Core Viewpoint - The company is making steady progress in integrating its operations following the acquisition of a factory in the Czech Republic, which is expected to enhance its position in the automotive electronics market [1] Group 1: Integration Progress - The factory has completed the planning, design, and debugging of multiple automotive electronics production lines [1] - The production layout is continuously optimized, and the supply chain system is efficiently coordinated with the company's global business network [1] - As the integration work deepens, the factory has successfully achieved trial production of some core products [1] Group 2: Market Expansion - The integration efforts are laying a solid foundation for the company to further expand into the European and global automotive electronics markets [1] - The developments are aimed at improving the company's overseas production layout [1]

（编辑 丛可心） 证券日报网1月6日讯 ，科博达在接受调研者提问时表示，公司看好机器人领域的工业化发展前景及广 阔市场空间。科博达深耕车规级电子产品研发，在精密控制、智能执行器等关键领域技术积淀深厚；机 器人核心部件中的控制器及执行器等产品，均处于公司技术能力覆盖范围。同时，公司控股子公司科博 达智能科技已实现辅助驾驶域控制器产品的研发与量产落地，其核心技术与机器人领域存在技术同源性 与能力共通性。 ...

（编辑 丛可心） 证券日报网1月6日讯 ，科博达在接受调研者提问时表示，公司持续关注照明控制相关技术发展，紧跟 汽车照明从"照明工具"向"智能交互终端"的发展趋势，具有深厚的技术储备。公司新获得德国奥迪数字 大灯相关项目定点，该项目产品为标准平台件，覆盖大众集团各品牌旗下E3、SDV及后续平台的燃 油、混动及电动车型。 ...

（编辑 丛可心） 证券日报网1月6日讯 ，科博达在接受调研者提问时表示，2025年前三季度，公司前五大终端客户合计 营收占比61.30%，其他客户营收占比38.70%。具体来看，前五大客户包括德国大众、一汽集团、上汽 大众、理想汽车、蔚来汽车。大众集团营收占比合计为42.69%，较去年同期下降3.2个百分点，蔚来汽 车营收占比显著提升。 ...

Core Insights - The integrated domain control solution is a core technology for the development of intelligent and connected vehicles, widely implemented in both passenger and commercial vehicles [1][5] - The global market for integrated domain control solutions is expected to grow rapidly, with projections of approximately 85.16 billion yuan in 2025 and 132.46 billion yuan in 2026 [5] - In China, the market size for integrated domain control solutions is projected to reach about 44.14 billion yuan in 2025 and 66.78 billion yuan in 2026, driven by rising consumer demand for smart experiences and supportive national policies [5] Industry Definition - The term "domain" refers to a collection of electronic and electrical architectures that control major functional modules of a vehicle, typically divided into five domains: intelligent driving, entertainment (cockpit), chassis, power, and body [2] - The trend towards integration in the vehicle's electronic and electrical architecture is driven by the increasing number of electronic control units and the shift towards centralized E/E architectures [2][4] Market Overview - The integrated domain control solution market is experiencing rapid growth due to the shift towards centralized E/E architectures and the increasing demand for integrated computing capabilities in smart vehicles [5] - The market is supported by rising consumer spending and the importance of smart experiences in vehicle purchasing decisions, particularly among younger consumers [5] Industry Chain - The upstream of the integrated domain control solution industry includes core components such as domain control SoCs, vehicle networking, and other embedded computing modules, as well as related software like operating systems and application software [5] - The midstream involves system integration and services for integrated domain control solutions, while the downstream includes traditional domestic manufacturers, foreign manufacturers, joint ventures, and new forces in the automotive industry [5] Competitive Landscape - The competition in the Chinese integrated domain control market is characterized by a transition from separate intelligent driving and cockpit domain controls to integrated solutions, with key players including Desay SV, Jingwei Hirain, and Joyson Electronics [7] - Companies are focusing on developing higher computing power solutions and integrated cockpit and driving domain control solutions [7] Company Highlights - Megvii Technology is a leading automotive technology company focusing on AI-driven integrated domain control solutions, aiming to reshape the next generation of smart vehicles [8] - Desay SV is a global leader in mobile travel technology, focusing on the integration of intelligent cockpit, intelligent driving, and connected services, with significant revenue from its smart cockpit segment [9] Industry Trends - The integrated domain control solution industry is entering a high-growth phase, driven by the electrification, intelligence, and connectivity of the automotive industry [10] - The industry is evolving towards functional integration, AI fusion, and higher safety standards, with an emphasis on cost reduction and domestic substitution [10]

