签字注册会计师：耿振，2007 年成为中国注册会计师，自 2005 年开始从事上 市公司审计，自 2007 年开始在天健执业。近三年签署或复核了 8 家上市公司审计 项目质量控制复核人：黎永键，2017 年成为中国注册会计师，自 2012 年开始 从事上市公司审计，自 2017 年开始在天健执业。近三年签署或复核了 3 家上市公 司审计报告。黎永键不存在违反《中国注册会计师职业道德守则》有关独立性要求 的情形，最近三年未曾因执业行为受到过刑事处罚、行政处罚、监督管理措施和纪 律处分。 三、对公司的影响 | 股票代码：688208 | 股票简称：道通科技 | 公告编号：2026-009 | | --- | --- | --- | | 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 关于变更签字注册会计师和质量控制复核人的公告 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。 深圳市道通科技股份有限公司（以下简称"公司"或"道通科技"）已于 2025 年 3 月 28 日、2025 年 4 月 ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2026-008 | | --- | --- | --- | | 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 关于不提前赎回"道通转债"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： 自 2026 年 1 月 5 日至 2026 年 1 月 23 日，深圳市道通科技股份有限公司（以 下简称"公司"）股票满足在连续三十个交易日中有十五个交易日的收盘价不低于"道 通转债"当期转股价格（21.98 元/股）的 130%（含 130%，即 28.58 元/股），已触 发"道通转债"的有条件赎回条款。 公司于 2026 年 1 月 23 日召开第四届董事会第三十次会议，审议通过了《关 于不提前赎回"道通转债"的议案》，董事会决定本次不行使"道通转债"的提前赎 回权利，不提前赎回"道通转债"。 未来六个月内（即 2026 年 1 月 24 日至 2026 年 7 月 23 日期间），若"道通 转债"再次触发 ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2026-007 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 二、董事会会议审议情况 与会董事就各项议案进行了审议，并表决通过以下事项： 1、《关于不提前赎回"道通转债"的议案》 自 2026 年 1 月 5 日至 2026 年 1 月 23 日，公司股票满足在连续三十个交易 日中有十五个交易日的收盘价不低于"道通转债"当期转股价格（21.98 元/股） 的 130%（含 130%，即 28.58 元/股），已触发"道通转债"的有条件赎回条款。 基于对公司未来发展前景与内在价值的信心，结合当前公司经营情况、市场 环境等因素，为维护广大投资者利益，董事会决定不行使"道通转债"的提前赎 回权利，且在未来六个月内（即 2026 年 1 月 24 日至 2026 年 7 月 23 日期间）， 若"道通转债"再次触发赎回条款，公司均不行使提前赎回权利。 深圳市道通科技股份有限公司 第四届董事会第三十次会议决议公告 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， ...

中信证券股份有限公司 关于深圳市道通科技股份有限公司 不提前赎回"道通转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳市 道通科技股份有限公司（以下简称"道通科技"或"公司"）2022 年科创板向不 特定对象发行可转换公司债券的保荐人，根据《中华人民共和国公司法》《中华 人民共和国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板 股票上市规则》《上海证券交易所上市公司自律监管指引第 12 号——可转换公司 债券》等法律法规及有关规定，对道通科技不提前赎回"道通转债"的事项进行 了核查，情况如下： 一、可转债发行上市概况 经中国证监会"证监许可〔2022〕852号"文核准，公司向不特定对象发行 可转换公司债券1,280.00万张，每张面值100元，发行总额128,000.00万元，该次 发行的可转换公司债券期限六年，自2022年7月8日至2028年7月7日。 经上交所"自律监管决定书〔2022〕201号"文同意，公司128,000.00万元可 转换公司债券于2022年7月28日起在上交所挂牌交易，债券简称"道通转债"， 债券代码"118013"。 根据有关规定和《 ...

Group 1 - The core viewpoint of the report is that Guoyuan Securities has given a "buy" rating to Daotong Technology (688208.SH) based on its strong annual performance and rapid profit growth [1] - The company has successfully implemented its AI strategy, focusing on commercial applications [1] - Daotong Technology has submitted an application for a Hong Kong stock listing, which is part of its strategy to enhance its global presence [1] Group 2 - The report highlights several risks associated with the company, including the risk of technological obsolescence, talent loss, core technology leakage, intellectual property disputes, overseas operational risks, raw material supply risks, exchange rate fluctuations, declining gross margins, macroeconomic environment risks, high inventory levels, and market competition [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][10]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 900 million to 930 million yuan for the year 2025, representing a year-on-year increase of 25.9 million to 28.9 million yuan, or a growth of 40.42% to 45.10% [1]. - The company is fully embracing AI, with significant advancements in its AI-driven products, leading to rapid revenue growth. The AI applications in vehicle diagnostics and smart energy management have been particularly successful [2]. - The company has submitted an application for listing H shares on the Hong Kong Stock Exchange, further strengthening its global presence and expanding its North American market [3]. Financial Forecast and Investment Recommendations - The company focuses on automotive digital maintenance and smart charging solutions, with projected revenues of 4.918 billion, 6.050 billion, and 7.255 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is forecasted to be 913.62 million, 1.1649 billion, and 1.42066 billion yuan for the same years [4][7]. - The earnings per share (EPS) is expected to be 1.36, 1.74, and 2.12 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 28.27, 22.17, and 18.18 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][10]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 900 million to 930 million yuan for the year 2025, representing a year-on-year increase of 25.9 million to 28.9 million yuan, or a growth of 40.42% to 45.10% [1]. - The company is fully embracing AI, leading to significant growth in its performance, particularly in the fields of intelligent vehicle diagnostics and smart energy management [2]. - The company has submitted an application for listing H shares on the Hong Kong Stock Exchange, further strengthening its global presence [3]. - The company focuses on automotive digital maintenance and intelligent charging solutions, with a broad growth potential in the future [4]. Financial Projections - The revenue forecast for 2025 is adjusted to 4.918 billion yuan, with net profit projections of 913.62 million yuan, and an EPS of 1.36 yuan per share [4][7]. - The company anticipates a revenue growth rate of 25.06% for 2025, with a net profit growth rate of 42.55% [7][9]. - The projected P/E ratios for 2025, 2026, and 2027 are 28.27, 22.17, and 18.18 respectively, indicating a favorable valuation trend [4][7].

