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"）第三届监事会第十一次会议 通知于 2024 年 11 月 6 日以邮件方式发出，并于 2024 年 11 月 13 日上午 11:00 时以通讯表决方式召开。会议应出席监事 3 名，实际出席监事 3 名，会议由监事 会主席吴弘先生主持。本次会议的召集、召开程序符合《中华人民共和国公司法》 及《公司章程》等有关规定，会议合法有效。 证券代码：603786 证券简称：科博达 公告编号：2024-056 科博达技术股份有限公司 第三届监事会第十一次会议决议公告 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。 科博达技术股份有限公司监事会 2024 年 11 月 14 日 1 二、监事会会议审议情况 (一) 审议通过了《关于为全资孙公司提供担保的议案》 本次担保事项符合公司实际经营情况和整体发展战略。被担保人是公司全资 孙公司，公司对其日常经营活动风险及决策能够有效控制，可以及时掌控其资信 状况；同时，本次担保有利于促进被担保对象正常运营，符合相关法律法规及公 司 ...

证券代码：603786 证券简称：科博达 公告编号：2024-055 科博达技术股份有限公司 第三届董事会第十一次会议决议公告 一、董事会会议召开情况 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个别及连带责任。 （一）审议通过了《关于为全资孙公司提供担保的议案》 本次担保事项是在综合考虑被担保人业务发展需要后做出的，有利于公司的 稳定持续发展，符合公司实际经营情况和整体发展战略；被担保人是公司全资孙 公司，公司对其日常经营活动风险及决策能够有效控制，可以及时掌控其资信状 况，不存在损害公司及股东特别是中小股东利益的情形。 详见同日披露的《科博达技术股份有限公司关于为全资孙公司提供担保的公 告》（公告编号：2024-057）。 表决结果：9 票赞成；0 票反对；0 票弃权。 一、董事会会议召开情况 科博达技术股份有限公司（以下简称"公司"）第三届董事会第十一次会议通 知于 2024 年 11 月 6 日以邮件方式发出，并于 2024 年 11 月 13 日上午 10:00 时 以通讯表决方式召开。会议应出席董事 9 名，亲自出席董事 ...

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证券代码：603786 证券简称：科博达 公告编号：2024-054 科博达技术股份有限公司 关于全资子公司增资进展的公告 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、准确性和完整性承担个别及连带责任。 一、 对外投资概述 科博达技术股份有限公司（以下简称"公司"）基于全资子公司科博达德国两 合公司（KEBODA Deutschland GmbH & Co. KG）的实际经营需求，拟使用自有 资金对其增资 3,000 万欧元，增资完成后科博达德国两合公司注册资本 3,007.5 万欧元，仍为公司的全资子公司。 2024 年 7 月 11 日，公司第三届董事会第八次会议审议通过了《关于全资子 公司增资的议案》。根据公司章程的相关规定，上述事项在董事会的审批权限范 围内，无需提交公司股东大会审议。董事会授权公司管理层办理增资涉及的相关 事项。本次增资事项不涉及关联交易，不构成重大资产重组。 4、 注册资本：30,075,000.00 欧元 5、 登记号：HRA724089 6、 经营范围：所有领域（特别是汽车电子产品领域）的贸易和咨询业务， 以及各类技术产 ...

科博达技术股份有限公司 投资者调研报告 1、特定对象调研 2、电话会议 一、 投资者关系活动情况（2024 年 10 月） | --- | --- | --- | --- | |-------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------| | 序号 | 日期 | 来访人单位 | 接待人员 | | 1 | 2024.10.09 | 1. 施罗德 | 董事会秘书裴振东 证券事务代表徐萍萍 | | 2 | 2024.10.10 | 1. 国信证券 2. 前海开源基金 3. 易方达 4. 华泰保兴基金 5. 宁银理财 6. 神农投资 7. 中庚基金 8. 国君资管 9. 招银理财 10. 海通证券 11. 西部证券 | 董事会秘书裴振东 ...

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]