KEBODA(SH:603786) Western Securities·2025-09-08 07:26Investment Rating - The report maintains a "Buy" rating for the company [5][2]. Core Views - The company reported a total revenue of 3.047 billion yuan for the first half of 2025, representing a year-on-year growth of 11.1%, and a net profit attributable to shareholders of 451 million yuan, up 21.34% year-on-year [1][2]. - In Q2 2025, the company achieved a revenue of 1.673 billion yuan, marking a 26.22% increase year-on-year, with a net profit of 245 million yuan, which is a 60.66% increase year-on-year [1][2]. - The company is expanding its core product matrix and optimizing its product structure, having developed new products such as smart distribution boxes and chassis controllers, with a focus on promoting these products to European and American clients [1][2]. - The company has secured new projects with an estimated lifecycle sales exceeding 7 billion yuan, including a central domain control product for a well-known international automotive manufacturer [2]. - The company is advancing its globalization strategy through the acquisition of a Czech company, enhancing its service capabilities for European and global clients [2]. - The company has completed the first phase of its production base in Anhui, which is now operational, improving its production capacity and supply chain management [2]. Financial Projections - The company is expected to achieve revenues of 7.213 billion yuan, 8.916 billion yuan, and 11.143 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 970 million yuan, 1.241 billion yuan, and 1.528 billion yuan [2][4]. - The projected growth rates for revenue are 20.9% in 2025, 23.6% in 2026, and 25.0% in 2027 [4].