Investment Rating - The report maintains a positive outlook on the automotive industry, particularly emphasizing the importance of smart vehicles as a key investment theme for 2026 [2]. Core Insights - The Guangzhou Auto Show highlights the democratization of intelligent driving and the deep integration of smart cockpits with large models, indicating that intelligence is no longer an added value but a necessity for market entry [2]. - The report suggests focusing on technology-leading companies such as Tesla and XPeng, as well as companies with strong performance and low valuations like Kobot, Xingyu, and Jifeng [2]. - The report also notes the impact of state-owned enterprise reforms, recommending continued attention to SAIC and Dongfeng [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the first week of November were 46,000 units, a year-on-year decrease of 19% [2]. - The traditional and new energy raw material price indices have increased recently, with traditional car raw material prices rising by 0.7% week-on-week and 1.8% month-on-month [2]. - The total transaction value of the automotive industry this week was 517.096 billion yuan, a week-on-week decrease of 13.15% [2]. Market Situation - The automotive industry index closed at 7684.80 points, down 2.11% for the week, which is a greater decline than the Shanghai and Shenzhen 300 index [2]. - A total of 112 stocks in the industry rose, while 156 fell, with the largest gainers being Langbo Technology, Yingli Automobile, and Xinpeng Co., which rose by 19.6%, 17.6%, and 14.4% respectively [2]. - Key events include the upcoming Guangzhou Auto Show, which will showcase the acceleration of electrification, intelligence, and product diversification in the automotive market [3]. Investment Analysis - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, XPeng, and Li Auto, as well as companies that exemplify the trend of intelligence, such as Jianghuai Automobile and Seres [2]. - It also highlights the importance of state-owned enterprise integration, suggesting attention to SAIC Group, Dongfeng Group, and Changan Automobile [2]. - Companies with strong performance growth and capabilities in robotics or overseas expansion, such as Xingyu, Fuyao Glass, and New Spring, are also recommended [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 87.32 CNY, based on an average PE valuation of 37 times for comparable companies in 2025 [3][6]. Core Insights - The acquisition of intelligent technology is expected to create new growth points, particularly in the intelligent driving domain controller segment [2]. - The company forecasts EPS of 2.36, 2.85, and 3.49 CNY for 2025-2027, reflecting adjustments in revenue, gross margin, and expense ratios [3]. - The company is experiencing significant revenue growth, with projected revenues of 7,679 million CNY in 2025, representing a 28.7% year-on-year increase [5]. Financial Performance Summary - **Revenue**: Expected to grow from 4,625 million CNY in 2023 to 10,952 million CNY in 2027, with year-on-year growth rates of 36.7%, 29.0%, 28.7%, 20.7%, and 18.2% respectively [5]. - **Operating Profit**: Projected to increase from 694 million CNY in 2023 to 1,718 million CNY in 2027, with growth rates of 23.1%, 29.9%, 29.2%, 20.5%, and 22.5% [5]. - **Net Profit**: Expected to rise from 609 million CNY in 2023 to 1,409 million CNY in 2027, with growth rates of 35.3%, 26.8%, 23.7%, 20.5%, and 22.4% [5]. - **EPS**: Forecasted to grow from 1.51 CNY in 2023 to 3.49 CNY in 2027 [5]. - **Gross Margin**: Expected to slightly decline from 29.6% in 2023 to 28.5% in 2027 [5]. - **Net Margin**: Projected to stabilize around 12.4% to 12.9% from 2025 to 2027 [5]. - **ROE**: Expected to improve from 13.8% in 2023 to 19.3% in 2027 [5]. Market Position and Strategy - The company is expanding its global footprint and has secured new orders, indicating a strong push towards globalization [9]. - The integration of intelligent technology is anticipated to enhance the company's product offerings and market competitiveness, particularly in the automotive sector [11]. - The company plans to issue convertible bonds to fund the expansion of production capacity and enhance its technological capabilities [11].

证券代码：603786 证券简称：科博达 公告编号：2025-079 科博达技术股份有限公司 2025年第五次临时股东大会决议公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 14 日 (二)股东大会召开的地点：上海市自由贸易试验区祖冲之路 2388 号科博达会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 109 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 327,093,885 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数 | 80.9925 | | 的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由董事柯磊先生主持。本次会议的召集、召开和表决方式、表决程序符 合《公司法》和《公司章程》的有关规定。 (五)公司董事、监 ...

法律意见书 上海瀛东律师事务所 关于科博达技术股份有限公司 2025年第五次临时股东大会 之 上海瀛东律师事务所 www.yingdonglawfirm.com 中国上海市恒丰路 436 号环智国际大厦 26&29 层 200070 26&29F, Greentech Tower, No. 436, Hengfeng Road, Shanghai 200070, China 电话（Tel）：+86-21-2226 5678 传真（Fax）：+86-21-2226 5688 为出具本法律意见书，本所律师列席了本次股东大会，并依据《律师事务所从 事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规 定，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉 及的相关事项进行了必要的核查和验证，核查了本所认为出具本法律意见书所必需 审查、验证的其他法律文件及信息、资料和证明，并就有关事项向公司有关人员进 行了询问。在前述审查、验证、询问过程中，本所律师得到公司如下承诺及保证： 其已经提供了本所认为出具本法律意见书所必需的、完整、真实、准确、合法、有 效的原始书面材料、副本材料、复印 ...

