Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 23X, 18X, and 15X for 2024, 2025, and 2026 respectively [5] Core Views - The company is a leader in the automotive lighting control segment, with a strong position in global platform projects and a clear trend of increasing market share [4] - The company is benefiting from the trend of vehicle EEA (Electrical/Electronic Architecture) upgrades, with successful expansion into new high-value products such as domain controllers and Efuse [4] - The company is entering a global operational phase, with plans to expand production capacity in key markets such as Japan, Europe, and North America [4] Company Overview - The company has a diversified product portfolio, including lighting control systems, motor control systems, energy management systems, and automotive electronics [11] - The company has a strong relationship with Volkswagen and has expanded its customer base to include BMW, Renault-Nissan, Ford, Toyota, and Suzuki [11] - The company is a family-owned business with a concentrated equity structure, with the controlling family holding a significant portion of the shares [13] Market Position and Growth - The company is a global leader in automotive lighting control, with a strong presence in the LED lighting segment and a growing market share in adaptive lighting systems [11] - The company has successfully expanded into new product areas such as domain controllers and Efuse, which are expected to drive future growth [4] - The company is focusing on global expansion, with plans to establish production facilities in Japan, Europe, and North America to serve local customers [14] Financial Performance - The company's revenue and net profit have shown strong growth, with revenue increasing by 37% YoY in 2023 and net profit increasing by 35% YoY [16] - The company's energy management system business has seen rapid growth, driven by the successful launch of new products such as chassis controllers and body domain controllers [17] - The company's gross margin has declined slightly due to increased competition in the domestic passenger vehicle market, but the energy management system business has shown improved profitability [18] Industry Trends - The automotive lighting industry is undergoing a transformation, with LED lighting becoming the dominant technology and adaptive lighting systems gaining popularity [22] - The trend towards vehicle EEA upgrades is driving demand for domain controllers and Efuse, which are expected to see rapid growth in the coming years [45] - The shift towards centralized and zonal EEA architectures is creating opportunities for new suppliers, particularly in the areas of body domain control and chassis control [53] Future Outlook - The company is well-positioned to benefit from the ongoing trends in automotive lighting and EEA upgrades, with a strong product portfolio and a growing customer base [4] - The company's focus on global expansion and new product development is expected to drive continued growth in the coming years [14] - The company's financial performance is expected to remain strong, with revenue and net profit projected to grow at a CAGR of 25% and 27% respectively from 2024 to 2026 [5]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 [Table_Summary] 维持增持评级，维持目标价 67.26 元。公司域控制器、Efuse 等产品 正逐渐放量，国内新势力和宝马、大众等全球客户订单充足，公司 有望实现量价齐升，业绩有望持续增长。下调公司 2024 年 EPS 预 测为 2.04（-0.26）元，维持 2025-2026 年的 EPS 预测为 2.76/3.39 元， 维持目标价 67.26 元，维持增持评级。 公司推出域控制器和 Efuse 等新产品，推动单车价值量大幅提升。 公司将受益于汽车智能化的行业趋势，底盘域控制器和车身域控制 器已配套供应客户，参股公司的智能驾驶域控制器和智能座舱域控 制器也已获得项目定点，可配套的单车价值量不断提升。公司智能 配电 Efuse 已获得吉利、理想、大众等客户定点，未来有望不断开 拓更多客户及车型。 理想等新势力客户逐步放量，驱动业绩持续增长。近年来公司开拓 了小鹏、理想、蔚来和极氪等新势力客户，未来有望持续深化合作， 打造更丰富的增长点。2023 年理想汽车成为公司前五大客户，2024 上半年理想汽车在公司营收占比达到 11%， ...

证券代码：603786 证券简称：科博达 公告编号：2024-049 投资者可于 2024 年 9 月 10 日（星期二）至 2024 年 9 月 18 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 keboda@keboda.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 科博达技术股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日发布 公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 9 月 19 日 上午 11:00-12:00 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 业绩说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 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 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 ...

