain a compound annual growth rate of 2% over the next 20 years, with new energy vehicle sales projected to reach 1.556 million units in 2025, reflecting a year-on-year growth of over 25% [13][22] - The transition towards electric and intelligent vehicles is expected to create structural development opportunities within the industry, as traditional automotive manufacturers adapt to new technologies [12][13] Key Company Earnings Forecasts - Leap Motor is projected to have an EPS of -0.05 in 2025, with a PE ratio of -1200, while Geely is expected to achieve an EPS of 1.36 with a PE ratio of 12 [4] - JAC Motors is forecasted to have an EPS of 0.11 in 2025, with a PE ratio of 380, indicating a strong growth potential [4] New Energy Vehicle Projections - The report predicts that new energy vehicle sales will continue to grow, with expectations of 1.556 million units sold in 2025, representing a 28% increase from the previous year [18][22] - The penetration rate of new energy vehicles is expected to reach 38% in 2024, with significant growth anticipated in the following years [17][22]

Group 1 - The meeting of the second extraordinary general meeting of shareholders of Kebo Technology Co., Ltd. is scheduled for July 18, 2025, at 14:30 [1] - The meeting will utilize both on-site voting and online voting through the Shanghai Stock Exchange network voting system [1][4] - The agenda includes the election of Mr. Zhao Zeyuan as a non-independent director of the third board of directors, which will be conducted using a cumulative voting system [3][8] Group 2 - The meeting will be presided over by the chairman, Mr. Ke Guihua, and will include participation from qualified shareholders, directors, supervisors, senior management, and witnessing lawyers [2][3] - Shareholders must register and provide necessary documentation to attend the meeting, and those who do not vote will be considered to have waived their voting rights [5][7] - Mr. Zhao Zeyuan, the candidate for the non-independent director position, has a background in auditing and investment management, with no conflicts of interest with the company [8][9]

科博达技术股份有限公司 2025年第二次临时股东大会 科博达技术股份有限公司 2025 年第二次临时股东大会 会议资料 中国 上海 二〇二五年七月 科博达技术股份有限公司 2025年第二次临时股东大会 目 录 | 一、2025 | 年第二次临时股东大会会议议程 | 1 | | --- | --- | --- | | 二、2025 | 年第二次临时股东大会会议须知 | 3 | | 三、2025 | 年第二次临时股东大会审议议案 | | | 1. | 关于选举第三届董事会非独立董事的议案 | 5 | 科博达技术股份有限公司 2025年第二次临时股东大会 科博达技术股份有限公司 上证信息股东大会提醒服务：为更好地服务广大中小投资者，确保有投票意 愿的中小投资者能够及时参会、便利投票，公司本次使用上证所信息网络有限公 司（以下简称"上证信息"）提供的股东大会提醒服务，委托上证信息通过智能 短信等形式，根据股权登记日的股东名册主动提醒股东参会投票，向每一位投资 者主动推送股东大会参会邀请、议案情况等信息。投资者在收到智能短信后，可 根据《上市公司股东会网络投票一键通服务用户使用手册》（下载链接： https://vot ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Viewpoints - The company is a leading player in the automotive lighting control sector, with a solid foundation and strong product expansion capabilities. It has diversified into four major business areas: lighting control, motor control, energy management, and automotive electronics [1][14]. - The company is expected to achieve a revenue of 6 billion yuan in 2024, representing a 29% year-on-year increase, and a net profit of 770 million yuan, reflecting a 27% increase [1][3]. - The company is expanding its client base, which includes major global automotive manufacturers such as Volkswagen, Daimler, BMW, and Ford, enhancing its market position [1][2]. Summary by Sections 1. Company Overview - The company has established itself as a global leader in automotive lighting control, continuously expanding its business boundaries since its inception in 2003 [14]. - It has developed a range of products including LED lighting controllers, atmosphere lights, and motor control systems, integrating into the global high-end automotive electronic supply chain [14][18]. 2. Lighting Control Business - The lighting control segment is robust, with the company supplying major automotive manufacturers and maintaining strong customer loyalty [2][18]. - The company is actively developing new products, including next-generation headlight controllers for Volkswagen and BMW, which are expected to ramp up production in 2025-2026 [2]. 3. New Product Development - The company is expanding into domain controllers and Efuse products, which are expected to drive a second growth curve as the automotive E/E architecture shifts from distributed to centralized systems [3][4]. - The domain control products are projected to account for 86% of the energy management system revenue by 2024 [3][18]. 4. Financial Projections - The company forecasts net profits of 1 billion yuan in 2025, 1.3 billion yuan in 2026, and 1.5 billion yuan in 2027, with corresponding growth rates of 30%, 26%, and 22% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 22x, 18x, and 15x respectively, indicating a favorable valuation outlook [3][5]. 5. Market Position and Client Base - The company has a strong client base that includes both domestic and international automotive manufacturers, positioning it well for future growth [18][19]. - It has become a tier-one supplier for several major automotive brands, enhancing its competitive advantage in the market [18][19].

智通财经APP获悉，7月7日共有30家上市公司的限售股解禁，解禁总市值约156.57亿元。 今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 厦门信达 | 000701 | 股权激励限售流通 | 453.78万 | | 钱江摩托 | 000913 | 股权激励限售流通 | 11.75万 | | 神火股份 | 000933 | 股权激励限售流通 | 519.92万 | | 厦门象屿 | 600057 | 股权激励限售流通 | 2833.65万 | | 内蒙一机 | 600967 | 股权激励限售流通 | 20.63万 | | 博威合金 | 601137 | 股权激励限售流通 | 72万 | | 科博达 | 603786 | 股权激励限售流通 | 154.24万 | | 建科股份 | 301115 | 股权激励限售流通 | 9万 | | 金河生物 | 002688 | 股权激励限售流通 | 641.1万 | | 天铁股份 | 300587 | 股权激励限售流通 | 210.44万 | | 盛帮股份 | 301233 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

证券代码：603786 证券简称：科博达 公告编号：2025-042 科博达技术股份有限公司 关于 2022 年限制性股票激励计划 第三个解除限售期解除限售暨上市的公告 本公司董事会及全体董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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,468,600股。 本次股票上市流通总数为1,468,600股。 本次股票上市流通日期为2025 年 7 月 7 日。 一、股权激励计划限制性股票批准及实施情况 1、2022 年 4 月 11 日，科博达技术股份有限公司（以下简称"公司"）召开第 二届董事会第十次会议和第二届监事会第十次会议，审议通过了《关于<2022 年限 制性股票激励计划（草案）>及其摘要的议案》、《关于<2022 年限制性股票激励计 划实施考核管理办法>的议案》等议案。公司独立董事就 2022 年限制性股票激励 计划的相关事项发表了独立意见。公司监事会对本激励计划的相关事项进行核实 并出具了相关核查意见。 2、2022 年 4 月 22 日，公司于上海证 ...