Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that the company is a core partner of Huawei, showcasing its capabilities in the field of embodied intelligence at Huawei's developer conference [7] - The company has demonstrated significant growth potential, with revenue and net profit forecasts being revised upwards due to its differentiated competitive advantages in AI and strong customer acquisition [7] - The company is positioned to benefit from the ongoing wave of investment in new energy charging infrastructure, particularly in the European and North American markets [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 3,932 million in 2024 to 4,825 million in 2025, with a year-on-year growth rate of 22.7% [6] - The net profit attributable to the parent company is expected to increase from 641 million in 2024 to 789 million in 2025, reflecting a year-on-year growth rate of 23.1% [6] - The company's earnings per share (EPS) is forecasted to be 1.18 in 2025, with a projected return on equity (ROE) of 18.1% [6] Market Data - As of June 25, 2025, the closing price of the company's stock is 30.71 yuan, with a market capitalization of 20,581 million yuan [2] - The stock has a price-to-book ratio of 5.8 and a dividend yield of 2.93% [2] - The stock's highest and lowest prices over the past year were 48.28 yuan and 22.10 yuan, respectively [2]

债券简称： 道通转债 债券代码： 118013 深圳市道通科技股份有限公司 可转换公司债券受托管理事务报告 （2024 年度） 发行人 深圳市道通科技股份有限公司 （广东省深圳市南山区西丽街道松坪山社区高新北六道 36 号彩虹科技大楼二层） 债券受托管理人 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 6 月 重要声明 中信证券股份有限公司（以下简称"中信证券"或"受托管理人"）编制本 报告的内容及信息均来源于发行人对外公布的《深圳市道通科技股份有限公司 2024年年度报告》等相关公开信息披露文件、深圳市道通科技股份有限公司 （以下简称"道通科技"、"发行人"或"公司"）提供的证明文件以及第三方中 介机构出具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的 承诺或声明。 2 | 目 录 | | --- | | 重要声明 | ···································································· ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-048 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于"道通转债"预计满足赎回条件的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 鉴于公司实施 2023 年年度权益分派，"道通转债"的转股价格由 34.71 元/股调 整为 34.32 元/股，调整后的转股价格自 2024 年 5 月 20 日起生效。具体内容详见公 司于 2024 年 5 月 13 日在上海证券交易所网站（www.sse.com.cn）披露的《关于实 施 2023 年年度权益分派调整"道通转债"转股价格的公告》（公告编号：2024-047）。 鉴于公司实施 2024 年半年度权益分派，"道通转债"的转股价格由 34.32 元/股 调整为 33.93 元/股，调整后的转股价格自 2024 年 9 月 9 日起生效。具体内容详见 公司于 2024 年 9 月 3 日在 ...

Core Viewpoint - Shenzhen Daotong Technology Co., Ltd. is a leading enterprise in the global automotive aftermarket diagnostic and testing field, with a stable market position and strong technological advantages, benefiting from rapid growth in its digital energy business and a solid customer base [2][5][20]. Financial Performance - The company's total assets reached 67.91 billion yuan in 2025, with a significant increase from 63.08 billion yuan in 2024 and 55.77 billion yuan in 2023 [2][19]. - The net profit for 2024 was 5.60 billion yuan, up from 1.40 billion yuan in 2023, indicating a strong growth trajectory [2][19]. - Operating revenue for 2024 was 39.32 billion yuan, reflecting a year-on-year increase of 20.95% [2][19]. Business Operations - The company maintains a high level of research and development investment, with a 14.07% increase in R&D spending in 2024, amounting to 6.80 billion yuan, which represents 17.29% of total revenue [12][13][20]. - The automotive diagnostic products accounted for 32.62% of total revenue, with a gross margin of 54.42% [12]. - The digital energy business saw a revenue increase of 52.98% in 2024, highlighting its growth potential [11][20]. Market Environment - The global automotive aftermarket diagnostic and testing industry is expected to grow steadily, driven by increasing vehicle ownership and the rising average age of vehicles [8][9]. - The demand for electric vehicle charging infrastructure is projected to expand significantly, with the U.S. public charging stations expected to grow from 180,000 in 2023 to 1.7 million by 2035 [10][11]. - The company benefits from a stable supply chain and has established strong relationships with major customers in North America and Europe, with 97.55% of its revenue coming from overseas markets in 2024 [16][18]. Competitive Position - The company is recognized for its technological innovation and has a strong global marketing network, covering over 120 countries [4][5]. - The automotive diagnostic and testing industry has high technical barriers, and the company is positioned to enhance its market share through continuous R&D and product innovation [10][20]. - The competitive landscape includes major players like Bosch and Snap-on, with the company aiming to improve its market influence and brand recognition [10][20].

