智通财经APP讯，科博达(603786.SH)公告，公司拟以现金方式收购上海恪石投资管理有限公司(简称"上 海恪石")持有的上海科博达智能科技有限公司(简称"科博达智能科技")60%股权，经各方协商确定交易 价格为3.45亿元。 公告称，通过本次交易，公司可依托科博达智能科技在汽车智能中央算力平台及相关域控制器产品上的 积累，切入汽车智能化领域的核心产品赛道，并获得相应技术能力、市场资源与项目经验，与公司产品 战略规划高度契合。 ...

格隆汇9月4日丨科博达(603786.SH)公布，公司拟以现金方式收购上海恪石持有的科博达智能科技60% 股权。以2025年7月31日为评估基准日，科博达智能科技100%股权的评估值为人民币57,500万元，本次 评估增值率为653.25%。经交易各方友好协商，科博达智能科技60%股权交易价格为人民币34,500万 元。通过本次交易，公司可依托科博达智能科技在汽车智能中央算力平台及相关域控制器产品上的积 累，切入汽车智能化领域的核心产品赛道，并获得相应技术能力、市场资源与项目经验，与公司产品战 略规划高度契合。 标的公司专注于提供安全、高性能的汽车智能中央算力平台及相关域控制器产品，具备行业前沿的软件 算法、硬件设计和生产制造能力。目前科博达智能科技已开发出汽车智能中央算力平台、智能驾驶域控 制器等汽车智能化产品，定点客户覆盖4家国内、国际主流品牌车企，定点项目生命周期销售额预计超 200亿元。 ...

2025年 新能源车照明系统行业词条报告 头豹分类、头豹分类/综合及概念/新能源汽车、头豹分类/制 造业/汽车制造业/汽车零部件及配件制造 Copyright © 2025 头豹 企业竞争图谱：2025年新能源车照明系统 头豹词条报告系列 孙 于 王 孙嘉阳、于利蓉、王毓尧 2025-08-07 未经平台授权，禁止转载 行业分类： 头豹分类 综合及概念/新能源汽车 制造业/汽车零部件及配件制造 摘要 新能源汽车照明系统专为符合国家标准的新能源车设计，核心目标适配其电气架构及能效要求，并兼容智能驾驶辅助系统。行业趋势为智能化与交互化整合，市场前景广 阔。政策、技术与本土化驱动行业高速增长，智能化与节能化技术迭代提升产品附加值。高壁垒导致市场头部集中，环保法规与整车厂需求强化头部优势。市场规模受政 策、安全标准升级及补贴政策推动快速增长，LED技术普及。未来，智能化技术升级、消费者需求及政策支持将带动市场规模持续增长，中国企业崭露头角，利用本土优势 拓展市场。 行业定义 新能源汽车照明系统指专为符合国家标准的纯电动（BEV）、插电式混合动力（PHEV）及燃料电池（FCEV）乘用车与商用车所设计的综合 照明解决方案 ...

Group 1: Company Insights - Yuanjie Technology reported significant revenue growth in the data communication sector, particularly for 400G/800G optical modules, with expectations for substantial growth in the second half of 2025 [1] - Huafeng Measurement Control experienced a 41% year-on-year revenue increase in the semiconductor industry, with a notable 37.6% growth in net profit, driven by stable demand in power devices and consumer electronics [2] - Dekeli faced challenges in order delivery due to insufficient capacity and supply chain resources, but anticipates improvement with new facilities coming online in the second half of 2025 [3] - Kebo Da achieved a revenue of 3.047 billion yuan, an 11.1% increase year-on-year, with a net profit of 451 million yuan, reflecting a 21.34% growth [4] - Ningbo Jingda's performance was slightly impacted by international trade factors, but saw a recovery in the second quarter with a 70% increase in export orders [5] - Jinbo Co. reported a 19.69% increase in revenue to 411 million yuan, with significant growth in new business areas, particularly in the lithium battery sector [6] - Xinmai Medical achieved a revenue of 714 million yuan and a net profit of 315 million yuan, with overseas revenue growing over 95% [7] - Guangxun Technology's revenue is expected to continue growing, with a historical peak in silicon optical module shipments and plans to adjust production capacity based on market demand [8] Group 2: Industry Trends - The semiconductor industry is expected to continue its recovery trend into 2025, with increasing demand for data centers and power devices [2] - The demand for optical communication products is anticipated to grow, particularly with the introduction of 400G and 800G technologies [1][8] - The automotive sector is seeing a shift towards energy management products and lightweight solutions, with companies exploring new directions in EV and hydrogen energy [5] - The overall market for optical communication is projected to remain stable in the second half of 2025, with a focus on MEMS technology for OCS products [8]

