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% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.84 billion yuan in H1 2024, representing a year-on-year growth of 27%, with a net profit attributable to shareholders of 390 million yuan, up 105% year-on-year [2] - In Q2 2024, the company anticipates a revenue of 980 million yuan, with a quarter-on-quarter growth of 13% and a year-on-year growth of 32% [2] - The traditional diagnostic business and digital energy business are both showing strong growth, with the latter expected to reach 380 million yuan in revenue, a 92% increase year-on-year [3] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from 3.25 billion yuan in 2023 to 4.11 billion yuan in 2024, with a year-on-year growth rate of 26.45% [1] - Net profit attributable to shareholders is expected to increase significantly from 646.29 million yuan in 2024 to 895.17 million yuan in 2026, reflecting a growth rate of 25.72% [1] Business Performance - The traditional diagnostic business generated 1.44 billion yuan in H1 2024, up 18% year-on-year, while the digital energy business is expected to contribute 380 million yuan, up 92% year-on-year [3] - In Q2 2024, the digital energy business revenue reached 220 million yuan, a 36% increase quarter-on-quarter [3] Market Position and Opportunities - The company has established a strong presence in the European and American charging pile markets, benefiting from subsidy policies such as the NEVI Act in the U.S. which allocates $7.5 billion for charging infrastructure [4] - The U.S. currently has a low number of charging piles compared to Central Europe, indicating significant growth potential in this market [5] Financial Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 17.75, 16.11, and 12.81 respectively, indicating a favorable valuation outlook [5] - The company’s net profit margin is expected to improve, with a projected net profit margin of 15.72% in 2024 [5]

深圳市道通科技股份有限公司（以下简称"公司"）第四届董事会第十二次会议于 2024 年 8 月 1 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 7 月 22 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。 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： | 股票代码：688208 | 股票简称：道通科技 | 公告编号：2024-059 | | --- | --- | --- | | 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 第四届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 具体内容详见同日于上海证券交易所网站(www.sse.com.cn)披露的《道通科技 关于 2024 年 ...

二、计提减值准备事项的具体说明 （一）信用减值损失 | 股票代码：688208 | 股票简称：道通科技 | 公告编号：2024-064 | | --- | --- | --- | | 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 2024 年半年度计提资产减值准备的公告 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。 一、计提减值准备的情况概述 深圳市道通科技股份有限公司（以下简称"公司"）根据《企业会计准则第 8 号 ——资产减值》和相关会计政策的规定，结合公司的实际情况，为客观、公允地反映 公司截至 2024 年 6 月 30 日的财务状况和 2024 年 1-6 月的经营成果，公司及下属 子公司对截至 2024 年 6 月 30 日合并范围内存在减值迹象的资产进行了减值测试， 2024 年 1-6 月 公司计提各类信用减值损失及资产减值损失共计人民币 54,486,917.92 元，具体情况如下： 单位：人民币元 | 项目 | 2024 年 1-6 | 月计提金额 | 备注 ...