股票代码：688208 股票简称：道通科技 公告编号：2025-047 转债代码：118013 转债简称：道通转债 深圳市道通科技股份有限公司 关于"道通转债"跟踪信用评级结果的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 前次债券评级：公司主体信用等级为"AA"，评级展望为"稳定"， "道通转债" 的信用等级为"AA"。 ● 本次债券评级：公司主体信用等级为"AA"，评级展望为"稳定"， "道通转债" 的信用等级为"AA"。 根据《上市公司证券发行注册管理办法》 《上海证券交易所科创板股票上市规则》 等有关规定，深圳市道通科技股份有限公司（以下简称"公司"）委托信用评级机构 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对公司向不特定对象发行 的可转换公司债券（以下简称"道通转债"）进行了跟踪信用评级。 公司前次发行主体长期信用评级结果为"AA"，"道通转债"前次债券信用评级 结果为"AA"，评级展望为"稳定"，评级机构为中证鹏元，评级时间为 2024 年 6 月 20 日。评级机构中证 ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-047 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于"道通转债"跟踪信用评级结果的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 前次债券评级：公司主体信用等级为"AA"，评级展望为"稳定"，"道通转债" 的信用等级为"AA"。 ● 本次债券评级：公司主体信用等级为"AA"，评级展望为"稳定"，"道通转债" 的信用等级为"AA"。 根据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市规则》 等有关规定，深圳市道通科技股份有限公司（以下简称"公司"）委托信用评级机构 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对公司向不特定对象发行 的可转换公司债券（以下简称"道通转债"）进行了跟踪信用评级。 公司前次发行主体长期信用评级结果为"AA"，"道通转债"前次债券信用评级 结果为"AA"，评级展望为"稳定"，评级机构为 ...

中鹏信评【2025】跟踪第【147】号 01 深圳市道通科技股份有限公司相 关债券 2025 年跟踪评级报告 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...

记者从道通科技旗下道和通泰机器人公司获悉，6月20日-22日，华为开发者大会即将举行。作为华为生 态重要合作伙伴及AI机器人领域代表，道和通泰机器人公司将携"空中+地面"智能体矩阵参加大会。同 时，公司受邀参加"工业具身智能，硅基觉醒重写车间规则"为主题的闭门圆桌会议。届时，道和通泰将 发表题为《空地一体具身智能工业巡检应用实践》的主题演讲，并与华为高层及工业具身智能领域产学 研专家交流，探索破解工业具身智能技术难题。(人民财讯) ...

Summary of Daotong Technology Conference Call Company Overview - **Company**: Daotong Technology - **Date**: June 5, 2025 Key Industry and Company Insights Digital Repair Products - The launch of the fourth-generation R9 S2 model has been successful, featuring an AI voice assistant that enhances repair efficiency. Compared to the previous model, this new feature allows technicians to interact with the device via voice, improving fault detection and repair speed. The TPMS (Tire Pressure Monitoring System) product line has seen over 60% year-on-year growth due to global legislative advancements. The ADAS (Advanced Driver Assistance Systems) calibration tools have maintained approximately 30% year-on-year growth due to increased penetration of smart technologies [2][3]. Digital Energy Products - Digital energy products, including AC and DC charging stations, are growing rapidly, with revenue expected to reach 870 million yuan in 2024, maintaining over 50% growth. In Q1 2025, the charging station business generated approximately 210 million yuan in revenue. The AI and software business segment achieved 137 million yuan in revenue in Q1 2025, with a gross margin of 99% [2][5]. Integrated Air-Ground Inspection Solutions - Daotong has been developing integrated air-ground inspection solutions since November 2024, focusing on the energy and transportation sectors. The company is building a large inspection model and developing ground-based robots to enhance autonomous and unmanned capabilities, establishing a significant competitive advantage in the domestic inspection market [2][6]. North American Market Expansion - Daotong secured a major order from Smart Parking, a leading North American parking operator, to build 50,000 commercial AC charging stations, totaling 238 million yuan, with a gross margin of approximately 50%. The North American parking market is estimated to be worth between 60 billion to 100 billion yuan, with significant potential for new energy vehicle charging stations [2][7][8]. Future Business Models and Collaborations - The air-ground integrated solution is transitioning from semi-autonomous to fully autonomous inspections, with data processing shifting from manual adjustments to AI processing. The report generation time has been reduced from weeks to seconds. The solution has been implemented in oil field pilot projects and is being promoted in collaboration with Huawei [2][9][10]. European Charging Station Market - Daotong has won contracts with six of the top ten clients in the European charging station market, with total orders expected to exceed 10 billion euros by 2030. The company’s technological advantages include high reliability and efficiency of power electronic modules, as well as robust mesh networking capabilities [2][16]. Core Technology Development - Investment in core technology R&D is crucial for Daotong's growth. The company has established partnerships with major clients, including long-term contracts with global oil companies, positioning itself favorably in the rapidly growing new energy vehicle market [2][18]. AI Integration and Performance Impact - AI technology has significantly enhanced product performance, with a notable increase in sales for the Archer F Two product, which sold 600 units in its first month and over 1,000 units in subsequent months. The application of AI has improved diagnostic efficiency by over 30% in the I1,000 series products [2][30][33]. Future Plans - Daotong plans to adjust its software upgrade pricing model to ensure users can access the latest AI features, reflecting the importance of continuous software enhancements in maintaining competitive advantage [2][34][35]. Additional Important Insights - The global charging network's development is attracting major clients who require reliable and scalable solutions, leading to increased market concentration among top suppliers [2][17]. - The air-ground integrated project has significant market potential in oil field inspections and security, with a global market size exceeding 500 billion yuan [2][20]. - The efficiency of inspection report generation has improved dramatically, with the goal of achieving 90% to 95% accuracy in AI-driven inspections [2][28]. This summary encapsulates the key points from Daotong Technology's conference call, highlighting the company's strategic initiatives, market opportunities, and technological advancements.

| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-046 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 2025 年 5 月，公司通过上海证券交易所交易系统以集中竞价交易方式回购公 司股份 2,774,733 股，占截至 2025 年 5 月 31 日公司总股本的比例为 0.41%，回 购成交的最高价为 29.83 元/股，回购成交的最低价为 26.82 元/股，支付的资金总 额为人民币 77,674,934.36 元（不含印花税、交易佣金等交易费用）。 截至 2025 年 5 月 3 ...