证券代码：603786 证券简称：科博达 公告编号：2025-078 科博达技术股份有限公司 实际控制人减持股份结果公告 本公司董事会、全体董事及相关股东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法律责任。 1 重要内容提示： 实际控制人持股的基本情况 本次减持计划实施前，科博达技术股份有限公司（以下简称"公司"）实际控 制人之一柯炳华先生直接持有公司无限售流通股 12,827,633 股，占公司总股本的 3.1763%。上述股份来源为公司 IPO 前取得的股份，并已于 2022 年 10 月 17 日 解除限售并上市流通。 减持计划的实施结果情况 根据减持计划，柯炳华先生因自身资金需求，计划自减持计划公告之日起 15 个交易日后的 3 个月内（即 2025 年 8 月 21 日～2025 年 11 月 20 日），以集中竞 价交易或大宗交易方式减持其所持股份不超过 3,200,000 股，不超过公司总股本 的 0.7924%。 近日，公司收到柯炳华先生发来的《告知函》。截至 2025 年 11 月 12 日，柯 炳华先生通过集中竞价交易方式减持股份 3 ...

Group 1 - A-shares showed mixed performance on November 12, with the Shanghai Composite Index rising by 0.28%, driven by gains in sectors such as home appliances, oil and petrochemicals, and banking [1] - The consumer electronics sector exhibited divergence, with the Consumer Electronics ETF (159732.SZ) declining by 0.55%, while individual stocks like Xinwei Communication, Lens Technology, and Keda Technology saw increases of 5.22%, 2.50%, and 1.99% respectively [1] - Conversely, companies such as Sanhuan Group and Wentai Technology performed poorly, with declines of 4.42% and 3.76% respectively [1] Group 2 - Rokid announced a joint press conference with BOLON, a subsidiary of Essilor, on November 13 to launch new smart glasses, aiming to integrate fashion and aesthetics into their technology [3] - Jianghai Securities highlighted the rapid promotion and popularization of smart glasses as an important carrier for AI, suggesting attention to related industry chain companies due to the continuous iteration of technology and the emergence of new products [3]

Summary of China Auto Parts Industry Conference Call Industry Overview - **Industry**: China Auto Parts - **Focus**: Global expansion of auto parts suppliers due to deteriorating domestic margins and improving product quality [1][2][3] Key Insights Global Expansion Trends - **Accelerating Global Expansion**: Chinese auto parts suppliers are shifting from exports to offshoring, aiming to capture a US$240 billion opportunity and increase overseas market share to 10% by 2030, with a projected 12% CAGR from 2025 to 2030 [2][57]. - **Push-Pull Dynamic**: Domestic price competition and margin pressure are pushing suppliers to limit domestic exposure, while advancements in product quality and technology are pulling them towards global markets [3][29]. Market Dynamics - **Domestic Margin Pressure**: Average net margins for auto parts suppliers fell from 11.6% in 2022 to 9.9% in 2024, with over 50% of companies experiencing gross margin declines in 1H25 [76][84]. - **Export Growth**: China's auto parts export value grew at a CAGR of 10% from 2019 to 2024, up from 1% CAGR in 2014-2019 [25][52]. Strategic Shifts - **From Exports to Offshoring**: Suppliers are expected to establish offshore plants, with net margins for these plants projected to be 10-15 percentage points lower than exports [4][34]. - **Popular Offshore Locations**: Key sites for offshore plants include Mexico, Eastern Europe, North Africa, and Southeast Asia, chosen for their competitive labor and energy costs [35][96]. Company-Specific Insights Preferred Suppliers - **Strong Candidates for Global Expansion**: - **Xingyu (601799.SS)**: Low but expanding overseas exposure, expected to accelerate revenue through project wins [5][41]. - **Desay (002920.SZ)**: Similar profile to Xingyu, with potential for overseas revenue growth [5][41]. - **Minth (0425.HK)** and **Keboda (603786.SS)**: Sizable and improving overseas exposure, expected to grow earnings amid tariff disruptions [5][41]. Downgrades - **Sanhua (002050.SZ)** and **Tuopu (601689.SS)**: Downgraded due to slowing EV parts outlook and market optimism already priced in [5][41]. Financial Projections - **Market Share Growth**: Expected to capture 10.1% of overseas market share by 2030, with production value increasing at a CAGR of 32% from 2025 to 2030 [57][58]. - **Investment Ratings**: - **Overweight (OW)**: Xingyu, Desay, Minth, Keboda - **Equal Weight (EW)**: Fuyao, Sanhua, Tuopu - **Underweight (UW)**: Recodeal, Hirain [9][42]. Additional Considerations - **Challenges in Domestic Market**: Suppliers face a dilemma with JV OEMs offering decent margins but declining volumes, while local OEMs provide volume but at lower margins [28][62]. - **Quality Improvements**: Chinese suppliers have made significant advancements in product quality, enabling them to compete for global OEM contracts [3][88]. Conclusion The China auto parts industry is undergoing a significant transformation as suppliers seek to expand globally in response to domestic margin pressures and competitive dynamics. Key players are positioned to benefit from this shift, while others face challenges that may impact their growth prospects.

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]