KEBODA(SH:603786) Minsheng Securities·2025-10-28 15:38Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [6]. Core Insights - The company reported a revenue of 5.0 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.5%. The net profit attributable to shareholders was 650 million yuan, up 12.1% year-on-year, while the net profit excluding non-recurring items reached 710 million yuan, marking a significant increase of 57.1% [1]. - The company is transitioning from a lighting control provider to a platform-based automotive electronics supplier, with strong capabilities in both hardware and software. This strategic shift is expected to enhance its product offerings and market position [3]. - The company has successfully expanded its client base from Volkswagen to various new energy vehicle manufacturers, establishing a comprehensive market presence in both domestic and international markets [4]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 1.73 billion yuan, reflecting an 11.8% year-on-year increase and a 3.6% quarter-on-quarter increase. However, the net profit showed a slight decline of 0.1% year-on-year and a more significant 11.1% decline quarter-on-quarter, primarily due to losses from its smart driving subsidiary [2]. - The gross margin for Q3 2025 was reported at 23.5%, down 7.1 percentage points year-on-year and 3.7 percentage points quarter-on-quarter, largely influenced by the consolidation of the smart driving subsidiary [2]. - The company’s revenue projections for 2025-2027 are estimated at 7.47 billion, 9.86 billion, and 12.20 billion yuan, respectively, with net profits expected to be 900 million, 1.25 billion, and 1.67 billion yuan [5][10]. Strategic Developments - The company has completed the acquisition of a 60% stake in its smart driving subsidiary, which is expected to enhance its capabilities in integrated control systems [3]. - The establishment of overseas manufacturing facilities in Japan and the Czech Republic is part of the company's strategy to accelerate its global operations and market reach [3]. - The company is positioned to benefit from the ongoing trends in smart electrification and globalization within the automotive industry, with a focus on expanding its product depth and breadth [4].