道通科技（688208）：能源智能中枢高增兑现，AIToken驱动平台化升级

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company achieved high-quality growth in 2025, driven by robust performance in its smart maintenance and energy charging businesses, alongside comprehensive AI integration [2][3] - The energy business has become the core growth engine, with significant expansion in global charging infrastructure [2] - The AI and software segment generated revenue of 552 million yuan in 2025, reflecting a year-on-year growth of 22.85%, with a gross margin exceeding 99% [3][6] - The company is transitioning from hardware sales to a service-based model, enhancing its revenue potential through standardized and modular AI capabilities [3][8] - The company maintains a high dividend payout ratio of 76.53%, indicating strong cash flow quality and commitment to shareholder returns [10] Financial Performance - In 2025, the company reported total revenue of 4.833 billion yuan, a year-on-year increase of 22.9%, and a net profit of 936 million yuan, up 46.02% [6][11] - For Q4 2025, revenue reached 1.336 billion yuan, growing 18.46% year-on-year, with net profit soaring 103.19% to 202 million yuan [6] - The revenue forecast for 2026-2028 is projected at 5.865 billion, 7.087 billion, and 8.599 billion yuan, respectively, with net profit estimates of 1.125 billion, 1.418 billion, and 1.742 billion yuan [11][12] Business Segments - The smart maintenance terminal segment generated 2.980 billion yuan in revenue, a growth of 15.83%, with significant contributions from various product lines [7] - The AI and software business achieved 552 million yuan in revenue, with diagnostic-related services contributing 530 million yuan [7] - The smart charging business saw revenue of 1.242 billion yuan, marking a 43.83% increase, driven by the rising penetration of electric vehicles and enhanced AI energy management capabilities [7][9] Future Outlook - The company is actively exploring new growth avenues in robotics and energy management, aiming to integrate AI into energy scheduling and optimization [9] - The transition towards a platform-based service model is expected to enhance operational efficiency and revenue growth [8]