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The automotive intelligence sector is witnessing significant advancements, particularly in L3 autonomous driving technology, with multiple companies receiving regulatory approvals for their products [15][19]. - The penetration rates for advanced driver-assistance systems (ADAS) and various sensor technologies are on the rise, indicating a growing market for intelligent vehicles [3][2]. - Key companies in the sector, such as Xpeng Motors, Horizon Robotics, and WeRide, are highlighted for their potential growth and investment opportunities [5][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercialization [15]. - Xpeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, while BYD has completed extensive road validation for L3 technology [18][17]. - WeRide's Robotaxi service has expanded to over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. High-Frequency Core Data Updates - By October 2025, the penetration rate of 800 million pixel cameras in passenger vehicles is expected to reach 49.7%, a year-on-year increase of 31% [2]. - The market share of lidar technology in passenger vehicles is projected to rise to 14.3%, with significant contributions from companies like Huawei and Hesai Technology [2]. - The penetration rate of L2 and above intelligent driving functions in passenger vehicles has increased to 33%, reflecting a 19% year-on-year growth [3]. Investment Recommendations - Recommended companies for investment include Xpeng Motors, Leap Motor, and Geely for complete vehicles, while WeRide and Horizon Robotics are suggested for L4 technology [3]. - For components, companies like SUTENG and Hesai Technology are recommended for data acquisition, while Horizon Robotics and Black Sesame Intelligence are highlighted for data processing [3].

证券代码：603786 证券简称：科博达 公告编号：2026-001 高级管理人员持股的基本情况 本次减持计划实施前，科博达技术股份有限公司（以下简称"公司"）高级管 理人员范建华先生直接持有公司股份 45,000 股，占公司股份总数的 0.01114%。 减持计划的实施结果情况 根据减持计划，公司高级管理人员范建华先生因自身资金需求，以集中竞价 交易的方式减持所直接持有的公司股份 11,200 股，占公司股份总数的 0.00277%。 近日，公司收到范建华先生发来的《告知函》。截至 2025 年 12 月 30 日，范 建华先生已通过集中竞价交易方式减持公司股份 11,200 股，占公司总股本的 0.00277%。范建华先生本次减持计划已实施完毕，现将相关减持情况公告如下： 科博达技术股份有限公司 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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： 一、减持主体减持前基本情况 上述减持主体无一致行动人。 1 | 股东名称 | 范建华 | | | | | --- | --- ...

格隆汇12月31日丨科博达(603786.SH)公布，近日，公司收到范建华先生发来的《告知函》。截至2025 年12月30日，范建华先生已通过集中竞价交易方式减持公司股份1.12万股，占公司总股本的0.00277%。 范建华先生本次减持计划已实施完毕。 ...

格隆汇12月31日丨科博达(603786.SH)公布，近日，公司收到范建华先生发来的《告知函》。截至2025 年12月30日，范建华先生已通过集中竞价交易方式减持公司股份11,200股，占公司总股本的0.00277%。 范建华先生本次减持计划已实施完毕。 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, with specific recommendations for companies like BYD and Geely [1]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, enhancing demand for mid-to-low-end vehicles [1]. - The report highlights the potential for significant performance improvements in parts manufacturers due to subsidy support, recommending companies with strong fundamentals and low valuations [1]. - The report emphasizes the advantages of new energy vehicle companies like Xpeng, NIO, and Li Auto, as well as key Tier 1 suppliers such as Desay SV and Jingwei Hirain [1]. - The report notes a positive trend in the used car market, benefiting from the industry's recovery and improved profitability for dealers, recommending companies like Uxin [1]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [1]. - The automotive industry recorded a total transaction value of 582.81 billion yuan, with the automotive index rising by 2.74% during the week, outperforming the Shanghai Composite Index [1][4]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao, which saw increases of 41.6%, 33.7%, and 33.3% respectively [1][9]. Market Conditions - The report highlights a rise in traditional and new energy raw material price indices, with traditional vehicle raw material prices increasing by 1.3% and 1.0% over the past week and month, respectively, while new energy vehicle raw material prices rose by 5.6% and 6.8% [1][54]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all primary industries, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [6]. Key Events - The report discusses the optimization of toll road policies and the improvement of autonomous driving regulations, which are expected to enhance the operational efficiency of the transportation system [2][3]. - The report notes significant developments in the automotive sector, including the launch of new models and strategic partnerships aimed at enhancing market competitiveness [17][18][19].