证券之星消息，根据市场公开信息及9月2日披露的机构调研信息，泓德基金近期对6家上市公司进行了调研，相关名单如下： 1)海泰科（301022）(泓德基金参与公司特定对象调研) 3)德科立(泓德基金管理有限公司参与公司业绩说明会) 调研纪要：2025年上半年，算力需求快速增长，公司产能和供应链资源储备不足，导致订单交付不足。数通类产品增长较快，接入和数据类产品 营收占比升至近四成。电信业务同比下降约8%。下半年新厂房投入使用，预期好转。OCS产品已有千万元级样机订单，正联合探索应用。泰国自 有厂区预计2026年春节后投产，部分客户已完成认证。关税政策存在不确定性，公司强调提升核心竞争力以应对风险。 4)科博达（603786）(泓德基金参与公司特定对象调研) 调研纪要：2025年上半年，公司经营稳健，实现营业收入30.47亿元，同比增加11.10%；净利润4.51亿元，同比增加21.34%。主营业务收入29.48亿 元，其中国内销售18.01亿元，国外销售11.48亿元。前五大终端客户营收占比63.95%，大众集团占比46.39%，理想汽车超10%。新获定点项目生命 周期销售额超70亿元，获国际知名整车厂中央域控产 ...

根据市场公开信息及9月2日披露的机构调研信息，知名私募鸿道投资近期对2家上市公司进行了调研， 相关名单如下： 调研纪要：2025年上半年，公司经营稳健，实现营业收入30.47亿元，同比增加11.10%；净利润4.51亿 元，同比增加21.34%。主营业务收入29.48亿元，其中国内销售18.01亿元，国外销售11.48亿元。前五大 终端客户营收占比63.95%，大众集团占比46.39%，理想汽车超10%。新获定点项目生命周期销售额超70 亿元，获国际知名整车厂中央域控产品定点。能源管理产品销售收入3.8亿元，域控产品占82%。研发 费用2.07亿元，占营收6.81%。捷克IMI公司已完成交割，更名为KEBOD Czech Republic s.r.o。 机构简介： 北京鸿道投资管理有限责任公司创立于2010年3月，由原华夏元老级明星基金经理孙建冬创办，基金业 协会登记备案号P1000280，拥有证券私募基金"3+3"投资顾问资格。公司已成功发行过鸿道全球优选、 创新改革系列等六十几只私募基金产品，是国内知名的私募证券投资基金。公司核心人员来自国内大型 基金管理公司、资产管理公司和证券公司，具有丰富的投资研究和 ...

Macro and Strategy - The report discusses the internal tension between investment and consumption in China's economy, highlighting that the concentration of capital income among high-income groups leads to a low marginal propensity to consume, which is a primary source of investment [10][11] - It emphasizes that the imbalance between capital income and consumption demand has resulted in a continuous rise in China's capital-output ratio and a decline in capital return rates, making investment-driven growth unsustainable [10][11] Industry and Company - The automotive industry saw a 12% year-on-year increase in wholesale sales of passenger vehicles from August 1 to 24, 2025, with the collaboration between Huawei and SAIC for the H5 model opening for pre-orders [14][15] - The media and internet sector reported a 2.99% increase in industry performance, with OpenAI launching the GPT-Realtime voice model and the summer box office surpassing 11.8 billion yuan [18][21] - The public utility and environmental protection sector is focusing on the ongoing construction of a national carbon market, which is expected to drive urban green and low-carbon transformation [22][23] - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with R32 and R134a expected to see stable price growth due to limited supply and strong demand [25][29] - Yili Group reported a 5.9% year-on-year increase in revenue for Q2 2025, with improvements in profitability driven by a decrease in raw milk prices and better cost management [31][33] - Huadian International's revenue decreased by 8.98% in H1 2025 due to lower electricity prices and generation, but net profit increased by 13.15% due to reduced fuel costs [34]

