Group 1 - The ITU has officially released the global standard L.1004 for fast charging solutions for mobile terminals, marking the first international standard for fast charging [1] - The standard was developed collaboratively by major domestic manufacturers including Huawei, vivo, and OPPO, integrating various fast charging technologies to ensure compatibility across brands and devices [1] - The implementation of L.1004 is expected to break down protocol barriers in the mobile terminal industry, providing consumers with a safer and more convenient charging experience while supporting green and low-carbon transitions [1] Group 2 - Daotong Technology is experiencing a surge in its high-end fast charging and liquid-cooled charging pile business, entering the high-end market with standardized international products [2] - Ugreen Technology holds a leading market share in fast charging accessories such as power banks, mobile power supplies, and chargers, and is actively promoting a new generation of high-end fast charging products [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in Q3 2025 met market expectations, with total revenue reaching 3.5 billion yuan, a year-on-year increase of 24.7% [8] - The company is focusing on "going global + AI" as a dual growth driver, with significant advancements in AI applications across various sectors [8] - The company has made rapid progress in overseas charging pile projects, particularly in Australia and the United States, indicating strong growth potential in this segment [8] - AI is expected to enhance operational efficiency and decision-making across core business areas, contributing to sustained growth [8] - The company forecasts net profits of 796.86 million yuan for 2025, with a projected P/E ratio of 32.52 at the closing price on October 27, 2025 [1][8] Financial Projections - Total revenue is projected to grow from 3.25 billion yuan in 2023 to 4.89 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of 24.57% [1] - Net profit is expected to increase from 179.23 million yuan in 2023 to 796.86 million yuan in 2025, representing a CAGR of 24.33% [1] - The earnings per share (EPS) is forecasted to rise from 0.27 yuan in 2023 to 1.19 yuan in 2025 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a global leader in digital maintenance, with its intelligent source business becoming a rapidly growing second growth curve. The AI + robotics integrated solutions are expected to create a third growth curve. Due to the company's performance exceeding expectations in the first three quarters, the earnings forecasts for 2025-2027 have been raised. The projected net profits for 2025-2027 are 903 million, 1.11 billion, and 1.374 billion yuan, respectively, with corresponding EPS of 1.35, 1.66, and 2.05 yuan per share. The current stock price corresponds to P/E ratios of 28.1, 22.9, and 18.5 times [4][5][6] Financial Performance Summary - In the first three quarters of 2025, the company achieved operating revenue of 3.496 billion yuan, a year-on-year increase of 24.69%. The net profit attributable to the parent company was 733 million yuan, up 35.49% year-on-year. The net profit after deducting non-recurring gains and losses was 718 million yuan, reflecting a significant year-on-year increase of 61.81% [5][6] - The high growth in performance is primarily attributed to continuous revenue growth, effective control of period expenses, and increased foreign exchange gains. The AI + diagnostics sector has seen the company deepen its AI multimodal voice model and AI Agents applications, with new digital maintenance products featuring AI characteristics receiving high customer recognition. The TPMS product continues to maintain rapid growth [6][7] Market Demand and Competitive Position - The demand for TPMS (Tire Pressure Monitoring System) is continuously being released, with the company recently achieving dual championships in North America, which is expected to accelerate growth. The global automotive ownership exceeds 1.4 billion vehicles, with 60% of vehicles in Europe and the U.S. being over seven years old. With the implementation of mandatory TPMS installation regulations in the U.S. and EU, the replacement demand for TPMS is expected to continue to grow, with the global market size projected to exceed 5 billion USD by 2025 [7][8] Financial Summary and Valuation Metrics - The company's financial metrics for 2023A to 2027E are as follows: - Operating revenue (million yuan): 3,251 (2023A), 3,932 (2024A), 4,891 (2025E), 6,114 (2026E), 7,678 (2027E) - Net profit attributable to the parent company (million yuan): 179 (2023A), 641 (2024A), 903 (2025E), 1,110 (2026E), 1,374 (2027E) - EPS (diluted, yuan): 0.27 (2023A), 0.96 (2024A), 1.35 (2025E), 1.66 (2026E), 2.05 (2027E) - P/E ratios: 141.6 (2023A), 39.6 (2024A), 28.1 (2025E), 22.9 (2026E), 18.5 (2027E) [8][10]

