KEBODA(SH:603786) Shenwan Hongyuan Securities·2025-09-10 07:45Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is acquiring 60% of Kobotai Intelligent Technology for 345 million yuan, increasing its stake from 20% to 80%, which is expected to enhance its position in the automotive electronics sector [4][6]. - The acquisition is seen as beneficial for minority shareholders, as it consolidates the company's capabilities in developing high-value automotive electronic products [6]. - The company has shown strong revenue growth, with Kobotai Intelligent Technology achieving 2.99 billion yuan in revenue from January to July 2025, a 68.03% increase compared to the entire year of 2024 [6]. Financial Summary - Projected total revenue for 2025 is 7,745 million yuan, with a year-on-year growth rate of 29.8% [5]. - The forecasted net profit for 2025 is 1,081 million yuan, reflecting a 39.9% increase compared to the previous year [5]. - The company’s earnings per share (EPS) is expected to reach 2.68 yuan in 2025, with a projected price-to-earnings (PE) ratio of 23 [5][6].