Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 65.29 CNY [1]. Core Views - The company reported a revenue of 4.625 billion CNY in 2023, representing a year-on-year growth of 36.68%, and a net profit of 609 million CNY, up 35.26% year-on-year. In Q1 2024, revenue reached 1.417 billion CNY, a 55.22% increase year-on-year, with a net profit of 219 million CNY, growing 66.24% year-on-year [3][4]. - The company is experiencing high growth driven by both new and existing businesses, with significant contributions from automotive industry recovery and increased market demand. The revenue from various segments, including lighting control systems and motor control systems, has shown stable growth, while new business areas like domain controllers have seen rapid expansion [3][4]. - The company has a robust pipeline of projects, having secured 73 new projects from major clients like BMW, Audi, and Ford, with an expected lifetime sales volume exceeding 100 million units. The establishment of a production base in Japan and ongoing global expansion efforts are expected to enhance its market presence [4][7]. Financial Summary - The company's financial projections indicate a revenue increase from 4.625 billion CNY in 2023 to 9.450 billion CNY by 2026, with corresponding net profits expected to rise from 609 million CNY to 1.381 billion CNY over the same period. The earnings per share (EPS) is projected to grow from 1.51 CNY in 2023 to 3.42 CNY in 2026 [1][9]. - The company maintains a healthy financial position with a projected return on equity (ROE) increasing from 13% in 2023 to 17% by 2026, and a price-to-earnings (P/E) ratio decreasing from 43.3 in 2023 to 19.1 in 2026, indicating improved valuation metrics [1][9].

2024 年 04 月 22 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 营收业绩稳定增长，新业务及海外持续拓张 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 王琭 S0350523120006 ——科博达（ ） 年报及 一季报 603786 2023 2024 wangl15@ghzq.com.cn 点评 最近一年走势 事件 : 科博达于2024年4月20日发布2023年年报及2024年一季报：2023 年，公司实现营业收入46.25亿元，同比+36.7%；实现归属于上市公司 股东的净利润6.09亿元，同比+35.3%；实现扣除非经常性损益后净利润 5.73亿元，同比+32.5%。2024年Q1，公司实现营业收入14.17亿元， 同比+55.22%；实现归属于上市公司股东的净利润 2.19 亿元，同比 +66.2%；实现扣除非经常性损益后净利润2.00亿元，同比+62.36%。 投资要点 : 相对沪深300表现 2024/04/22 表现 1M 3M 12M  2023Q4单季度营收创新高，2024Q1毛利率同环比提升。2 ...

上 市 公 司 汽车 2024 年04月 22 日 科博达 (603786) 公 司 研 究 ——24Q1 业绩超预期，新项目新客户多点开花 公 司 点 报告原因：有业绩公布需要点评 评 投资要点：公司发布 23年报和 24年一季报，23年实现收入 46.25亿元，同比+36.7%；归 买入 （维持） 母净利润6.09亿元，同比+35.3%。24年一季度实现收入14.17亿元，同比高增55.2%，归 母净利润2.19亿元，同比增长66.2%。23年报净利润略低于预期，主要系四季度毛利率净利 率环比分别下滑3.75pct、3.84pct；24Q1业绩超预期，主要系毛利率净利率同环比提升明显。 证 市场数据： 2024年04月19日 券  公司 23年收入新高，各个业务板块均稳定向上，公司 23 年实现收入 46.25 亿元，其中照 收盘价（元） 59.35 研 一年内最高/最低（元） 83.6/49.24 明控制系统、电机控制系统、车载电器电子、能源管理系统分别实现收入： 究 市净率 4.9 23.66/7.94/7.63/4.31亿元，同比增长36.36%/27.72%/13.59%/246.85%。公司综 ...

证券研究报告 | 2024年04月21日 科博达（603786.SH）-年报及一季报点评 买入 新产品放量，全球化加速，打造域控制器平台型企业 核心观点 公司研究·财报点评 得益于新产品、新客户项目量产，科博达营收保持高增长。公司2023年实 汽车·汽车零部件 现营收46.25亿元，同比增长37%，实现归母净利润6.09亿元，同比增 证券分析师：唐旭霞 联系人：王少南 长35%。2024Q1实现营收14.17亿元，同比增长55%，环比下降1%，归 0755-81981814 021-60375446 tangxx@guosen.com.cn wangshaonan@guosen.com.cn 母净利润2.19亿元，同比增长66%，环比增长42%。分产品看，照明控 S0980519080002 制系统、能源管理系统业务继续保持高增长，2024Q1照明控制系统营收 基础数据 7.32亿元，同比增长58%，环比增长2%，能源管理系统营收1.50亿元， 投资评级 买入(维持) 同比增长241%，环比增长3%。分客户看，客户品类拓展，大众占比下 合理估值 收盘价 59.35元 降，2023年理想、宝马等新客户营收同比增 ...