瑞财经 李兰 10月24日，道通科技(688208.SH)发布公告，公司正在筹划境外发行股份（H 股）并申请在香港联交所上市的 相关工作。 公告指出，截至目前，公司正计划与相关中介机构就本次 H 股上市的具体推进工作进行商讨，关于本次 H 股上市的具体 细节尚未确定。 道通科技表示，此举为深化国际化战略布局，增强境外投融资及运营能力，持续吸引并聚集优秀人才，进一步提升公司 综合竞争实力。 道通科技成立于2004年，专注于汽车智能分析、检测分析系统及汽车电子零部件的研发、生产、销售和服务。 业绩方面，2025年前三季度，道通科技营业收入34.96亿元，同比增长24.69%；归属于上市公司股东的净利润5.41亿元， 同比增长35.49%。 | 股票代码:688208 | 股票简称:道通科技 | | --- | --- | | 转债代码: 118013 | 转债简称: 道通转债 | 2024年年报，道通科技营业收入为39.32亿元，同比增长20.95%。归属于上市公司股东的净利润为6.41亿元，同比增长 257.59%。归属于上市公司股东的扣除非经常性损益的净利润为5.41亿元，同比增长47.42%。 | | | ...

道通科技 20251026 请介绍道通科技 2025 年前三季度的整体经营情况。 2025 年前三季度，道通科技紧抓全球综合诊断、智能充电和 AI 技术发展的多 重契机，通过技术创新驱动、渠道深耕和产业协同，实现了规模与效益的全面 突破。公司实现营业收入 35 亿元，同比增长 25%；扣非归母净利润 7.2 亿元， 同比增长 62%；扣除股份支付费用后的净利润达到 7.6 亿元，同比增长 72%。其中，维修智能终端业务实现营业收入 22.75 亿元，同比增长 21%； TPMS 系列产品保持高速增长，前三季度同比增长约 48%。此外，公司充电桩 业务在 2025 年第二季度和第三季度连续两个季度实现了利润为正。第三季度 单季，公司营业收入达 12 亿元，同比增速 20%；归母净利润 2.5 亿元，同比 增长 63%。公司持续推进 AI 驱动的经营管理数字化变革，运营效率不断优化， 期间费用率同比降低 3.14 个百分点。 道通科技充电桩业务在北美市场收入占比约 45%，欧洲市场收入占比约 38%。公司计划于 2026 年推出符合国内国标的充电桩产品，进军国内 市场，专注于高端客户群体。 道通科技计划港股上市， ...

道通科技介绍，今年以来，道通科技在全球市场打造了多个项目标杆。在北美市场，公司于美国北卡罗 来纳州落地首个电动汽车充电与电池储能一体化示范项目，并获美国主要电力公司许可审批，标志公司 储充一体化项目技术、安全与合规性全面成熟，未来可实现规模化复制；在欧洲市场，公司于荷兰正式 投运一站式光储充示范站，并在冰岛成功部署自主研发的兆瓦级充电系统；在新兴市场，公司在马来西 亚投运直流快充站，在南非开普敦建设当地最大电动公交充电枢纽。此外，公司近期于澳大利亚携手当 地最大零售巨头以及大型物流公司，成功落地总功率达960kW的电动重卡充电枢纽，并预留兆瓦超充升 级能力，标志着公司在大功率充电领域实现又一里程碑突破。 在新布局的AI+巡检业务领域，道通科技正全面加强与科技巨头生态伙伴的深入合作。今年7月，道通 科技与上海科学智能研究院达成产业合作，作为首批产业合作伙伴共同启动"Physical AI"赛道，帮助科 研模型更快进入实战场景。目前，公司的"空地一体集群智慧解决方案"已在智慧能源、交通领域应用， 以具备强大感知、决策与交互能力的"AI大脑"为核心，驱动由无人机、地面多形态机器人等组成的空地 智能体，实现集群协同、 ...

