Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

Core Insights - The report maintains an "Outperform" rating for the automotive sector, emphasizing the acceleration of RoboX commercialization and the focus on the sector's performance in Q2 2025 [1][3] - The automotive industry is transitioning towards electric and intelligent vehicles, with significant growth expected in the domestic market, particularly for new energy vehicles [11][12] Sales Tracking - In May 2025, retail sales of passenger cars in China reached 1.93 million units, a year-on-year increase of 13%, with cumulative retail sales for the year at 8.802 million units, up 9% [1] - Wholesale figures for the same month showed 2.329 million units, marking a 14% increase year-on-year, with cumulative wholesale sales for the year at 10.797 million units, up 12% [2] Market Performance - The automotive sector saw a 1.88% increase in May, outperforming the CSI 300 index by 0.04 percentage points, while the overall automotive sector has risen 29.05% since the beginning of 2025 [2] - The inventory warning index for automotive dealers in May 2025 was 52.7%, indicating improved market conditions as it decreased by 5.5 percentage points year-on-year [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components driven by electric and intelligent trends, highlighting companies like Leap Motor, Xpeng, and Geely for vehicle recommendations [3][11] - For intelligent components, companies such as Coboda, Huayang Group, and Junsheng Electronics are recommended, while for robotics, Top Group and Sanhua Intelligent Control are highlighted [3][11] Company Earnings Forecasts - Key companies are projected to have varying earnings per share (EPS) and price-to-earnings (PE) ratios, with Leap Motor expected to have an EPS of -0.05 in 2025 and a PE of -1126, while Geely is forecasted to have an EPS of 1.36 and a PE of 13 [4] Industry Outlook - The automotive industry is expected to maintain a 2% annual compound growth rate over the next 20 years, with new energy vehicle sales projected to reach 1.216 million units in 2024, reflecting a 37% increase [12][16] - The report anticipates that by 2025, the sales of new energy vehicles will exceed 1.5 million units, with a year-on-year growth of over 20% [21]

Group 1 - The third meeting of the board of directors of Kebo Da Technology Co., Ltd. was held on June 6, 2025, with all 8 directors present, confirming the legality and validity of the meeting [1][2] - The board approved the appointment of Mr. Zhao Zeyuan as the secretary of the board, with his term lasting until the end of the current board's term [1] - The board also approved the proposal to convene a shareholders' meeting at a later date, with the chairman authorized to decide on the specifics of the meeting [2]

证券代码：603786 证券简称：科博达 公告编号：2025-032 科博达技术股份有限公司 关于董事会秘书调整的公告 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法律责任。 重要内容提示： 科博达技术股份有限公司（以下简称"公司"）董事会于近日收到董事会秘书 裴振东先生提交的书面辞职报告；公司于 2025 年 6 月 6 日召开第三届董事会第 十六次会议，同意聘任赵泽元先生为公司董事会秘书，任期至公司第三届董事会 任期届满之日止。 一、原董事会秘书提前离任的情况 | 姓名 | 离任职务 | 离任时间 | | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 到期日 | | 股子公司任职 | （如适用） | 毕的公开 | | | | | | | | | | 承诺 | | 裴振东 | 董事、董 | 2025 6 | 年 | 2026年5月 | 身体原因 | 否 ...

一、董事会会议召开情况 证券代码：603786 证券简称：科博达 公告编号：2025-031 科博达技术股份有限公司 第三届董事会第十六次会议决议公告 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个别及连带责任。 经公司总裁提名，董事会提名委员会审核，公司董事会同意聘任赵泽元先生 为董事会秘书，任期自董事会审议通过之日起至本届董事会届满之日止。 科博达技术股份有限公司（以下简称"公司"）第三届董事会第十六次会议于 2025 年 6 月 5 日以邮件方式发出通知，全体董事一致同意豁免会议通知时限， 会议于 2025 年 6 月 6 日下午 13:00 时以通讯表决方式召开。会议应出席董事 8 名，亲自出席董事 8 名，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 （一）审议通过了《关于聘任董事会秘书暨提名非独立董事候选人的议案》 经公司董事会提名委员会对非独立董事候选人任职条件、资格进行审核，公 司董事会同意提名赵泽元先生为公司第三届董 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][13]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its new products and technologies [2][14]. - The company aims to enhance its overseas production capabilities and expand its market share in the automotive electronics sector [3][19]. Summary by Sections Investment Rating - The investment rating is maintained as "Buy" with a target price set at RMB 81.02, reflecting confidence in the company's growth potential [8][19]. Globalization Strategy - The company is focusing on strengthening its existing automotive electronic products while developing new domain control products. The recent acquisition of Czech IMI is a key part of this strategy, aimed at enhancing overseas production capabilities [3][13]. - The company has achieved significant results in promoting new products and technologies to European and American clients, with a notable increase in overseas sales [2][14]. Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million, which will enhance its international production layout and support the ramp-up of global orders [3][16]. - This acquisition is expected to allow the company to produce for global platform clients, including Volkswagen, Ford, BMW, and Mercedes-Benz, starting with lighting control products [3][17]. Financial Forecast - The company forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for the years 2025 to 2027, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion respectively [5][19]. - The report maintains a PE target of 31 times for 2025, indicating a strong outlook for profitability [5][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].