特此公告。 公司于 2024 年 8 月 23 日完成上述部分限制性股票的回购注销。根据中国证 券登记结算有限公司上海分公司提供的《证券变更登记证明》，公司总股本由 403,900,100 股减少至 403,890,300 股，公司注册资本由人民币 403,900,100 元变 更为人民币 403,890,300 元。具体内容详见公司于 2024 年 8 月 21 日在上海证券 交易所网站（www.sse.com.cn）披露的《科博达技术股份有限公司股权激励限制 性股票回购注销实施公告》（公告编号：2024-044）。 公司已于近日完成上述事项的工商变更登记手续，并取得上海市市场监督管 理局换发的《营业执照》，具体信息如下： | 公司名称 | 科博达技术股份有限公司 | | --- | --- | | 统一社会信用代码 | 91310115729533231F | | 类型 | 股份有限公司（上市、自然人投资或控股） | | 住所 | 中国（上海）自由贸易试验区祖冲之路 2388 号 1-2 幢 | | 法定代表人 | 柯桂华 | | --- | --- | | 成立日期 | 2003 年 9 月 12 日 ...

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 1 一、 投资者关系活动情况（2024 年 8 月） | --- | --- | --- | --- | |-------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------| | 序号 | 日期 | 来访人单位 | 接待人员 | | 1 | 2024.08.06 | 1. 国都证券 2. 上海易善 | 董事会秘书裴振东 证券事务代表徐萍萍 | | | | 1. 华泰证券 2. 国信证券 | | | 2 | 2024.08.26 | 3. 金鼎资本 4. 迈维资产 5. 银河 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of 2.742 billion yuan for the first half of 2024, representing a year-on-year growth of 39.85%. The net profit attributable to shareholders reached 372 million yuan, up 34.85% year-on-year [4] - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, reflecting a year-on-year increase of 26.45%, while the net profit for the same period was 153 million yuan, growing by 6.08% year-on-year [4] - The company is actively expanding its customer base, with revenue from new energy vehicle manufacturers increasing to 15% of total revenue, highlighting its ability to meet the demands of new energy vehicle companies [4] - The company has secured 43 new project approvals and is expanding its product lines across various automotive electronic fields, indicating a comprehensive layout and technological innovation capability [4] - Revenue forecasts for 2024 to 2026 are projected at 6.2 billion yuan, 8.02 billion yuan, and 10.43 billion yuan respectively, with net profits expected to be 810 million yuan, 1.02 billion yuan, and 1.33 billion yuan [4][5] Summary by Sections Financial Performance - The company reported a total revenue of 4.625 billion yuan for 2023, with projected revenues of 6.204 billion yuan for 2024, 8.025 billion yuan for 2025, and 10.427 billion yuan for 2026 [5] - The net profit for 2023 is estimated at 610 million yuan, with projections of 810 million yuan for 2024, 1.02 billion yuan for 2025, and 1.425 billion yuan for 2026 [5] Profitability Metrics - The company's gross margin for Q2 2024 was 26.12%, with a net margin of 12.36% [4] - The earnings per share (EPS) for 2023 is projected at 1.51 yuan, increasing to 2.01 yuan in 2024, 2.52 yuan in 2025, and 3.30 yuan in 2026 [5] Market Position and Strategy - The company is focusing on expanding its market presence by collaborating with new energy vehicle manufacturers and optimizing its customer structure [4] - The company has made significant strides in securing global projects with major automotive brands, indicating a strong competitive position in the automotive electronics sector [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a total revenue of 2.742 billion yuan for the first half of 2024, representing a year-on-year growth of 39.85%. The net profit attributable to shareholders reached 372 million yuan, up 34.85% year-on-year. In Q2 2024, the revenue was 1.325 billion yuan, showing a year-on-year increase of 26.45% [4] - Revenue and profit are maintaining stable growth, although there are short-term fluctuations in profitability. In Q2, the revenue was 1.325 billion yuan, with year-on-year and quarter-on-quarter changes of +26.45% and -6.49% respectively. The net profit for Q2 was 153 million yuan, with year-on-year and quarter-on-quarter changes of +6.08% and -30.38% respectively [4] - The company is actively expanding its customer base by deepening cooperation with new energy vehicle manufacturers, with revenue from these manufacturers accounting for 15% of total revenue in the first half of the year [4] - The company has secured 43 new project approvals and expanded its product line across various fields, demonstrating its comprehensive layout and technological innovation capabilities in the automotive electronics sector [4] - Revenue forecasts for 2024 to 2026 are projected at 6.2 billion yuan, 8.02 billion yuan, and 10.43 billion yuan respectively, with net profits expected to be 810 million yuan, 1.02 billion yuan, and 1.33 billion yuan [4][5] Financial Data Summary - The latest closing price is 43.68 yuan, with a market capitalization of 17.642 billion yuan. The current P/E ratio is 25.02 and the P/B ratio is 3.67 [2] - The company’s total assets are projected to grow from 63.56 billion yuan in 2023 to 99.98 billion yuan in 2026, with total liabilities increasing from 15.57 billion yuan to 23.13 billion yuan over the same period [6] - The operating income for 2023 is estimated at 4.625 billion yuan, with a growth rate of 36.7%. The projected operating income for 2024 is 6.204 billion yuan, with a growth rate of 34.1% [5][6]