Summary of the Conference Call on the Chinese Automotive and Shared Mobility Industry Industry Overview - The report focuses on the **Chinese automotive and shared mobility industry** and the global expansion of automotive parts suppliers [1][2]. Key Insights - **Declining Domestic Profits**: Chinese automotive parts suppliers are experiencing declining domestic profits, prompting them to seek global opportunities. The report favors companies with low overseas business ratios but rapid expansion (e.g., Xingyu, Desay) and those with large and improving overseas operations (e.g., Minth, Keboda) [3][4]. - **Global Expansion Acceleration**: Over the past decade, the Chinese automotive industry has been exploring overseas opportunities. Despite increasing tariff uncertainties, parts suppliers are accelerating their global expansion by shifting from exports to establishing overseas factories to counteract de-globalization trends. A compound annual growth rate (CAGR) of **12%** is expected for Chinese automotive parts suppliers from **2025 to 2030**, with a projected market opportunity of **$240 billion** by **2030**, achieving a **10%** share of the overseas market (+3.5 percentage points) [3][4][22]. - **Push and Pull Factors**: The intensifying price competition in the domestic automotive market, rising profit pressures, and losses from new projects are driving suppliers to reduce domestic exposure. Conversely, the early adoption of smart electric vehicles in China has led to improvements in product quality and technical specifications, enabling suppliers to provide competitive parts for the next generation of global vehicles [3][4][23]. Important Trends - **Shift from Exports to Overseas Factories**: The report indicates that acquisitions bring new customers, while exports yield higher profit margins. However, suppliers are expected to establish overseas factories due to domestic competition. Popular locations for these factories include **Mexico** (serving U.S. automakers), **Eastern Europe**, **North Africa**, and **Southeast Asia**. It is anticipated that net profit margins for overseas factories may be **10-15 percentage points** lower than exports and **0-5 percentage points** lower than domestic factories, although margins are expected to improve over time [4][26]. - **Individual Company Impact**: Traditional parts suppliers are seen as having a greater advantage in going overseas, followed by smart hardware suppliers. Companies like Xingyu and Desay, despite currently having less than **10%** of their revenue from overseas, are expected to accelerate their overseas income through new project wins. Minth, Keboda, and Fuyao are expected to continue improving profitability despite tariff disruptions due to enhanced operational efficiency [4][29]. Company Ratings Adjustments - **Upgrades**: Companies such as Xingyu (601799.SS), Desay (002920.SZ), Keboda (603786.SS), and Minth (0425.HK) have been rated as Overweight (OW) due to their potential for growth and expansion [8][30]. - **Downgrades**: Sanhua (002050.SZ) and Tuopu (601689.SS) have been downgraded to Equal-weight (EW) as optimistic market expectations regarding humanoid robots and overseas expansion are already reflected in their stock prices. The report anticipates a slowdown in U.S. electric vehicle growth starting in Q4 2025 and a slowdown in the Chinese market beginning in 2026 [4][29]. Additional Insights - **Export Growth**: The report notes that the export value of Chinese automotive parts is expected to grow at a CAGR of **10%** from **2019 to 2024**, significantly higher than the **1%** CAGR from **2014 to 2019**. This growth is attributed to the need for suppliers to mitigate tariff risks by increasing offshore manufacturing [22][23]. - **Challenges in Domestic Market**: The domestic market presents a dilemma for suppliers, as joint venture clients offer better prices but declining sales, while local clients provide volume growth but at lower prices [23][25]. Conclusion - The Chinese automotive parts suppliers are at a pivotal point, with the need to adapt to both domestic challenges and global opportunities. The focus on overseas expansion, driven by competitive pressures and improved product quality, positions these suppliers for potential growth in the coming years.

中国经济网北京11月13日讯 科博达(603786.SH)昨晚披露实际控制人减持股份结果公告称，本次减 持计划实施前，公司实际控制人之一柯炳华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。 根据减持计划，柯炳华因自身资金需求，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日至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%。 科博达于2019年10月15日登陆上交所主板，发行股票数量为4010.00万股，发行价格为26.89元/股， 保荐机构为中金公司。科博达控股股东系科博达控股，实际控制人为柯桂华、柯炳华，二人系亲兄弟关 系。其中，柯桂华为中国国籍，未拥有永久境外居留权，柯炳华为中国国籍，拥有香港永久居留权，二 人合计控制公司89.12%股份。 科博达此次募集资金总额为10.78亿元，发行费用为5856.73万元，募集资金净额为10.20亿元。科博 达此次募集资金中，6.70亿元用于 ...

（编辑 姚尧） 证券日报网讯 11月12日晚间，科博达发布公告称，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%。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3，200，000股，占公司总股本比例为0.7924%。本次减持计划已实施完 毕。 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 科博达11月12日晚发布公告，公司近日收到实际控制人之一柯炳华发来的《告知 函》。截至2025年11月12日，柯炳华通过集中竞价交易方式减持股份3,200,000股,占公司总股本比例为 0.7924%。本次减持计划已实施完毕。本次减持后，柯炳华仍持股9,627,633股，持股占比2.3839%。 （高毅） ...

格隆汇11月12日丨科博达(603786.SH)公布,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320万股,占公司总股本比例为0.7924%。本次减 持计划已实施完毕， ...

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 ...