Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][11]. Core Viewpoints - The recent partnership with LAZ Parking, North America's largest commercial parking operator, significantly expands the company's digital energy solutions business, marking a strong collaboration to capture the parking lot charging station market [2][3]. - The North American commercial parking lot market has a substantial existing inventory, with increasing penetration of new energy vehicles driving demand for charging station deployments, indicating a broad market potential [2][6]. - The company forecasts net profits attributable to shareholders for 2025-2027 to be 795 million, 1.134 billion, and 1.404 billion yuan, respectively, with corresponding current P/E ratios of 20, 14, and 11 times [2][11]. Summary by Sections Recent Developments - The company secured a significant order for 50,000 commercial AC charging stations in North America, totaling approximately 238 million yuan [2]. - The partnership aims to build a large-scale charging network to meet the surging demand for electric vehicle charging in North America [3]. Market Potential - The North American commercial parking lot charging solutions market is estimated to reach 60 billion yuan, with a projected demand for nearly 1.8 million charging stations due to the rapid increase in new energy vehicle penetration [6]. Product Advantages - The company's MaxiCharger series charging stations feature advanced safety, longevity, reliability, and convenience, making them suitable for various commercial scenarios [4]. Financial Forecast - The company anticipates continued growth in its digital energy solutions business despite global tariff challenges, with a price increase of 7% to 10% for products in the U.S. market to offset tariff impacts [7][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has secured a significant order worth 238 million yuan from LAZ Parking, the largest commercial parking operator in North America, for the deployment of 50,000 commercial AC charging piles [5][6] - The company is recognized as a global leader in digital maintenance, with its AI-driven business expected to become a significant growth curve [4][7] - The financial performance for Q1 2025 is projected to show a substantial increase in net profit, estimated between 180 million to 200 million yuan, representing a year-on-year growth of 44.29% to 60.32% [7] Financial Summary - The company’s revenue is expected to grow from 3,251 million yuan in 2023 to 4,806 million yuan in 2025, reflecting a year-on-year growth rate of 22.2% [8] - The net profit attributable to the parent company is projected to increase from 179 million yuan in 2023 to 756 million yuan in 2025, with a year-on-year growth of 18.0% [8] - The earnings per share (EPS) is forecasted to rise from 0.40 yuan in 2023 to 1.67 yuan in 2025 [8] Market Position and Strategy - The company has demonstrated a strong competitive advantage in the North American commercial charging solutions market, leveraging its technological superiority and market positioning [6] - The strategic partnership with LAZ Parking highlights the company's ability to navigate tariff disruptions and optimize its global production and supply chain [6] - The establishment of a subsidiary focused on AI and robotics is expected to enhance the company's market share and industry influence [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has secured a significant order worth 238 million yuan from LAZ Parking, the largest commercial parking operator in North America, for the deployment of 50,000 commercial AC charging piles [5][6] - The company is recognized as a global leader in digital maintenance, with its AI-driven business expected to become a major growth curve, alongside its digital energy solutions [4][6] - The first quarter of 2025 is projected to show rapid growth, with net profit expected to reach between 180 million to 200 million yuan, representing a year-on-year increase of 44.29% to 60.32% [7] Financial Summary - The company's revenue is projected to grow from 3,251 million yuan in 2023 to 4,806 million yuan in 2025, reflecting a year-on-year growth rate of 22.2% [8] - The net profit attributable to the parent company is expected to increase from 179 million yuan in 2023 to 756 million yuan in 2025, with a year-on-year growth of 18.0% [8] - The earnings per share (EPS) is forecasted to rise from 0.40 yuan in 2023 to 1.67 yuan in 2025 [8] Market Position and Strategy - The strategic partnership with LAZ Parking highlights the company's competitive advantages in the North American commercial charging solutions market, showcasing its technological leadership and strong market presence [6] - The company is actively optimizing its global production and supply chain to mitigate tariff risks while enhancing sales growth in non-U.S. regions [6]

