KEBODA(SH:603786) Guoxin Securities·2025-09-05 03:27Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][17] Core Views - The acquisition of a 60% stake in Shanghai Kobot Intelligent Technology Co., Ltd. for 345 million yuan opens up a growth curve for high-priced driving domain controllers [2][3][17] - Kobot Intelligent Technology, established in 2022, has developed high-cost-performance intelligent driving domain controllers and has established deep partnerships with leading global technology companies [3][9] - The company expects revenue of 7.2 billion, 9.27 billion, and 11.4 billion yuan for the years 2025, 2026, and 2027, respectively, with profits of 1.01 billion, 1.28 billion, and 1.54 billion yuan [3][17] Summary by Sections Acquisition Details - Kobot plans to acquire a 60% stake in Kobot Intelligent Technology for 345 million yuan, funded by its own resources [2][4] - Kobot Intelligent Technology is projected to achieve revenues of 178 million and 299 million yuan for 2024 and the first seven months of 2025, respectively, with net profits of -42 million and -35 million yuan [2][4] Market Opportunities - The automotive intelligent technology sector is a key driver for industry transformation, providing significant growth opportunities [9][10] - Kobot Intelligent Technology's products are expected to generate over 20 billion yuan in lifecycle sales from designated projects, with mass production already achieved for several mainstream brands [3][9] Strategic Importance - The acquisition enhances Kobot's product offerings, transitioning from lower-priced components to high-value intelligent driving domain controllers, thereby expanding market space [3][10][11] - The integration of Kobot Intelligent Technology will address existing technical gaps and elevate the company's influence in the automotive industry [11][12] Financial Projections - The company maintains its profit forecast, expecting significant revenue and profit growth in the coming years, with a focus on enhancing product quality and market position [3][17][19]