Core Insights - The stock price of Kobotda increased by 2.14% on November 12, reaching 73.54 CNY per share, with a market capitalization of 29.7 billion CNY [1] - Kobotda's stock has seen a year-to-date increase of 20.26%, but has declined by 0.69% in the last five trading days and 20.16% in the last 20 days [1] - The company reported a revenue of 4.997 billion CNY for the first nine months of 2025, representing a year-on-year growth of 16.96% [2] Financial Performance - Kobotda's net profit attributable to shareholders for the same period was 646 million CNY, reflecting a year-on-year increase of 6.55% [2] - Cumulative cash dividends since the company's A-share listing amount to 1.251 billion CNY, with 707 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, Kobotda had 13,300 shareholders, an increase of 17.18% from the previous period [2] - The average number of circulating shares per shareholder decreased by 14.35% to 30,431 shares [2] - Notable changes in institutional holdings include a reduction in shares held by major shareholders, such as Xinchuan Huitai Mixed A and Hong Kong Central Clearing Limited [3]

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） | ...

Core Viewpoint - Kobot's stock price has shown volatility with a year-to-date increase of 23.53%, but recent trends indicate a decline over the past 20 days, suggesting potential market fluctuations and investor sentiment changes [1][2]. Financial Performance - For the period of January to September 2025, Kobot achieved a revenue of 4.997 billion yuan, reflecting a year-on-year growth of 16.96%, while the net profit attributable to shareholders was 646 million yuan, up by 6.55% [2]. - Cumulative cash dividends since the A-share listing amount to 1.251 billion yuan, with 707 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 6, Kobot's stock was trading at 75.54 yuan per share, with a market capitalization of 30.507 billion yuan. The stock experienced a net outflow of 43.66 million yuan in principal funds on that day [1]. - Kobot has appeared on the "龙虎榜" (a stock trading board) three times this year, with the most recent instance on October 22, where it recorded a net buy of -89.42 million yuan [1]. Shareholder Information - As of September 30, 2025, Kobot had 13,300 shareholders, an increase of 17.18% from the previous period, with an average of 30,431 circulating shares per shareholder, down by 14.35% [2]. - The top ten circulating shareholders include notable funds, with changes in holdings observed, such as a decrease in shares held by 兴全合泰混合A and 香港中央结算有限公司 [3]. Business Overview - Kobot, established on September 12, 2003, and listed on October 15, 2019, operates primarily in the automotive electronics sector, with 96.77% of its revenue derived from automotive parts [1]. - The company is categorized under the automotive industry, specifically in automotive parts and electronic systems, and is associated with various concepts such as value growth and intelligent cockpits [2].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company reported Q3 2025 revenue of 1.95 billion yuan, a year-on-year increase of 26% and a quarter-on-quarter increase of 17%. The net profit attributable to the parent company was 195 million yuan, a year-on-year increase of 0.6% but a quarter-on-quarter decrease of 20% [1]. - The integration of Smart Technology has contributed to revenue growth, with an estimated lifecycle sales of over 9 billion yuan from newly awarded projects in the first three quarters of 2025, including approximately 2 billion yuan added in Q3 [1][2]. - The gross margin for Q3 2025 was 23.5%, down 6.2 percentage points year-on-year and 3.7 percentage points quarter-on-quarter, primarily due to the impact of Smart Technology's integration [2]. - The company is expanding its product matrix, focusing on high-value products and promoting smart distribution boxes to European and new energy customers, with new products expected to contribute to performance by year-end [2]. Financial Summary - For 2025, the company expects revenue of 7.443 billion yuan, a year-on-year growth of 24.7%, and a net profit of 905 million yuan, representing a year-on-year increase of 17.2% [5]. - The projected P/E ratios for 2025, 2026, and 2027 are 34.6x, 25.9x, and 19.9x respectively, indicating a positive outlook for earnings growth [3][5]. - The company’s net asset return is expected to improve from 13.1% in 2023 to 20.2% in 2027, reflecting enhanced profitability [5].

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]

Core Viewpoint - Kobot's stock price has experienced fluctuations, with a year-to-date increase of 21.68% but a recent decline of 6.78% over the past five trading days and 31.27% over the past 20 days [1] Company Overview - Kobot Technology Co., Ltd. is located in the China (Shanghai) Free Trade Zone and was established on September 12, 2003. It was listed on October 15, 2019. The company specializes in the research, development, production, and sales of automotive electronic products, with 96.77% of its revenue coming from automotive parts [1][2] Financial Performance - For the period from January to September 2025, Kobot achieved a revenue of 4.997 billion yuan, representing a year-on-year growth of 16.96%. The net profit attributable to shareholders was 646 million yuan, reflecting a growth of 6.55% [2] Shareholder Information - As of September 30, 2025, Kobot had 13,300 shareholders, an increase of 17.18% from the previous period. The average number of circulating shares per shareholder was 30,431, a decrease of 14.35% [2] Dividend Distribution - Kobot has distributed a total of 1.251 billion yuan in dividends since its A-share listing, with 707 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders of Kobot included XINGQUAN HETAI MIXED A (007802) and Hong Kong Central Clearing Limited, with both reducing their holdings compared to the previous period [3]

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].