4月14日，A股三大指数集体上涨，电子元器件、发电设备等板块领涨。科创相关ETF中，科创板人工智 能ETF（588930）大幅高开，截至发稿，该ETF涨超1%。wind金融终端数据显示，该ETF最新流通份额 为6.31亿份，最新流通规模为7.04亿元。 成分股中，道通科技、天准科技均上涨近4%，奥普特上涨超3%，凌云光与奥比中光均涨超2%。 科创板人工智能ETF（588930）跟踪上证科创板人工智能指数（950180.CSI）。该指数从科创板市场中 选取30只市值较大且业务涉及为人工智能提供基础资源、技术以及应用支持的上市公司证券作为指数样 本，以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 申万宏源最新研报指出，AI产业链持续突破——国产算力突围×物理智能革命×机器人量产元年，市场 每次回调都是筹码再沉淀。后续AI产业链催化节点或集中在5-6月，届时阿里、腾讯等预计发布AI智能 体产品。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） （文章来源：21世纪经济报道） 华泰证券认为，本次"对等关税"豁免利好国内果链/PCB公司，后续核心矛盾或回归 ...

Core Viewpoint - The recent U.S. tariff policy has prompted a surge in institutional research on cross-border e-commerce companies, with firms expressing confidence in their strategies to mitigate impacts and seize opportunities amidst challenges [1][4][5]. Group 1: Company Responses to Tariff Policies - Companies like Anker Innovation believe that while there may be short-term pressure, their long-term value remains intact, and they are confident in navigating through cycles for sustainable growth [5]. - Tongdao Technology has proactively set up operations in low-tariff countries like Mexico to reduce tariff impacts and is expanding its business in Europe, Asia-Pacific, and the Middle East [2]. - SanTai Co. stated that the overall impact of the tariff policy is limited, and they will continue to implement a multi-regional strategy while optimizing supply chain costs [2]. Group 2: Market Opportunities and Challenges - Companies like Giant Star Technology view the tariff situation as presenting more opportunities than challenges, as rising prices may lead to market consolidation, benefiting those with competitive products [4][6]. - The overall market size is not expected to be significantly affected, despite potential price increases and volume declines [4]. - The tariff policy is seen as a catalyst for innovation, allowing companies to enter previously challenging market segments [4]. Group 3: Industry Performance and Trends - The cross-border e-commerce sector has seen significant growth, with China's cross-border e-commerce import and export reaching 2.63 trillion yuan in 2024, a 10.8% increase [7]. - There is a notable performance divergence among companies, with some achieving substantial growth while others face increasing losses [7][8]. - Companies that have diversified their supply chains and markets are expected to capture more market share and thrive in the evolving landscape [8].

Group 1 - The company announced a share repurchase plan approved during the 19th meeting of the fourth board of directors held on April 8, 2025 [1] - The details of the share repurchase plan were disclosed on the Shanghai Stock Exchange website on April 9 and April 10, 2025 [1] - The announcement includes information about the top ten shareholders and top ten unrestricted shareholders as of the trading day prior to the board meeting [2][3] Group 2 - The shareholding data for the top ten shareholders includes the total number of shares held after combining ordinary accounts and margin trading accounts [2] - The same methodology applies to the top ten unrestricted shareholders, ensuring a comprehensive view of the ownership structure [3]

Group 1 - The first quarterly report for 2025 from the Sci-Tech Innovation Board was released by Xigao Institute, marking it as the first company to disclose such results [2] - Xigao Institute reported a revenue of 207 million yuan for Q1 2025, representing a year-on-year growth of 12.1%, and a net profit of 62.97 million yuan, also up by 12.1% [2] - The overall performance of Sci-Tech Innovation Board companies in Q1 2025 shows positive signals, with 14 companies reporting earnings forecasts, including 9 with expected profit increases and 5 turning losses into profits [2] Group 2 - Linweina, the first chip testing probe company in the A-share market, achieved a revenue increase of 112% in Q1 and turned a profit due to higher sales of high-margin products and expanded sales scale [3] - Tailin Micro, a leader in low-power Bluetooth chips, reported a revenue of 230 million yuan in Q1, with a year-on-year increase of 43% and a net profit increase of approximately 894% [3] - Guanda Special Materials achieved a revenue of 1.12 billion yuan in Q1, with a net profit increase of 1504.79%, driven by strong demand in downstream industries and the effectiveness of its fundraising projects [3][4] Group 3 - Companies like United Imaging and Guoxin Technology are maintaining strong R&D momentum and practical business strategies, with United Imaging reporting over 140 product approvals globally [5] - Guoxin Technology disclosed significant progress in RISC-V architecture development, showcasing its R&D capabilities with successful internal testing of a new high-performance cloud security chip [5] - Zhongchuan Special Gas reported a 142.42% year-on-year increase in new orders for its trifluoromethanesulfonic acid series products in Q1 2025 [5] Group 4 - A total of 33 share repurchase plans have been disclosed on the Sci-Tech Innovation Board in 2025, with a maximum repurchase amount of 3.215 billion yuan [6] - Companies like Daotong Technology and Zhongwulian have announced share repurchase plans, reflecting confidence in their development [6] - Key figures in the integrated circuit and new energy sectors are actively increasing their shareholdings, indicating a commitment to the future value of their companies [6]

