| 股票代码：688208 | 股票简称：道通科技 公告编号：2024-093 | | --- | --- | | 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 关于部分募投项目增加实施主体、实施地点并延期的公告 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"道通科技"或"公司"）于 2024 年 10 月 29 日召开第四届董事会第十六次会议、第四届监事会第十次会议，审 议通过了《关于部分募投项目增加实施主体、实施地点并延期的议案》，同意公 司对向不特定对象发行可转换公司债券募投项目"道通科技研发中心建设暨新一 代智能维修及新能源综合解决方案研发项目"达到预定可使用状态的时间延期至 2025 年 12 月，同时增加公司全资子公司湖南省道通科技有限公司（以下简称"湖 南道通"）、西安道通科技有限公司（以下简称"西安道通"）作为实施主体， 并新增相应实施地点。保荐机构中信证券股份有限公司（以下简称"保荐机构"） 对本事项出具了明确的核查意见。该事项在董 ...

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 部分募投项目增加实施主体、实施地点并延期的核查意见 中信证券股份有限公司（以下简称"中信证券"、"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"、"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《证券发行上市保荐业务管理办法》《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》《上海证 券交易所科创板股票上市规则》和《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作》等有关规定，对道通科技部分募投项目增加实施主体、 实施地点并延期事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳市道通科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2022〕852 号），公司由 主承销商中信证券采用向公司原股东优先配售，原股东优先配售后余额部分（含 原股东放弃优先配售部分）网上通过上海证券交易所交易系统向社会公众投资者 发售的方式，发行可转换公司债券 1,280.00 万张，发行价为每张人民币 100 元， 共计募集资金 ...

一、监事会会议召开情况 深圳市道通科技股份有限公司（以下简称"公司"）第四届监事会第十次会议于 2024 年 10 月 29 日在公司会议室以现场结合通讯方式召开，会议通知于 2024 年 10 月 23 日以邮件、电话或其他通讯方式送达至公司全体监事。会议应出席监事 3 名， 实际出席监事 3 名，本次会议由监事会主席瞿松松先生召集并主持。本次会议的召 集和召开程序符合《中华人民共和国公司法》和《深圳市道通科技股份有限公司章 程》等相关规定，会议形成的决议合法、有效。 | 股票代码：688208 | 股票简称：道通科技 | 公告编号：2024-092 | | --- | --- | --- | | 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 第四届监事会第十次会议决议公告 本公司监事会及全体监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。 二、监事会会议审议情况 与会监事就以下议案进行了审议： 特此公告。 （一）《关于部分募投项目增加实施主体、实施地点并延期的议案》 监事会认为：经审查，本次募投项目增 ...

一、董事会会议召开情况 深圳市道通科技股份有限公司（以下简称"公司"）第四届董事会第十六次会议 于 2024 年 10 月 29 日在公司会议室以现场结合通讯方式召开，会议通知于 2024 年 10 月 23 日以邮件、电话或其他通讯方式送达至公司全体董事。本次会议由董事长 李红京先生召集并主持，应到董事 7 人，实到董事 7 人。本次会议的召集和召开程 序符合《中华人民共和国公司法》和《深圳市道通科技股份有限公司章程》等相关规 定，会议形成的决议合法、有效。 | 股票代码：688208 | 股票简称：道通科技 公告编号：2024-091 | | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | （一）《关于部分募投项目增加实施主体、实施地点并延期的议案》 深圳市道通科技股份有限公司 第四届董事会第十六次会议决议公告 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，并对其内容的真实性、准确性和完整性依法承担法律责任。 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： 特此公告。 深圳市道通科技股份有限公司董事会 2024 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7][8]. Core Insights - The company's Q3 performance exceeded expectations, with a revenue of 9.62 billion yuan, representing a year-on-year growth of 29.72%. The net profit attributable to shareholders reached 1.55 billion yuan, up 99.61% year-on-year [5]. - The digital energy business generated revenue of 5.91 billion yuan, a growth of 77.77% year-on-year, while the digital maintenance business saw revenue of 21.78 billion yuan, growing by 20.11% year-on-year. The charging pile business continues to maintain high growth [6]. - The company is well-positioned to benefit from the accelerating overseas charging pile construction driven by the trend of automotive electrification, leveraging its first-mover advantage in the global market [6]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 28.04 billion yuan, a year-on-year increase of 28.07%. The net profit attributable to shareholders was 5.41 billion yuan, up 103.08% year-on-year [5]. - The cash flow from operating activities for Q3 2024 was 1.12 billion yuan, reflecting a significant year-on-year increase of 279.68% [5]. - The company maintains its revenue forecasts for 2024-2026, expecting revenues of 40.55 billion yuan, 51.55 billion yuan, and 64.81 billion yuan, with respective year-on-year growth rates of 24.71%, 27.15%, and 25.72% [7].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant year-on-year revenue increase of 28% for the first three quarters of 2024, with total revenue reaching 2.8 billion yuan [1] - The company's net profit attributable to shareholders for the same period was 440 million yuan, reflecting a year-on-year growth of 66% [1] - The third quarter of 2024 saw a revenue of 960 million yuan, up 30% year-on-year, and a net profit of 150 million yuan, which is a remarkable 97% increase year-on-year [1][2] Summary by Relevant Sections Financial Performance - The company's total revenue for 2022 was 2.266 billion yuan, which increased to 3.251 billion yuan in 2023, and is projected to reach 4.084 billion yuan in 2024, representing a year-on-year growth of 25.62% [1][9] - The net profit attributable to shareholders is expected to grow from 179 million yuan in 2023 to 616 million yuan in 2024, indicating a substantial increase of 243.84% [1][9] - The latest diluted EPS is projected to be 1.36 yuan per share in 2024, compared to 0.40 yuan in 2023 [1][9] Profitability and Cost Management - The gross margin for the first three quarters of 2024 reached 55.8%, an increase of 1.6 percentage points year-on-year [2] - The company has successfully reduced its sales, management, and R&D expense ratios, achieving rates of 13.3%, 7.1%, and 15.6% respectively, which are lower by 2.7, 0.9, and 1.6 percentage points year-on-year [2] Business Segments - The digital energy business generated 590 million yuan in revenue for the first three quarters of 2024, marking a 78% increase year-on-year [2] - The digital maintenance business reported a revenue of 2.18 billion yuan, up 20% year-on-year, with notable contributions from various segments such as TPMS and ADAS [2] Long-term Growth Potential - The company is focusing on high-intensity R&D investments to maintain its competitive edge in core technologies, particularly in digital maintenance and digital energy sectors [3] - The report anticipates that the company will benefit from the growth of the overseas new energy vehicle market, contributing to sustained profit and cash flow [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3]. Core Insights - The company reported a revenue of 2.804 billion yuan for the first nine months of 2024, representing a year-on-year increase of 28.07%. The net profit attributable to shareholders reached 541 million yuan, up 103.08% year-on-year, while the net profit after deducting non-recurring gains and losses was 444 million yuan, reflecting a 65.67% increase [1]. - The company's strong performance is attributed to its high-end positioning in the new energy sector and the expansion of its product matrix. The digital energy business generated 591 million yuan in revenue, a 77.77% increase year-on-year, while the digital maintenance business achieved 2.178 billion yuan, up 20.11% year-on-year [1]. - The gross margin for Q3 was 54.99%, an increase of 0.59 percentage points year-on-year, and the net profit margin was 14.81%, up 7.42 percentage points year-on-year, indicating improved profitability [1]. - The company is actively expanding its overseas operations, particularly in the charging pile business, which is expected to yield significant growth opportunities due to low penetration rates of new energy vehicles in international markets [1]. - The company has established production bases in Shenzhen, Vietnam, and North Carolina, USA, enhancing its global supply chain and production capabilities [1]. - A stock incentive plan has been approved, granting 9.7696 million restricted shares to 229 employees, aimed at boosting morale and long-term development [1]. Financial Forecast - The company is projected to achieve revenues of 4.1 billion, 5.16 billion, and 6.62 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26.1%, 25.8%, and 28.5% [2]. - The net profit attributable to shareholders is expected to reach 650 million, 760 million, and 980 million yuan for the same years, with growth rates of 262.1%, 17.1%, and 28.9% [2]. - The current stock price corresponds to price-to-earnings ratios of 22, 19, and 15 for 2024, 2025, and 2026, respectively, reflecting a favorable valuation given the company's growth trajectory [1][2].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported strong performance in Q3 2024, with revenue of 2.804 billion yuan (+28.07%) and net profit of 541 million yuan (+103.08%) for the first nine months of 2024. The operating cash flow also saw a significant increase of 178.62% [1]. - Both major business segments, digital energy and digital maintenance, experienced rapid growth, with digital maintenance revenue reaching 2.178 billion yuan (+20.11%) and digital energy revenue at 591 million yuan (+77.77%) [1]. - The gross margin improved to 55.84%, an increase of 1.62 percentage points year-on-year, while the operating expense ratio decreased by 3.22 percentage points to 37.49% [1]. Financial Forecast - Revenue projections for 2024-2026 are 4.143 billion yuan, 5.200 billion yuan, and 6.263 billion yuan, representing year-on-year growth rates of 27.44%, 25.50%, and 20.45% respectively. Net profit is expected to reach 719 million yuan, 878 million yuan, and 1.096 billion yuan, with growth rates of 301.23%, 22.12%, and 24.78% [2]. - The earnings per share (EPS) are forecasted to be 1.59 yuan, 1.94 yuan, and 2.43 yuan for the years 2024, 2025, and 2026, respectively [2]. Business Innovation - The company continues to lead in innovation within its digital energy and digital maintenance sectors, showcasing new products such as the Maxicharger series charging stations and the MS906MAX automotive diagnostic system [1].

Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 2.804 billion CNY, representing a year-on-year growth of 28.07% [5] - The net profit attributable to shareholders reached 541 million CNY, with a significant increase of 103.08% year-on-year [5] - The net profit after deducting non-recurring gains and losses was 444 million CNY, up by 65.67% [5] - The net cash inflow from operating activities was 457 million CNY, marking a year-on-year increase of 178.62% [5] Operational Efficiency - The company improved its expense ratio by approximately 5 percentage points year-on-year [6] - Inventory turnover days improved by about 15% and accounts receivable turnover days improved by about 16% [6] - The comprehensive gross profit margin for the first three quarters of 2024 was 55.84%, an increase of 1.62 percentage points compared to the same period last year [7] Business Segments - The digital repair business generated a revenue of 2.178 billion CNY, with a year-on-year growth of 20.11% [6] - The digital energy business achieved a revenue of 591 million CNY, reflecting a substantial growth of 77.77% [6] - The company is focusing on product and technology innovation to maintain its leading position in the digital repair industry [6] Market Trends and Future Outlook - The U.S. market is expected to require 1.2 million charging ports by 2030 to support 33 million electric vehicles [10] - The number of public charging stations in the U.S. is projected to grow from 180,000 in 2023 to 1.7 million by 2035 [10] - The company plans to continue investing in digital energy projects, leveraging power electronics and AI technologies as core foundations for future growth [11] R&D and Innovation - R&D investment accounted for 16.62% of the company's revenue in the first three quarters of 2024 [9] - The company is committed to maintaining a significant R&D investment ratio to drive technological innovation [9] - The next generation of digital energy products is expected to support a unified platform with power ratings from 120kW to 1440kW [10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.13 CNY per share [3][13]. Core Insights - The company continues to experience high growth in its performance, driven by the expansion of its charging pile business and the recovery of traditional operations. In Q3 2024, the company achieved a revenue of 9.6 billion CNY, representing a year-on-year increase of 29.7%, and a net profit attributable to shareholders of 1.5 billion CNY, up 99.6% year-on-year [1][11]. - The company's U.S. factory commenced operations at the end of 2023, positioning it as one of the few Chinese new energy companies that meet U.S. NEVI and BABA Act requirements. This development is expected to significantly boost the charging pile business and improve overall performance [1][11]. - The report projects net profits for 2024-2026 to be 604 million CNY, 722 million CNY, and 883 million CNY, respectively, with corresponding EPS of 1.34 CNY, 1.60 CNY, and 1.95 CNY [1][13]. Financial Summary - For the first three quarters of 2024, the digital energy business revenue grew by 78% to 5.91 billion CNY, while the digital maintenance business revenue increased by 20% to 21.78 billion CNY. In Q3 2024 alone, digital energy revenue rose by 57% to 2.13 billion CNY, and digital maintenance revenue grew by 24% to 7.40 billion CNY [1][11]. - The company’s revenue for 2022 was 2.27 billion CNY, which is expected to grow to 3.25 billion CNY in 2023, and further to 3.82 billion CNY in 2024, reflecting a growth rate of 43.5% [2][10]. - The EBITDA for 2024 is projected to be 744 million CNY, with a significant increase in net profit margins expected over the next few years [2][10]. Business Outlook - The report expresses optimism regarding the growth prospects of the charging pile business in 2024, while maintaining a cautious outlook on the traditional business, which is expected to show steady growth [11][12]. - The company is enhancing its research and development in smart charging detection systems and has launched several management platforms aimed at improving profitability and customer retention in the charging pile sector [11][12].