Investment Rating - Strong Buy (Maintained) with a target price of 33.8 RMB, current price at 25.67 RMB [1] Core Views - Traditional business shows steady growth, while the charging pile business achieves high growth [1] - Digital maintenance business grows steadily, with revenue of 1.438 billion RMB, up 18.04% YoY [2] - Digital energy business surges, with revenue of 378 million RMB, up 92.37% YoY [2] - Overseas revenue accounts for 95% of total revenue, driven by sales growth in charging piles, ADAS, and TPMS [2] - Profitability improves significantly, with gross margin at 56.28%, up 2.16 pct YoY, and net margin at 19.55%, up 6.75 pct YoY [2] - The company continues to innovate, launching new products like MaxiCharger AC Pro and "Charging AI Algorithm" [2] - The US NEVI Act, which invests 7.5 billion USD in building a national EV charging network, is expected to benefit the company [2] Financial Performance - H1 2024 revenue: 1.842 billion RMB, up 27.22% YoY [1] - H1 2024 net profit: 387 million RMB, up 104.51% YoY [1] - Q2 2024 revenue: 979 million RMB, up 31.98% YoY [1] - Q2 2024 net profit: 262 million RMB, up 123.67% YoY [1] - 2024-2026 revenue forecast: 4.17 billion RMB, 5.226 billion RMB, and 6.358 billion RMB, with YoY growth rates of 28.3%, 25.3%, and 21.7% respectively [2] - 2024-2026 net profit forecast: 587 million RMB, 706 million RMB, and 834 million RMB, with YoY growth rates of 227.7%, 20.2%, and 18.2% respectively [2] Business Segments - Digital maintenance business: Revenue of 1.438 billion RMB, up 18.04% YoY [2] - Automotive diagnostic products: 608 million RMB, up 1.78% YoY [2] - TPMS products: 329 million RMB, up 33.83% YoY [2] - ADAS calibration products: 177 million RMB, up 23.97% YoY [2] - Software upgrade services: 211 million RMB, up 26.32% YoY [2] - Digital energy business: Revenue of 378 million RMB, up 92.37% YoY [2] Geographic Performance - North America: Revenue of 955 million RMB, up 31% YoY [2] - Europe: Revenue of 320 million RMB, up 39% YoY [2] Valuation and Forecast - 2024 PE ratio: 20x, target price of 33.8 RMB [2] - 2024-2026 EPS forecast: 1.30 RMB, 1.56 RMB, and 1.85 RMB [2] - 2024-2026 ROE forecast: 16.2%, 16.3%, and 16.1% [5]

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 [7][12]. Core Insights - The company achieved rapid revenue growth, with a 27.22% year-on-year increase in revenue to 1.842 billion yuan and a 104.51% increase in net profit attributable to shareholders, reaching 387 million yuan in the first half of 2024 [2][5]. - The digital energy business is expanding globally, with significant growth in revenue, particularly in North America and Europe, where revenues increased by 30.93% and 39.04% respectively [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 1.842 billion yuan, a 27.22% increase year-on-year, and a net profit of 387 million yuan, up 104.51% [2]. - The digital repair business generated 1.438 billion yuan in revenue, growing 18.04%, while the digital energy business saw revenue of 378 million yuan, a remarkable 92.37% increase [2]. Business Segments - The company has built a multi-layered digital repair product ecosystem, focusing on the automotive aftermarket in North America and Europe, with key products like comprehensive diagnostic tools and TPMS series products showing significant revenue growth [3]. - The digital energy segment is leveraging power electronics and AI technologies to develop intelligent charging network solutions, with over 14 overseas regional headquarters established globally by mid-2024 [4]. Future Outlook - The revenue forecasts for 2024-2026 have been revised upwards to 3.987 billion, 4.786 billion, and 5.599 billion yuan respectively, with net profit estimates adjusted to 571 million, 655 million, and 779 million yuan [5][8]. - The expected earnings per share (EPS) for the next three years are projected to be 1.26, 1.45, and 1.72 yuan, with corresponding price-to-earnings (P/E) ratios of 20.32, 17.71, and 14.89 [5][8].

