KEBODA(SH:603786) Guohai Securities·2025-11-03 06:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The report highlights that the company achieved revenue of approximately 1.733 billion yuan in Q3 2025, representing a year-on-year increase of 11.76%. The net profit attributable to the parent company was about 218 million yuan, a slight decrease of 0.12% year-on-year. For the first three quarters of 2025, total revenue reached approximately 4.997 billion yuan, up 16.46% year-on-year, while the net profit attributable to the parent company was around 646 million yuan, an increase of 14.21% year-on-year [2][3] - The company's growth is driven by globalization and smart technology integration, with significant contributions from overseas revenue, which reached 1.753 billion yuan in Q1-Q3 2025, reflecting a year-on-year increase of 21.69% [2][3] - The integration of smart technology into the company's operations has led to a substantial increase in revenue from high-value domain control systems, with a reported revenue of 425 million yuan, marking a dramatic growth of 2003.76% year-on-year [2][3] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of approximately 1.733 billion yuan, with a year-on-year growth of 11.76%. The net profit attributable to the parent company was about 218 million yuan, showing a slight decline of 0.12% year-on-year. For the first three quarters, total revenue was approximately 4.997 billion yuan, up 16.46% year-on-year, and net profit was around 646 million yuan, an increase of 14.21% year-on-year [2][3] Business Development - The company has successfully integrated its smart technology business, increasing its stake in KEBODA Smart Technology from 20% to 80%. This integration is expected to enhance the company's product matrix towards high-value and high-barrier complex domain control systems [2][3] - The company plans to issue convertible bonds not exceeding 1.49 billion yuan to support the expansion of its smart technology automotive central computing platform and domain control capacity, as well as to enhance its R&D and information technology infrastructure [2][3] Earnings Forecast - The company is projected to achieve total revenue of 7.254 billion yuan in 2025, with a year-on-year growth rate of 22%. The net profit attributable to the parent company is expected to reach 925 million yuan, reflecting a growth rate of 20% [3][4]