2024 年 08 月 28 日 科博达 (603786) ——公司能力圈不断扩张，估值已经是上市以来底部 报告原因：有业绩公布需要点评 买入（维持）投资要点：公司发布 2024 年半年报，2024 年上半年实现营业收入 27.42 亿元，同比+39.8%； 实现归母净利润 3.72 亿元，同比+34.9%。公司 24Q2 实现营收 13.25 亿元，同环比 +26.4%/-6.5%；实现归母净利润 1.53 亿元，同环比+6.1%/-30.4%。Q2 业绩略低于预期。 | --- | --- | |------------------------------------------|-------------------------| | 市场数据： | 2024 年 08 月 27 | | 收盘价（元） | 43.68 | | 一年内最高/最低（元）市净率 | 81.90/43.47 | | 息率（分红/股价） | 1.37 | | 流通 A 股市值（百万元）上证指数/深证成指 | 17,5762,848.73/8,103.76 | 26.12%，环比-5.85pct，由于部分客户降价在二季度确认以及芯片 ...

[Table_Reportdate] 2024年08月27日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | 44.66 | | 总股本(万股) | 40,389 | | 流通A股/B股(万股) | 40,239/0 | | 资产负债率(%) | 26.88% | | 市净率(倍) | 3.67 | | 净资产收益率(加权) | 7.72 | | 12个月内最高/最低价 | 81.90/44.58 | [Table_QuotePic] -49% -39% -30% -21% -11% -2% 7% 17% 23-08 23-11 24-02 24-05 [相关研究 Table_Report] 《科博达（603786）：域控产品持续 放量，加速海外基地建设扩大全球市 场业务 — ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][8]. Core Insights - The company reported a revenue of 2.742 billion yuan for the first half of 2024, a year-on-year increase of 39.85%, and a net profit attributable to shareholders of 372 million yuan, up 34.85% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, a year-on-year increase of 26.45%, but a quarter-on-quarter decrease of 6.49% [1]. - The gross margin for H1 2024 was 29.14%, down 1.78 percentage points year-on-year, with Q2 gross margin at 26.12%, down 4.47 percentage points year-on-year [1]. - The company is experiencing pressure on gross margins due to changes in product and customer structure, as well as annual reductions from major manufacturers [1]. - The company has established strong relationships with global leading manufacturers, securing 43 new projects in the first half of 2024, indicating a robust international market expansion capability [2]. Financial Performance Summary - The company is projected to achieve revenues of 6.286 billion yuan, 7.773 billion yuan, and 9.295 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 839 million yuan, 1.128 billion yuan, and 1.452 billion yuan for the same years [8][9]. - The diluted EPS is expected to be 2.08 yuan, 2.79 yuan, and 3.60 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 21.93, 16.32, and 12.68 [8][9]. - The company’s gross margin is projected to decline slightly to 28.11% in 2024, with a gradual decrease to 27.72% by 2026 [9].