证券代码：688208 证券简称：道通科技 深圳市道通科技股份有限公司 投资者关系活动记录表 编号：2024-018 | --- | |--------------------------| | 特定对象调研 □分析师会议 | | 媒体采访 □业绩说明会 | | □新闻发布会 □路演活动 | | 现场参观 □一对一沟通 | | 其他（电话会议） | 投资者 关系活 动类别 参与单 位及人 安信证券 袁子翔 上海勤辰私募基金 崔莹 员 德邦证券 李杨玲 上海勤辰私募基金 钱玥 东北证券 刘天宇 上海秋阳予梁投资 张国庆 东北证券 薛进 上海重阳投资 卫书根 东方证券 崔洋 上海重阳投资 吴伟荣 东方证券 朱洪羽 深圳固禾私募基金 文雅 东吴基金 汤立其 深圳领骥资本 方力 东吴证券 李博韦 深圳领骥资本 周若承 富安达基金 余思贤 世纪证券 范俊雄 广发证券 吴祖鹏 太平基金 邵闯 广州云禧基金 黄恒超 天风证券 陈璐瑶 广州云禧基金 龙华明 天风证券 杜万奇 国盛证券 陈泽青 天风证券 李璞玉 国盛证券 李可夫 天风证券 刘鉴 国泰君安 李博伦 天风证券 刘尊钰 国投证券 马诗文 天风证券 缪欣君 国信证券 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with operating income reaching 1.842 billion yuan (+27.22%) and net profit attributable to shareholders at 387 million yuan (+104.51%) [2]. - The company continues to experience high growth in overseas markets, particularly in North America and Europe, contributing to a robust revenue structure [2][3]. - The gross margins for both major business segments have improved, with digital maintenance at 62.70% and digital energy at 38.86%, indicating a strong competitive position [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved operating income of 1.842 billion yuan, with a year-on-year growth of 27.22% [2]. - The net profit attributable to shareholders for the same period was 387 million yuan, reflecting a growth of 104.51% [2]. - The company’s cash flow from operating activities showed a remarkable increase of 156.54%, amounting to 345 million yuan [2]. Revenue Breakdown - The digital maintenance business generated 1.438 billion yuan (+18.04%), while the digital energy business saw revenues of 378 million yuan (+92.37%) [2]. - In terms of geographical revenue, North America accounted for 955 million yuan (+30.93%), representing 51.87% of total revenue, while Europe contributed 320 million yuan (+39.04%) [2][3]. Future Projections - The company is expected to achieve revenues of 4.146 billion yuan, 5.183 billion yuan, and 6.281 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 27.52%, 25.01%, and 21.19% [3][6]. - Net profit projections for the same years are 496 million yuan, 608 million yuan, and 771 million yuan, with growth rates of 176.85%, 22.51%, and 26.83% [6].

道通科技(688208) 证券研究报告 | 公司点评 | 计算机设备 | --- | --- | |---------------------------------------|-------------------------| | | | | | 报告日期:2024年08月04日 | | 业绩超过预告预期,中期分红夯实股东收益 | | | | | | 道通科技 2024 半年报点评报告 | | 事件 0 公司发布 2024 年半年报,2024 年上半年实现营业收入 18.42 亿元，同比增长 27.22%; 归母净利润 3.87 亿元,同比增长 104.51%，扣非后归母净利润 2.89 亿 元，同比增长 52.59%。 单 24Q2 而言,2024Q2 实现营业收入 9.79 亿元,同比增长 31.98%;归母净利润 2.62亿元,同比增长 123.67%,扣非后归母净利润 1.64亿元,同比增长 41.22%。 0 点评 0 扣非利润超过此前业绩预告预期，充电桩业务保持高速增长 根据公司此前发布的业绩预告，预计 2024 年上半年实现营收 18.3-18.5 亿元，归 母净利润 3.8-3.9亿元, ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.74 CNY per share, compared to the current price of 25.38 CNY [3][11]. Core Insights - The company achieved significant growth in H1 2024, with revenue reaching 1.84 billion CNY, a year-on-year increase of 27.2%, and a net profit attributable to shareholders of 390 million CNY, up 104.5% year-on-year [1][9]. - The growth is driven by the expansion of the charging pile business and the recovery of traditional business segments, with expectations for continued robust performance in 2024 [1][10]. - The company has officially launched its factory in the United States, which is expected to enhance its charging pile business and meet local regulatory requirements [1][9]. Financial Performance Summary - **Revenue and Profitability**: In H1 2024, the company reported revenue of 1.84 billion CNY, a 27.2% increase from the previous year. The net profit attributable to shareholders was 390 million CNY, reflecting a 104.5% increase [1][9]. - **Segment Performance**: The charging pile business continues to grow rapidly, while traditional business segments are expected to maintain steady growth. For instance, the software upgrade service generated 211 million CNY in revenue, a 26.3% increase year-on-year [1][9]. - **Future Projections**: The company forecasts net profits of 574 million CNY, 649 million CNY, and 783 million CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.27 CNY, 1.44 CNY, and 1.73 CNY [11][12]. Valuation Metrics - The report suggests a reasonable valuation multiple of 25x PE for 2024, leading to a target price of 31.74 CNY per share [11][12]. - The company is expected to maintain a strong return on equity (ROE) of 15.1% in 2024, increasing to 15.0% by 2026 [2][11].

