道通科技：业绩高速增长，AI赋能成效显著-20260331

Investment Rating - The report maintains a "Buy" rating for the company, Daotong Technology (688208) [1][6]. Core Insights - The company has demonstrated rapid revenue growth, achieving an operating income of 4.833 billion yuan in 2025, a year-on-year increase of 22.90%. The net profit attributable to shareholders reached 936 million yuan, up 46.02% year-on-year, while the net profit after deducting non-recurring gains and losses was 869 million yuan, reflecting a 60.67% increase [3][4]. - The AI-enabled services have significantly enhanced the company's gross margin, particularly in the intelligent maintenance business, which generated approximately 2.980 billion yuan in revenue, a 15.83% increase year-on-year [4]. - The smart charging business continues to grow robustly, with revenue of 1.242 billion yuan, marking a 43.83% year-on-year increase, and the gross margin improved by 3.94 percentage points [5]. - The company is expected to establish a third growth curve through its embodied intelligence solutions, which have made significant breakthroughs in various applications [6]. Financial Projections - The company forecasts operating revenues of 5.893 billion yuan, 7.197 billion yuan, and 8.766 billion yuan for 2026, 2027, and 2028, respectively. The net profits attributable to shareholders are projected to be 1.159 billion yuan, 1.460 billion yuan, and 1.774 billion yuan for the same years [8][12]. - The report indicates a consistent growth rate in operating income, with expected growth rates of 21.93%, 22.14%, and 21.80% for the years 2026, 2027, and 2028, respectively [8][12].