2025 年 09 月 01 日 证券分析师 樊夏沛 A0230523080004 fanxp@swsresearch.com 載文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 申万宏源研究微信服务号 珍惜牛市行情下滞涨板块,以及 秀自马标的的底部区间 -- 2025/8/25-2025/8/29 汽车周报 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 观点：牛市行情下，我们认为在 TMT 领涨之后，以科技为驱动的板块都有望跟涨，包 ● 含机器人、低空经济等。1）对于机器人板块,我们的观点是跟随特斯拉相关的产业标 的,上半年业绩承压,下半年都有望迎来反弹,建议关注拓普、爱柯迪、三花、新泉 等;其次国内机器人产业链相关标的以"新" +"产业积累"的优秀公司为主,建议关 注敏实、宁波华翔等。2) 对于低空经济板块,今年上半年缺少催化,但 7 月 4 号民航 局成立通用航空和低空经济工作领导小组，我们认为随着资金轮动亦有望迎来板块行 情，建议关注万丰奥威、宗申动力等前期白马标的。3 ...

科博达系列 车中旭霞 聚焦高价值量产品，单车价值量持续提升，持续打造域控制器平台化企业 公司深度： | 《科博达（603786.SH）-深度报告之二：打造域控制器平台型企业 》-20221230 | | --- | | 《科博达-603786-深度报告：一体两翼，汽车电子核心标的》-20191021 | | 财报点评： | | 《 科博达（603786.SH）-中报点评-单二季度净利润同比增长61%，在手订单充沛》-20250901 | | 《 科博达（603786.SH）-年报点及一季报点评- 在手订单充沛，打造域控制器平台型企业 》-20250428 | | 《 科博达（603786.SH）-三季报点评-单三季度归母净利润同比增长31%，打造域控制器平台型企业 》-20241029 | | 《科博达（603786.SH）-中报点评-加快全球化布局，打造域控制器平台型企业》-20240825 | | 《 科博达（603786.SH）-年报及一季报点评-新产品放量，全球化加速，打造域控制器平台型企业 》-20240421 | | 《科博达（603786.SH）-2023年三季报点评-拓客户、拓品类进展顺畅，打 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company achieved a record high net profit for the first half of 2025, driven by smart and global strategies [4][7] - Revenue for the first half of 2025 reached 3.047 billion yuan, a year-on-year increase of 11.10%, while net profit attributable to shareholders was 451 million yuan, up 21.34% year-on-year [4][7] - The company’s overseas revenue for the first half of 2025 was 1.148 billion yuan, representing a growth of 23.19% year-on-year, accounting for approximately 39% of total revenue [7] Revenue and Profitability - In Q2 2025, the company reported revenue of 1.673 billion yuan, a year-on-year increase of 26.22% and a quarter-on-quarter increase of 21.70% [4][7] - The net profit for Q2 2025 was 245 million yuan, reflecting a year-on-year growth of 60.66% and a quarter-on-quarter increase of 19.04% [4][7] - The company’s effective cost control and foreign exchange gains contributed to the profitability, with the selling, general and administrative expenses showing a decrease in their ratios [7] Product and Market Expansion - The company secured new projects exceeding 7 billion yuan in the first half of 2025, including a significant contract for a central domain controller with a well-known international automaker [7][9] - The product matrix continues to expand with new offerings such as smart distribution boxes and intelligent control systems, which are expected to enhance the company's value per vehicle and optimize product structure [7][9] Financial Forecast - The company is projected to achieve total revenue of 7.278 billion yuan in 2025, with a year-on-year growth rate of 22% [8][9] - The net profit attributable to shareholders is expected to reach 1.048 billion yuan in 2025, with a growth rate of 36% [8][9] - The report indicates a decreasing trend in P/E ratios over the forecast period, suggesting potential for investment [8][9]