2024 年 08 月 02 日 证券研究报告•2024 年半年报点评 道通科技(688208) 计算机 买入 (维持) 当前价：25.38 元 目标价：——元（6个月） 业绩大幅增长，逻辑逐步兑现 投资买点 ● 事件:公司发布 2024年半年度报告,实现收入 18.4亿元,同比增长 27.2%; 实现归母净利润 3.9亿元,同比增长 104.5%;实现扣非后归母净利润 2.9亿元, 同比增长 52.6%。 ● 迅步走过特型阵痛期,增长逻辑遥步兑现。公司 2024年 4月公告完成对子公司 深圳塞防科技 5%的股权转让,对其持股比例降至 46%,交易完成后塞防科技不 再并表,由此产生约 9900万元投资收益计入本期非经常性损益。单季度看,公 司 2024Q2 实现收入 9.8 亿元,同比增长约 32.0%,实现扣非归母净利润 1.6 亿元，同比增长约 40.2%，收入利润延续良好增长趋势，报表端重回健康状态。 ● 充电桩实现销售突破,传统业务需求回暖。公司新能源充电桩业务开始放量, 2024 年 H1 实现收入 3.8 亿元,同比增长 92.4%, 当前公司已搭建起涵盖 7kw-640kw 的交直流充电桩矩阵, ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | |------------------------------|------------------| | 行业 | 计算机 | | 公司网址 | www.auteltech.cn | | 大股东 / 持股 | 李红京 /37.29% | | 实际控制人 | 李红京 | | 总股本 ( 百万股 ) | 452 | | 流通 A 股 ( 百万股 ) | 452 | | | | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 115 | | 流通 A 股市值 ( 亿元 ) ( ) | 115 6.96 | | 每股净资产 元 资产负债率 (%) | 45.7 | | 行情走势图 | | 道通科技(688208.SH) 上半年业绩持续向好，海外新能源充电业务发展潜力巨大 股价:25.38元 | --- | --- | |----------|-------------------------------------------| | | | | 闫磊 | 投资咨询资格编号 | | | S106 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company has shown significant growth in its business structure, particularly in the "traditional + digital smart new energy" sectors, with a notable increase in revenue and profit [1][5] - The company's revenue for 2024 is projected to be 1.842 billion yuan, a year-on-year increase of 27.22%, while the net profit is expected to reach 387 million yuan, up 104.51% year-on-year [1][5] - The digital energy business has become a new growth engine, with revenue from this segment increasing by 92.37% year-on-year [1][5] Summary by Sections Financial Performance - For the first half of 2024, the company reported a main revenue of 1.842 billion yuan, a 27.22% increase year-on-year, and a net profit of 387 million yuan, which is a 104.51% increase year-on-year [1][5] - In Q2 2024, the company achieved a single-quarter revenue of 979 million yuan, up 31.98% year-on-year, and a net profit of 262 million yuan, reflecting a 123.67% increase year-on-year [1][5] Business Segments - The traditional digital repair business generated 1.438 billion yuan in revenue, a growth of 18.04% year-on-year, while the digital energy business achieved 378 million yuan, marking a 92.37% increase year-on-year [1][5] - The company has successfully diversified its revenue structure, with North America and Europe showing significant growth in revenue, increasing by 30.93% and 39.04% respectively [1][5] Future Outlook - The company is expected to maintain high growth in its charging pile business, with revised profit forecasts for 2024-2026 being 522 million, 662 million, and 831 million yuan respectively [1][8] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 21, 16, and 13 times respectively, indicating a favorable valuation outlook [1][8]

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 02 日 道通科技(688208.SH) 公司快报 24H1 业绩大幅增长，新老业务均表现亮眼 事件概述 8 月 1 日，道通科技发布 2024 年半年报，2024 上半年公司实现营业 收入 18.42 亿元，同比增长 27.22%；实现归母净利润 3.87 亿元，同 比增长 104.51%，扣非归母净利润 2.89 亿元，同比增长 52.59%。 24H1 业绩大幅增长，新老业务均表现亮眼 收入端，公司 2024 上半年实现营收 18.42 亿元，同比增长 27.22%。 分业务线看，作为公司传统业务的汽车数字诊断稳健增长，实现收入 14.38 亿元（yoy+18.0%），其中 ADAS 为 1.77 亿元（yoy+23.97%）， TPMS 为 3.29 亿元（yoy+33.83%），软件升级服务为 2.11 亿元 （yoy+26.32%）。同时，公司新能源业务开启放量，实现营收 3.78 亿 元（yoy+92.37%）。分地区看，北美依旧是公司业绩的主要贡献来源， 2024 上半年营收为 9.55 亿元，同比增长 30.93% ...