Core Viewpoint - Daotong Technology is set to achieve a remarkable net profit of 900 million to 930 million yuan in 2025, marking a year-on-year increase of 40.42% to 45.10%, and has submitted a listing application to the Hong Kong Stock Exchange for an "A+H" dual capital platform [1][4]. Group 1: Performance and Capital - The company's profit forecast indicates a non-net profit growth rate of 60.88% to 66.43%, expected to reach 870 million to 900 million yuan, demonstrating strong growth driven by core business rather than financial maneuvers [4]. - The fourth quarter net profit is projected to be between 167 million and 197 million yuan, maintaining a high growth trend [4]. - The funds raised from the Hong Kong listing will focus on AI model research and development, overseas production base expansion, and the construction of intelligent robot production lines, indicating the company's ambition for global competition and technological leadership [4]. Group 2: Strategic Foundations - Daotong Technology's success is built on three solid pillars: a localized global foundation, an AI-driven core engine, and precise positioning in the new energy sector [5][6]. - The company has established a robust offline asset layout, with manufacturing networks in Shenzhen, Vietnam, and the U.S., and is building a factory in Mexico to enhance its global supply chain and mitigate trade risks [5]. - The company is fully embracing AI, which is a recurring theme in its performance forecast, indicating a commitment to integrating AI into its operations [6]. - Daotong Technology has capitalized on the electric vehicle boom, with revenue from its charging pile business skyrocketing from less than 100 million yuan in 2022 to 867 million yuan in 2024, marking it as one of the fastest-growing segments [6]. Group 3: Industry Insights - Daotong Technology's approach signals a new direction for the cross-border e-commerce industry, shifting from "Made in China" to "Intelligent Manufacturing from China" [7]. - The integration of AI into product development and global operations is becoming a benchmark for the industry, emphasizing technology as the primary driver of growth [7]. - As the flow of traffic reaches its peak, companies like Daotong Technology that specialize in a niche market (automotive aftermarket) can achieve more stable and higher profit margins by establishing technological and cognitive barriers [7]. - The ultimate form of cross-border e-commerce will be brand globalization, supported by irreplaceable technology and product strength, with deep integration of cutting-edge technologies like AI being crucial for building the next generation of global brands [7].

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like hydrochloric acid and liquid chlorine have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties. Companies with high dividend characteristics, such as Sinopec, are expected to benefit from declining raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected, indicating potential investment opportunities [22]. Summary by Sections Chemical Industry Investment Recommendations - The report highlights significant price increases for domestic gasoline (11.38%) and natural gas (8.68%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - It emphasizes the importance of focusing on sectors that may enter a recovery phase, such as glyphosate, and suggests specific companies for investment [22]. Market Performance - The report notes that the chemical industry is currently facing a weak overall performance, with varying results across different sub-sectors due to past capacity expansions and weak demand [22]. - It recommends monitoring companies with strong competitive positions and growth potential, particularly in the lubricant additives and coal-to-olefins sectors [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It also discusses the impact of geopolitical factors on oil prices, which in turn affect the chemical industry [23][24]. Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts, including Sinopec, Jiangshan Co., and others, all rated as "Buy" [10][11].

Core Viewpoint - Datong Technology is expected to achieve a net profit attributable to shareholders of 900 to 930 million yuan by 2025, driven by its full embrace of AI technology, which is accelerating performance growth [1] Group 1: Financial Projections - The projected net profit for Datong Technology in 2025 is between 900 million and 930 million yuan [1] - The company is maintaining a price-to-earnings (PE) ratio of 30 times for 2026, with a target price adjusted to 53.12 yuan [1] Group 2: Business Strategy and Performance - Datong Technology is fully embracing AI, which is driving rapid growth in its performance [1] - The application of AIAgent is empowering various application scenarios and facilitating project delivery [1] Group 3: Market Position - The company primarily focuses on overseas business, resulting in a gross margin that is significantly higher than that of domestic competitors [1]