请注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 现在和大家聊一聊车展下周北京车展就要来了有几个看点我们其实在周中的时候就发了一个车展指南的材料在这里做一个再做一个简单的总结首先我觉得最大的看点就是头部的这几家公司的一些重磅的新车对这个肯定需要和大家介绍一下第一个就是比亚迪比亚迪有两台非常重要的车第一个是腾试的 真正再一次品牌向上的一个动作就是那台帕美ZT9我觉得这台车还是值得期待一下的确之前预热和整个至少这次在造型上面的这个口碑还是不错的这个自动的这个价格还是需要需要去有一些认真的对待然后第二台比较重要的车就是那个TL 作为它DMI5.0的第一台车KL的定价当然目前的预期在13 12到14 5之间对这个是用来填补Plus和Han之间的一个细分市场而且是一套全新的动力构成更重要的意义在于预期是DMI5.0上来之后整个价格带会重新往回收一收对这个 这台车的这个意义其实比我觉得比同时对于整体就比较对于整体的这个包括引力包括 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 91.60 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company has shown continuous performance growth, with promising prospects in new businesses such as domain controllers and efuse products [1]. - The first quarter of 2024 saw a significant increase in net profit, exceeding expectations, with a reported revenue of 1.417 billion CNY, a year-on-year growth of 55% [1][2]. - The company is focusing on optimizing its product structure and expanding its automotive intelligence and domain control businesses, which are expected to contribute to future growth [1]. Financial Summary - The company achieved a revenue of 4.625 billion CNY in 2023, representing a year-on-year increase of 36.7% [2]. - The net profit for 2023 was 609 million CNY, a growth of 35.3% compared to the previous year [1][2]. - The earnings per share (EPS) for 2024 is projected to be 2.29 CNY, with an increase to 3.39 CNY by 2026 [1]. Business Performance - The revenue from automotive-related businesses increased by 242% year-on-year in Q1 2024, indicating strong demand [1]. - The core business of lighting control systems also saw sustained revenue growth, achieving 730 million CNY in Q1 2024, a year-on-year increase of 58% [1]. - The company is expected to maintain a net profit margin of 14.6% in 2024, with a projected return on equity (ROE) of 17.2% [2].

证券代码：603786 证券简称：科博达 公告编号：2024-013 专项报告 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。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》（2022 年修订）和《上 海证券交易所上市公司自律监管指引第 1 号——规范运作）》（2022 年修订）等 有关规定，现将科博达技术股份有限公司（以下简称"公司"）2023 年度募集资金 存放与实际使用情况报告如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2019〕1422 号文核准，并经上海证券 交易所同意，公司由主承销商中国国际金融股份有限公司（以下简称"中金"）采 用网下向投资者询价配售和网上向社会公众投资者定价发行相结合的方式，向社 会公众公开发行人民币普通股股票 4,010 万股，发行价为每股人民币 26.89 元， 募集资金总额为人民币 107,828.90 万元，扣除发行费用人民币 5,856.73 万元，募 集资金净额为人民币 101,9 ...

科博达技术股份有限公司 2023 年度监事会工作报告 2023 年度，科博达技术股份有限公司（以下简称"公司"）监事会严格按照《公 司法》、《公司章程》、《监事会议事规则》等法律法规和公司规章制度的规定，本 着对公司以及全体股东负责的态度，依法独立行使职权，认真履行监督职责，积 极开展工作，在公司合规运营、董事和高级管理人员履行职责、公司财务检查等 方面充分发挥监督、检查及督促等职能，有效维护公司及股东的合法权益，促进 公司规范运作。现将 2023 年度监事会工作报告如下： 一、监事会基本情况 报告期内，公司第二届监事会任期届满，公司依据《公司法》、《公司章程》 的规定开展换届选举工作。2023 年 4 月 19 日，公司召开职工代表大会，选举李 锦锋女士为第三届监事会职工代表监事；2023 年 5 月 18 日，公司召开 2022 年 年度股东大会，选举吴弘先生、厉超然女士为第三届监事会股东代表监事。2023 年 5 月 18 日，第三届监事会第一次会议召开，选举吴弘先生为监事会主席。 公司监事会现由吴弘先生、厉超然女士和李锦锋女士组成，吴弘先生为监事 会主席，李锦锋女士为职工代表监事。 二、监事会会议召开 ...