| 股票代码：688208 | 股票简称：道通科技 公告编号：2025-030 | | --- | --- | | 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 序号 股东名称 持股数量（股） 占总股本比例（%） 1 李红京 168,491,606 37.29 2 香港中央结算有限公司 29,595,297 6.55 3 李宏 13,822,209 3.06 4 汇添富基金管理股份有限公司－社保基 金17022组合 6,649,288 1.47 5 深圳市道通科技股份有限公司回购专用 证券账户 6,359,282 1.41 6 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） 5,525,408 1.22 7 玄元私募基金投资管理（广东）有限公司 5,273,704 1.17 一、公司前十大股东持股情况 | | －玄元科新46号私募证券投资基金 | | | | --- | --- | --- | --- | | 8 | 深圳市道通科技股份有限公司－2024年 员工持股计划 | 4,622,100 | 1.02 | | 9 | 深圳南山鸿泰股权投资基金合伙 ...

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 道通科技（688208）公司跟踪报告 2025 年 04 月 07 日 [Table_InvestInfo] 全球化布局缓解关税风险，业绩持续高增 [Table_Summary] 投资要点： 维持优于大市评级，目标价上调至 47.06 元（+6.79 元）。"对等关税"影 响下，公司通过提高在美安全库存、加强美国本土生产力、在墨西哥开 设工厂、适当调整销售价格、降低美国市场比重的组合策略，积极应对 关税新政，力求缓和美国关税政策的冲击力，促进公司在美业务平稳、 可持续发展。预计公司 2025-2027 年（新增 2027）EPS 预测分别为 1.69(-0.09)/2.09(-0.06)/2.5 元。考虑充电桩业务全球拓展超预期，给予公 司 2025 年 27.83 倍 PE，目标价 47.06 元，维持"优于大市"评级。 提高在美安全库存，加强美国本土或周边生产力。自从 2024 年下半年 开始，公司就考虑到中美贸易的潜在风险，因此不断提高美国本土的安 全库存，目前在美库存可以满足 6 个月以上的产品需求，为在美业务开 展设置 ...

截至2025年4月10日 10:06，上证科创板人工智能指数(950180)强势上涨4.46%，成分股道通科技(688208)上涨12.82%，有方科技(688159)上涨9.70%，奥普特 (688686)上涨9.32%，奥比中光(688322)，海天瑞声(688787)等个股跟涨。科创AIETF(588790)上涨4.89%， 冲击3连涨。最新价报0.56元。拉长时间看，截至 2025年4月9日，科创AIETF近3月累计上涨3.53%，涨幅排名可比基金2/6。 流动性方面，科创AIETF盘中换手7.71%，成交2.03亿元。拉长时间看，截至4月9日，科创AIETF近1周日均成交3.82亿元，居可比基金第一。 规模方面，科创AIETF近1月规模增长4.48亿元，实现显著增长，新增规模位居可比基金1/6。 份额方面，科创AIETF近1周份额增长6600.00万份，实现显著增长，新增份额位居可比基金1/6。 资金流入方面，科创AIETF近4个交易日内有3日资金净流入，合计"吸金"1.27亿元，日均净流入达3173.56万元。 从收益能力看，截至2025年4月9日，科创AIETF自成立以来，最高单月回报为15.5 ...