Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 59.14 CNY and a target price not specified for the next 6 months [1]. Core Insights - The company's Q3 performance exceeded expectations, with a revenue of 15.3 billion CNY in Q3, representing a year-on-year increase of 24.2% and a quarter-on-quarter increase of 15.5%. The net profit for Q3 was 2.35 billion CNY, up 30.8% year-on-year and 54.1% quarter-on-quarter [1][2]. - The company has effectively controlled its expense ratio, achieving a Q3 expense ratio of 12.3%, down 3.7 percentage points year-on-year and 2.5 percentage points quarter-on-quarter, indicating ongoing cost reduction and efficiency improvements [2]. - The company has expanded its client base, securing 43 new projects in the first half of the year, with an expected product lifecycle sales volume of approximately 75 million units. As of June 2024, the company has 136 projects under research, with an expected lifecycle sales volume exceeding 280 million units [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 42.73 billion CNY, a year-on-year increase of 33.8%, and a net profit of 6.07 billion CNY, also up 33.2%. The gross margin was 29.3%, down 1.5 percentage points year-on-year, while the net margin was 14.9%, down 0.3 percentage points year-on-year [1]. - The company’s revenue and net profit for Q3 were 15.3 billion CNY and 2.35 billion CNY, respectively, with significant growth compared to the previous year and quarter [1]. Product and Market Expansion - The company is actively promoting new products and accelerating its global strategy, with significant progress in entering the supply chains of major automotive brands such as Volkswagen, BMW, Porsche, and Audi [3]. - Domestic and international revenues grew by 37.5% and 39.6%, respectively, indicating synchronized growth in global markets [3]. Earnings Forecast - The company’s EPS is projected to be 2.14 CNY, 2.66 CNY, and 3.32 CNY for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 28, 22, and 18. The compound annual growth rate (CAGR) for net profit is expected to be 30.1% [3][4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][20][23] Core Views - The company achieved a significant revenue growth of 33.8% year-on-year, reaching 4.273 billion yuan in the first three quarters of 2024, with a net profit of 607 million yuan, also up 33.2% year-on-year [1][5] - The company is focusing on high-value products and aims to become a platform enterprise for domain controllers, with expectations of increasing the single vehicle value to over 10,000 yuan [2][10] - The company has a robust order backlog, with 43 new projects secured in the first half of 2024, expected to yield a lifecycle sales volume of approximately 75 million units [2][17] Financial Performance - In Q3 2024, the company reported a revenue of 1.530 billion yuan, a year-on-year increase of 24.2% and a quarter-on-quarter increase of 15.5% [1][5] - The gross margin for Q3 2024 was 29.7%, with a net margin of 15.9%, reflecting a quarter-on-quarter improvement of 3.5 percentage points [2][11] - The company’s four expense ratios decreased to 12.4% in Q3 2024, down 3.8 percentage points year-on-year [2][13] Product and Customer Insights - The revenue breakdown for Q3 2024 shows that the lighting control system generated 760 million yuan, up 19% year-on-year, while the energy management system saw a remarkable growth of 94% year-on-year [1][9] - The company is expanding its customer base, with new energy vehicle manufacturers accounting for over 15% of sales in the first half of 2024, indicating a diversification away from traditional customers like Volkswagen [1][10][17] Future Outlook - The company projects revenues of 6.206 billion yuan, 7.707 billion yuan, and 9.302 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to reach 854 million yuan, 1.109 billion yuan, and 1.320 billion yuan in the same years [2][20] - The company is actively enhancing its global presence, with plans to establish production facilities in Europe and North America by the end of 2024 [18][19]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved significant growth in Q3 2024, with a year-on-year increase in net profit of 30.8% and a quarter-on-quarter increase of 54.1% [3][4]. - The company's revenue for the first three quarters of 2024 reached 4.273 billion yuan, representing a year-on-year growth of 33.8% [3]. - The report highlights the successful introduction of new products and the expansion of new customer bases, which are expected to drive future growth [4]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 1.53 billion yuan, up 24.1% year-on-year, and a net profit of 235 million yuan, up 30.8% year-on-year [3]. - The gross margin for Q3 2024 was 29.65%, showing a year-on-year decrease of 0.91 percentage points but an increase of 3.54 percentage points quarter-on-quarter [4]. - The net profit margin for Q3 2024 was 15.88%, with a year-on-year increase of 0.33 percentage points and a quarter-on-quarter increase of 3.52 percentage points [4]. Growth Drivers - The company is focusing on new product development and market expansion, particularly in the automotive electronics sector, collaborating with new domestic car manufacturers [4]. - Key new products include body domain controllers, chassis domain controllers, Efuse, and intelligent thermal management actuators [4]. - The company has made significant inroads into international markets, successfully integrating new products into the supply chains of major automotive brands such as Volkswagen, BMW, Porsche, and Audi [4]. Future Projections - The company is projected to achieve total revenue of 6.035 billion yuan in 2024, with a year-on-year growth rate of 30% [7]. - Expected net profit for 2024 is 858 million yuan, reflecting a year-on-year growth rate of 41% [7]. - The report forecasts earnings per share (EPS) of 2.12 yuan for 2024, with continued growth expected in subsequent years [7].