科博达技术股份有限公司 对 2023 年度会计师事务所履职情况的评估报告 科博达技术股份有限公司（以下简称"公司"）聘请众华会计师事务所（特殊 普通合伙）（以下简称"众华所"）作为公司 2023 年度财务及内部控制审计机构。 根据财政部、国务院国有资产监督管理委员会、中国证券监督管理委员会颁 布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对众华所在 2023 年度的审计工作的履职情况进行了评估。具体情况如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 事务所名称：众华会计师事务所（特殊普通合伙）（以下简称"众华所"） 在执行审计工作中，众华所运用职业判断，并保持职业怀疑，与治理层就相 关审计人员的独立性、审计工作小组的人员构成、计划的审计范围、时间安排、 年度审计重点、风险判断、审计调整事项、初审意见等方面进行了沟通。 经审计，众华所认为公司财务报表在所有重大方面按照企业会计准则的规定 编制，公允反应了公司 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年 度的合并及母公司经营成果和现金流情况，公司于 2023 年 12 月 31 日按照《企 业内 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,417,195,664.08, representing a year-on-year increase of 55.22%[4] - Net profit attributable to shareholders was ¥219,057,164.73, reflecting a growth of 66.24% compared to the same period last year[4] - Basic earnings per share increased by 67.89% to ¥0.5475, driven by higher gross profit contributions from revenue growth[4][9] - Total operating revenue for Q1 2024 reached ¥1,417,195,664.08, a significant increase of 55.4% compared to ¥913,016,605.40 in Q1 2023[21] - Net profit for Q1 2024 was ¥230,808,463.37, representing a 62.5% increase from ¥141,948,177.09 in Q1 2023[22] - Earnings per share for Q1 2024 were ¥0.5475, compared to ¥0.3261 in Q1 2023, reflecting a growth of 67.5%[23] - The company reported a total comprehensive income of ¥230,314,971.52 for Q1 2024, compared to ¥142,171,656.67 in Q1 2023, an increase of 62.0%[23] Revenue Breakdown - Revenue from the automotive parts segment was ¥1,381,788,131.04, with a year-on-year growth of 54.39%[10] - The revenue from the lighting control system product line was ¥732,176,182.22, showing an increase of 58.31% compared to the previous year[10] - Domestic revenue reached ¥915,101,094.31, marking a 53.88% increase year-on-year, while international revenue was ¥466,687,036.73, up by 55.40%[12] Assets and Liabilities - The total assets at the end of Q1 2024 amounted to ¥6,757,712,516.79, an increase of 6.33% from the end of the previous year[5] - Total liabilities increased to ¥1,719,805,412.58 in Q1 2024, up from ¥1,557,414,237.48 in Q1 2023, marking a rise of 10.4%[20] - Total equity attributable to shareholders reached ¥4,886,691,386.08 in Q1 2024, compared to ¥4,658,889,100.95 in Q1 2023, an increase of 4.9%[19] - The company's total assets reached approximately RMB 6.76 billion, up from RMB 6.36 billion at the end of 2023[18] Cash Flow - The company reported a net cash flow from operating activities of ¥153,785,720.07, which is a slight decrease of 1.58% compared to the previous year[4] - In Q1 2024, the company reported cash inflows from operating activities of CNY 1,406,980,242.96, a significant increase from CNY 985,580,013.16 in Q1 2023, representing a growth of approximately 42.6%[24] - The net cash outflow from operating activities was CNY 153,785,720.07, slightly down from CNY 156,255,661.21 in the same period last year[25] - Cash inflows from financing activities totaled CNY 285,000,000.00, up from CNY 130,051,693.00 in Q1 2023, reflecting a growth of approximately 119%[25] - The company's cash and cash equivalents at the end of Q1 2024 stood at CNY 949,946,387.70, a decrease from CNY 856,762,697.17 in Q1 2023[26] Shareholder Information - The total number of common shareholders at the end of the reporting period was 7,180[13] - The largest shareholder, Kebo Da Investment Holding Co., Ltd., holds 239,449,043 shares, representing 59.27% of total shares[14] - The company has no significant changes in the top 10 shareholders or their shareholding status due to margin trading activities[15] Expenses and Investments - Research and development expenses for Q1 2024 were ¥106,248,234.24, up from ¥95,918,422.57 in Q1 2023, indicating a growth of 10.8%[21] - The company paid CNY 154,150,449.14 in employee compensation, up from CNY 123,220,973.75 in Q1 2023, reflecting a growth of approximately 25.1%[25] - Total cash outflows for investment activities were CNY 892,232,896.06, compared to CNY 301,062,556.92 in the same quarter last year, indicating a substantial increase in investment spending[25] - Investment activities generated a net cash outflow of CNY 237,698,541.95, compared to a net outflow of CNY 68,421,194.77 in Q1 2023, indicating increased investment expenditures[25] Other Financial Metrics - The weighted average return on equity increased by 1.48 percentage points to 4.59%[4] - Non-recurring gains and losses amounted to ¥19,202,997.00 for the period, after accounting for tax and minority interests[7] - The company's deferred income decreased to ¥34,361,344.41 in Q1 2024 from ¥36,879,858.52 in Q1 2023, a decline of 6.8%[19] - The impact of exchange rate fluctuations on cash and cash equivalents was a negative CNY 5,475,251.26 in Q1 2024, compared to a positive impact of CNY 958,347.36 in Q1 2023[26]