道通科技表示，截至目前，公司正计划与相关中介机构就本次H股上市的具体推进工作进行商讨，关于 本次H股上市的具体细节尚未确定。 道通科技，成立于2004年，专注于汽车智能分析、检测分析系统及汽车电子零部件的研发、生产、销售 和服务，产品主销美国、德国、英国、澳大利亚等70多个国家和地区，是专业的汽车智能分析、检测和 TPMS (胎压监测系统)产品及服务综合方案提供商，目前已构建了包括汽车综合诊断产品、针对汽车胎 压监测系统的TPMS系列和针对汽车智能辅助驾驶系统的ADAS系列在内的三大产品线。同时基于多年 积累的诊断数据，开始提供一体化的智能维修云服务。 (截图来自雪球) | 最高:38.06 | 今开:37.56 | 涨停:44.63 | 成交量:866.87万 | | --- | --- | --- | --- | | 最低:37.11 | 昨收:37.19 | 跌停: 29.75 | 成交额:3.27亿 | | 换手:1.29% | 盘后量:200 | 量比:0.75 | 总市值:253,80亿 | | 振幅:2.55% | 盘后额:7574.00 | 委比:8.55% | 流通值:253.80亿 | | ...

资产规模方面，截至2025年9月30日，公司总资产6,824,936,820.48元，较上年度末增长8.20%；归属于上市公司股东的所有者权益3,565,075,087.52元，较上 年度末增长0.20%。 | | | | | | | | 单位:元 币种:人民币 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 本报告期比 上年同期增 减变动幅度 (%) | 年初至报告期末 | 上年同期 | | 年初至报 告期末比 ┣年同期 增减变动 | | | | | | | | | | 幅度(%) | | | | 调整前 | 调整后 | 调整后 | | 调整前 | 调整后 | 调整后 | | 营业收入 | 1.150.985.938.17 | 962,408,113,13 | 962.408.113.13 | 19.59 | 3.496.425.547.05 | 2.804.152.959.79 | 2.804.152.959.79 | 24.69 | | 利润息额 | 279.341.841.43 | 1 ...

Core Insights - The company reported a strong performance for the first three quarters of 2025, with revenue reaching 3.496 billion yuan, a year-on-year increase of 24.69%, and a net profit attributable to shareholders of 733 million yuan, up 35.49% [2] - The company's core strategy of "fully embracing AI" has driven significant breakthroughs in three main business areas: AI+diagnostics, AI+charging, and AI and software, leading to robust growth in operating performance [2][3] - The company plans to pursue an H-share listing in Hong Kong to enhance its international strategy and attract talent, which is expected to further strengthen its global business development momentum [4][6] AI+Diagnostics - The company has launched new products featuring advanced AI capabilities, such as the Ultra S2 comprehensive diagnostic terminal and the IA1000 ADAS calibration platform, which have received high customer recognition and contributed to rapid revenue growth [2] AI+Charging - The company has leveraged its self-developed core components and system integration innovations to reshape the energy service ecosystem, launching a new generation of AI-driven smart charging networks and products in Germany [3] - The company has established strong momentum in global market expansion, significantly increasing the number of strategic customers and order volumes, with future orders expected to support long-term growth in the AI+charging business [3] Global Projects and Market Expansion - The company has set multiple project benchmarks globally, including an integrated electric vehicle charging and battery storage demonstration project in North Carolina, USA, and a one-stop solar storage charging demonstration station in the Netherlands [4] - The company has also made breakthroughs in emerging markets, such as operating a DC fast charging station in Malaysia and constructing the largest electric bus charging hub in Cape Town, South Africa [4] Future Outlook - The company aims to continue leveraging AI technology as a core anchor point while consolidating its leading advantages in AI+diagnostics and AI+charging, and accelerating the evolution and large-scale implementation of its AI+inspection business [5] - With deepening penetration of AI technology in vertical scenarios and steady market share growth, the company is expected to further unlock medium to long-term growth potential, positioning itself as a leader in AI and robotics applications [6]

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.37%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年10月25日，道通科技(688208.SH)发布2025年第三季报。截至2025年10月24日，共有6个机构投资 者披露持有道通科技A股股份，合计持股量达7352.35万股，占道通科技总股本的10.97%。其中，机构 投资者包括香港中央结算有限公司、达孜熔岩投资管理有限公司-平潭熔岩新战略股权投资合伙企业(有 限合伙)、玄元私募基金投资管理(广东)有限公司-玄元科新46号私募证券投资基金、深圳市道通科技股 份有限公司-2024年员工持股计划、国投证券股份有限公司-博时上证科创板人工智能交易型开放式指数 证券投资基金、招商银行股份有限公司-南方中证1000交易型开放式指数证券投资基金，机构投资者合 计持股比例达10.97%。相较于上一季度，机构持股比例合计下跌了2.95个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即博时科创板人工智能ETF，持股增加占 比达0.12%。本期较上一季度持股减少的公募基金共 ...