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 59.14 CNY per share [1]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 4.73 billion CNY, a year-on-year increase of 33.79%, and a net profit of 607 million CNY, also up 33.24% year-on-year [3][5]. - The growth in revenue and profit is attributed to partnerships with leading new energy vehicle manufacturers and the introduction of new products [3][5]. - The company has established itself as a key player in the automotive electronics sector, focusing on domain control technology and expanding its client base [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 4.273 billion CNY, a 33.79% increase year-on-year, and a net profit of 607 million CNY, up 33.24% year-on-year [3]. - In Q3 2024 alone, revenue was 1.530 billion CNY, reflecting a 24.11% year-on-year growth and a 15.48% quarter-on-quarter increase [3]. - The gross margin for Q3 2024 was 29.65%, showing a slight decrease of 0.92 percentage points year-on-year but an increase of 3.54 percentage points quarter-on-quarter [3]. Product and Client Development - The company has successfully partnered with major new energy vehicle manufacturers, with sales to Li Auto increasing by 157.5% year-on-year, making it the fourth-largest client [3][5]. - New product launches include body domain controllers, chassis domain controllers, and energy management systems, contributing to revenue growth [3][5]. - The company has secured 43 new projects with global clients such as Volkswagen, BMW, and Mercedes, indicating a strong pipeline for future growth [3][5]. Future Projections - The company is projected to achieve revenues of 6.431 billion CNY, 7.865 billion CNY, and 9.862 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 898 million CNY, 1.153 billion CNY, and 1.457 billion CNY [6][7]. - The earnings per share (EPS) are expected to rise to 2.22 CNY, 2.85 CNY, and 3.61 CNY over the same period, with price-to-earnings (PE) ratios of 27, 21, and 16 [6][7].

证券代码：603786 证券简称：科博达 公告编号：2024-053 科博达技术股份有限公司 第三届监事会第十次会议决议公告 （1）公司 2024 年第三季度报告的编制和审议程序符合相关法律法规、公司 章程和公司内部管理制度的各项规定； （2）公司 2024 年第三季度报告的内容及格式符合中国证监会和上海证券交 易所的相关规定，其内容真实、准确、完整，不存在任何虚假记载、误导性陈述 或者重大遗漏，报告客观地反映了公司 2024 年第三季度的财务及经营情况； （3）在监事会提出本审核意见之前，未发现参与公司 2024 年第三季度报告 的编制和审议人员有违反有关保密规定的行为。 详见同日披露的《科博达技术股份有限公司 2024 年第三季度报告》。 表决结果：3 票赞成；0 票反对；0 票弃权。 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。 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"）第三届监事会第十次会议通 知于 2024 年 10 月 22 日以邮件方式发出，并于 2024 年 10 月 28 日上 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,530,314,959.82, representing a year-over-year increase of 24.15%[2] - Net profit attributable to shareholders for the same period was ¥234,999,573.59, up 30.77% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was ¥224,550,114.40, reflecting a 29.98% increase year-over-year[2] - The basic earnings per share for Q3 2024 was ¥0.5823, an increase of 30.88% from the same period last year[3] - The diluted earnings per share for the same period was ¥0.5827, up 30.56% year-over-year[3] - Operating profit for the third quarter was ¥688,078,807.14, up 34.2% from ¥513,440,247.79 in the previous year[17] - Net profit attributable to shareholders of the parent company for the third quarter was ¥606,567,346.84, representing a 33.2% increase from ¥455,247,876.91 in the same quarter of 2023[17] - Total revenue for the first three quarters of 2024 reached ¥4,272,667,943.54, a significant increase of 33.9% compared to ¥3,193,626,800.26 in the same period of 2023[16] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥6,879,839,461.61, an increase of 8.25% from the end of the previous year[3] - Total assets increased to ¥6,879,839,461.61, compared to ¥6,355,658,486.61 at the end of the previous period[15] - Total liabilities rose to ¥1,686,881,710.43, up from ¥1,557,414,237.48 in the previous year[15] - The total current assets reached ¥5,296,332,433.80, compared to ¥4,916,280,405.50, marking an increase of about 7.7%[13] - The company’s non-current assets totaled ¥1,583,507,027.81, up from ¥1,439,378,081.11, indicating an increase of about 10%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 8,864[9] - The largest shareholder, Kebo Da Investment Holdings Co., Ltd., holds 239,449,043 shares, accounting for 59.29% of total shares[10] - The company has no significant changes in the top 10 shareholders due to margin trading or stock lending activities[11] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥539,547,444.32, showing a 36.02% increase year-over-year[3] - In the first three quarters of 2024, the company generated cash inflows from operating activities amounting to RMB 4,513,140,055.22, a significant increase from RMB 3,026,172,162.51 in the same period of 2023, representing a growth of approximately 49%[19] - The total cash outflows from operating activities were RMB 3,973,592,610.90, compared to RMB 2,629,500,001.53 in the previous year, indicating an increase of about 51%[20] - The net cash flow from operating activities for the first three quarters of 2024 was RMB 539,547,444.32, up from RMB 396,672,160.98 in 2023, reflecting a growth of approximately 36%[20] - The company reported cash inflows from investment activities of RMB 1,747,674,104.34, compared to RMB 933,440,782.96 in the previous year, marking an increase of around 87%[21] - Cash outflows from investment activities totaled RMB 1,737,550,392.17, up from RMB 801,459,882.71 in 2023, which is an increase of approximately 117%[21] - The net cash flow from investment activities was RMB 10,123,712.17, a decrease from RMB 131,980,900.25 in the same period last year[21] - The company raised RMB 682,000,000.00 from financing activities, compared to RMB 562,519,865.63 in the previous year, representing an increase of about 21%[21] - Total cash outflows from financing activities were RMB 1,027,940,417.88, significantly higher than RMB 516,781,314.45 in 2023, indicating an increase of approximately 99%[21] - The net cash flow from financing activities was negative at RMB -345,940,417.88, contrasting with a positive RMB 45,738,551.18 in the same period last year[21] - The ending cash and cash equivalents balance was RMB 1,195,557,041.00, slightly down from RMB 1,258,473,157.28 at the end of the previous year[21] Operational Highlights - The company reported a significant increase in revenue from its energy management systems, which grew by 99.49% year-over-year[8] - Domestic revenue increased by 28.67% to ¥2,699,164,510.59, while international revenue rose by 39.76% to ¥1,440,180,553.17[8] - The company reported a total operating cost of ¥3,651,929,925.65, which is an increase from ¥2,756,091,070.60 in the same period last year[16] - Research and development expenses for the first three quarters totaled ¥324,429,025.77, slightly up from ¥316,401,776.31 in the previous year[17] - The company reported no significant new strategies or product developments during the quarter[12] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[17]

