Investment Rating - Maintain Outperform rating with a target price of RMB 47.06 [4][6] Core Viewpoints - The company has demonstrated resilience against tariff impacts by securing significant orders in the U.S., thereby expanding its North American presence [4][6] - The industry is experiencing consolidation, which is expected to enhance market opportunities for the company [4][6] - The partnership with LAZ Parking aims to build a large-scale charging network to meet the growing demand for NEV charging in North America [7][8] - The North American commercial parking market presents vast growth potential, with an estimated demand for nearly 1.8 million charging poles and a market size of RMB 60 billion [8] - The company has effectively managed tariff challenges by implementing a price increase of 7%-10% on U.S. digital energy products, which has not hindered order acquisition [9] Financial Data and Forecasts - Projected revenue growth from RMB 3,251 million in 2023 to RMB 7,251 million by 2027, reflecting a CAGR of approximately 21.5% [3] - Net profit (attributable to the parent) is expected to increase from RMB 179 million in 2023 to RMB 1,131 million in 2027, with a significant growth rate of 75.7% in 2024 [3] - Earnings per share (EPS) forecasted to rise from RMB 0.40 in 2023 to RMB 2.50 in 2027 [3] - The company’s return on equity (ROE) is projected to improve from 5.6% in 2023 to 24.3% in 2027 [3]

Core Viewpoint - DAOTONG Technology has been selected as the exclusive supplier of charging stations by LAZ Parking, North America's largest commercial parking operator, marking a significant step in expanding its presence in the North American market [1][3]. Group 1: Business Development - DAOTONG has won a major contract to supply 50,000 commercial AC charging stations in North America, with a total value of 238 million yuan [2][3]. - The company’s smart energy business includes a range of charging solutions such as "DC fast charging" and "AC home and commercial integrated" charging stations, along with comprehensive cloud services for smart operations and maintenance [3]. - The partnership with LAZ Parking is expected to open up further collaboration opportunities with other commercial parking operators, energy companies, public utilities, automotive manufacturers, and retail chains [3]. Group 2: Market Potential - The overseas charging market is projected to reach approximately 80 billion yuan annually by 2025, with expectations to grow to about 120 billion yuan by 2030, indicating a vast market opportunity [3]. - DAOTONG's AI integration in its products and services, including the development of an APP voice assistant and a smart charging station management platform, enhances its smart energy business prospects [3][5]. Group 3: Financial Performance - In 2024, DAOTONG achieved a revenue of 3.932 billion yuan, a year-on-year increase of 20.95%, with the smart energy business growing by 52.98% to 867 million yuan [4]. - The company reported a net profit of 641 million yuan in 2024, a significant increase of 257.59%, with a strong cash flow of 748 million yuan, reflecting high profitability [4]. - For Q1 2025, the company anticipates a net profit between 180 million to 200 million yuan, representing a year-on-year growth of 44.29% to 60.32% [4]. Group 4: Strategic Initiatives - DAOTONG has established overseas production bases in Shenzhen, Vietnam, and North Carolina, enhancing its global supply chain resilience amid ongoing trade tensions [6]. - The company has launched an AI-driven integrated aerial and ground cluster intelligence solution, marking the beginning of its third growth curve in the AI robotics sector [5][7].

道通科技(688208.SH) 中标北美大额订单，全面拥抱AI赋能业务发展 推荐 ( 维持) 股价:35.06元 公 司 报 告 计算机 2025年04月15日 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 根据道通科技公司官网信息，近日，北美最大商用停车场运营商LAZ Parking 宣布加速旗下停车场充电桩部署，正式选择道通科技作为充电桩独家供应商。 第一阶段，道通中标北美地区5万个商用交流充电桩，合计金额2.38亿元。 平安观点： 券 研究助理 | | S1060123070023 | | --- | --- | | 王佳一 | 一般证券从业资格编号 WANGJIAYI446@pingan.com.cn | | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...

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向不特定对象发行可转 换公司债券持续督导保荐总结报告书 | | | 一、发行人基本情况 | 公司名称 | 深圳市道通科技股份有限公司 | | --- | --- | | 英文名称 | Autel Intelligent Technology Corp.,Ltd. | | 证券代码 | 688208.SH | | 总股本 | 451,877,086 股 | | 注册地址 | 深圳市南山区西丽街道松坪山社区高新北六道 36 号彩虹科技大楼 二层 | | 法定代表人 | 李红京 | | 实际控制人 | 李红京 | | 本次证券发行类型 | 公开发行可转换债券 | | 本次证券上市时间 | 2022 年 7 月 26 日 | | 本次证券上市地点 | 上海证券交易所 | 二、本次发行情况概述 根据中国证券监督管理委员会（以下简称"中国证监会"）《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 ...

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].

投资评级：买入（维持） | 日期 | 2025/4/11 | | --- | --- | | 当前股价(元) | 34.47 | | 一年最高最低(元) | 48.28/22.10 | | 总市值(亿元) | 155.76 | | 流通市值(亿元) | 155.76 | | 总股本(亿股) | 4.52 | | 流通股本(亿股) | 4.52 | | 近 3 个月换手率(%) | 201.46 | 计算机/计算机设备 道通科技（688208.SH） 中标北美大单，AI 有望全面赋能业务 2025 年 04 月 14 日 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-04 2024-08 2024-12 道通科技 沪深300 相关研究报告 《一季报表现亮眼，新能源业务持续 高增长 — 公 司 信 息 更 新 报 告 》 -2024.4.26 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 数字维修全球领导者，维持"买入"评级 考虑到公司 2024 业绩超预期，我们上调原有 2025-2026 并新增 2027 盈利预测， 预计 ...

计算机/计算机设备 道通科技（688208.SH） 中标北美大单，AI 有望全面赋能业务 2025 年 04 月 14 日 投资评级：买入（维持） | 日期 | 2025/4/11 | | --- | --- | | 当前股价(元) | 34.47 | | 一年最高最低(元) | 48.28/22.10 | | 总市值(亿元) | 155.76 | | 流通市值(亿元) | 155.76 | | 总股本(亿股) | 4.52 | | 流通股本(亿股) | 4.52 | | 近 3 个月换手率(%) | 201.46 | 4 月 12 日，公司官网披露北美最大商用停车场运营商 LAZ Parking 宣布加速旗下 停车场充电桩部署，正式选择道通科技作为充电桩独家供应商。第一阶段，道通 中标北美地区 5 万个商用交流充电桩，合计金额 2.38 亿元。 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-04 2024-08 2024-12 道通科技 沪深300 相关研究报告 《一季报表现亮眼，新能源业务持续 高增长 — 公 司 信 息 更 新 报 告 》 -2024.4.26 陈宝健（ ...

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 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 ■■ 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的总持股数量。 二、公司前十大无限售条件股东持股情况 ■ 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的总持股数量。 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"）于2025年4月8日召开第四届董事会第十九次会议，审 议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。具体内容详见公司分别于2025年4月9 日和2025年4月10日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购 公司股份方案的公告》（公告编号：2025-028）和《关于以集中竞价交易方式回购公司股份的回购报告 书》（公告编号：2025-029）。 根据《上海证券交易所上市公司自律监管指 ...

| 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 ...