Group 1 - The Ministry of Industry and Information Technology and other departments have launched the 2025 New Energy Vehicle (NEV) initiative to promote NEV usage in rural areas, focusing on quality and reliable models [1] - The initiative includes exhibitions, test drives, and collaboration with after-sales service, charging service, insurance, and financial service companies to enhance the NEV ecosystem in rural regions [1] - Policies such as tax reductions and incentives for vehicle trade-ins will encourage manufacturers to expand their product offerings and improve service levels in rural markets [1] Group 2 - Dongxing Securities notes that the automotive industry is experiencing intensified competition, impacting profitability and cash flow, but leading companies are still showing improvements in net profit and operating cash flow [2] - The release of new vehicles during auto shows and the ongoing effects of new policies are expected to gradually improve the performance of automotive companies in the second quarter [2] - Recommended companies for investment include SAIC Motor, Jianghuai Automobile, BYD, Changan Automobile, and others within the automotive and related sectors [2]

证券代码：603786 证券简称：科博达 公告编号：2025-030 科博达技术股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 公司于 2025 年 5 月 22 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 年度暨 2025 年第一季度业 绩说明会的预告公告》（公告编号：2025-025）。 2025 年 5 月 30 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，与投资者进行了互动交流和沟通，就投资者关注的问题进行了回复。 二、本次会议投资者提出的主要问题及公司的回复情况 问题 1：如何看待行业未来的发展前景？ 回复：投资者您好，近年来汽车产业约 70%创新来源于电子技术领域。根据 研究报告，汽车电子在新能源车中的价值量占比约 47%~65%。另外，车身电子 控制系统渗透率的不断提高、汽车智能化程度提升带来 ADAS 市场规模的快速 增长均将进一步提升汽车电子占比。在此背景下，公司始终立足全球汽车产业市 场平 ...

Market Overview - The A-share market experienced an overall increase on May 29, with the Shanghai Composite Index closing at 3363.45 points, up 0.7%, the Shenzhen Component Index at 10127.2 points, up 1.24%, and the ChiNext Index at 2012.55 points, up 1.37%. The North Star 50 Index rose by 2.73%. Total trading volume reached 12136.01 billion yuan, an increase of 1795.28 billion yuan compared to the previous trading day [1]. Capital Flow - The net inflow of main funds in the A-share market was 74.33 billion yuan, with an opening net outflow of 19.58 billion yuan and a closing net inflow of 23.89 billion yuan [2]. - The net inflow for the CSI 300 was 12.91 billion yuan, while the ChiNext saw a net inflow of 42.65 billion yuan, and the STAR Market experienced a net outflow of 17.3 billion yuan [4]. Sector Performance - Among the 23 sectors, the computer industry led with a net inflow of 191.73 billion yuan, followed by the electronics sector with 124.39 billion yuan, and the pharmaceutical and biological sector with 112.04 billion yuan. The non-bank financial sector saw a net inflow of 47.51 billion yuan, while the communication sector had 34.87 billion yuan [6][7]. - The sectors with the largest net outflows included food and beverage with -21.56 billion yuan, basic chemicals with -12.02 billion yuan, and banking with -8.89 billion yuan [7]. Individual Stock Activity - The stock with the highest net inflow was Shanzhi Gaoke, with 7.11 billion yuan [8]. - Institutional investors showed significant interest in several stocks, with Wangzi New Materials receiving a net buy of 41.11 million yuan, and Sifang Precision receiving 36.17 million yuan [11][12]. Institutional Focus - Recent institutional ratings highlighted several stocks, including Huichuan Technology with a target price of 73.00 yuan, indicating an upside potential of 8.83%, and Longying Precision with a target price of 24.70 yuan, suggesting a 19.73% upside [14].