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、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"）第三届董事会第十次会议通知 于 2024 年 10 月 22 日以邮件方式发出，并于 2024 年 10 月 28 日上午 10:00 时以 现场会议方式召开。会议应出席董事 9 名，亲自出席董事 9 名，公司 3 名监事和 高级管理人员列席了会议，会议由董事长柯桂华先生主持。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。 二、董事会会议审议情况 证券代码：603786 证券简称：科博达 公告编号：2024-052 科博达技术股份有限公司 第三届董事会第十次会议决议公告 特此公告。 科博达技术股份有限公司董事会 2024 年 10 月 29 日 （一）审议通过了《关于 2024 年第三季度报告的议案》 该议案已经审计委员会审议通过，并同意提交公司董事会审议。 详见同日披露的《科博达技术股份有限公司 2024 年第三季度报告》。 表决结果 ...

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 一、 投资者关系活动情况（2024 年 9 月） | --- | --- | --- | --- | --- | |-------|------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------| | 序号 | 日期 | | 来访人单位 | 接待人员 | | 1 | 2024.09.03 | 1. 2. | 天弘基金 国泰君安 | 董事会秘书裴振东 证券事务代表徐萍萍 | | 2 | 2024.09.06 | 1. 2. | 中信证券 招商基金 | 董事会秘书裴振东 ...

证券代码：603786 证券简称：科博达 公告编号：2024-051 科博达技术股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 一、担保情况概述 （一）担保基本情况 2024 年 9 月 20 日，中行嘉兴分行出具《保证提前到期通知书》，根据《最 高额保证合同》（编号 JXB2023 人保 311），公司为浙江科博达与中行嘉兴分行 之间自 2023 年 4 月 1 日起至 2025 年 3 月 31 日止签署的借款、贸易融资、保函、 资金业务及其他授信业务合同形成的债务提供担保，最高担保额为 10,000 万元 整。由于业务需求，浙江科博达向中行嘉兴分行申请新增担保金额至 15,000 万 元，《最高额保证合同》（编号 JXB2023 人保 311）提前到期。 （二）本次担保履行的内部决策程序 公司于 2024 年 4 月 18 日召开第三届董事会第六次会议和第三届监事会第 六次会议，于 2024 年 5 月 15 日召开 2023 年年度股东大会，审议通过了 ...

证券代码：603786 证券简称：科博达 公告编号：2024-050 科博达技术股份有限公司 关于 2024 年半年度业绩说明会召开情况的公告 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。 科博达技术股份有限公司（以下简称"公司"） 2024 年半年度业绩说明会于 2024 年 9 月 19 日 11:00-12:00，在上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/）以网络互动的方式召开，就投资者关注的问题在信 息披露允许的范围内进行了交流。现将有关事项公告如下： 一、本次说明会召开情况 公司于 2024 年 9 月 7 日在上海证券交易所网站（www.sse.com.cn）及指定 媒体披露了《科博达技术股份有限公司关于召开 2024 年半年度业绩说明会的预 告公告》（公告编号：2024-049）。 2024 年 9 月 19 日，公司董事长兼总裁柯桂华先生、董事会秘书裴振东先生、 财务负责人朱迎春女士、首席技术专家于之训先生、独立董事孙林先生出席了本 次说明会，与投资 ...