KEBODA(SH:603786) 车中旭霞·2025-11-05 03:24Core Viewpoint - The article emphasizes the continuous growth of KOBODA's revenue driven by new products and customer projects, highlighting the strategic acquisition of a 60% stake in KOBODA Intelligent Technology to enhance its capabilities in high-value domain controllers [3][37]. Financial Performance - In the first three quarters of 2025, KOBODA achieved revenue of 4.997 billion yuan, a year-on-year increase of 16.5%, and a net profit of 646 million yuan, up 14.2% year-on-year [4][10]. - For Q3 2025, the company reported revenue of 1.733 billion yuan, a year-on-year growth of 11.8% and a quarter-on-quarter increase of 3.6%. However, net profit slightly decreased by 0.1% year-on-year and 11.2% quarter-on-quarter [4][10]. - The gross margin for Q3 2025 was 13.9%, down 16.7 percentage points year-on-year and 13.3 percentage points quarter-on-quarter, while the net margin was 12.6%, a decrease of 1.5 percentage points year-on-year [6][20]. Product Segmentation - In Q3 2025, revenue from the lighting control system was 780 million yuan (up 2% year-on-year), motor control systems generated 270 million yuan (up 16%), and automotive electronics and electrical systems brought in 250 million yuan (up 17%) [4][13]. - The energy management system saw a significant decline, with revenue of 140 million yuan, down 43% year-on-year [4][13]. Customer Base and Market Expansion - KOBODA has expanded its customer base, reducing reliance on major clients like Volkswagen, with new partnerships emerging with leading new energy vehicle manufacturers [16][19]. - The company has secured new projects with major automotive brands, including Mercedes-Benz, BMW, and Audi, indicating a strong market position and growth potential [40][41]. Strategic Initiatives - The acquisition of a 60% stake in KOBODA Intelligent Technology is expected to enhance the company's product offerings in high-value domain controllers, with projected lifecycle sales exceeding 200 billion yuan for existing projects [37][41]. - KOBODA is focusing on optimizing its product structure towards higher-value products such as domain controllers and efuse, with expectations of single vehicle value reaching over 10,000 yuan [8][30]. Globalization and Production Capacity - The company is accelerating its global expansion, including the establishment of a production base in Anhui, which aims to enhance manufacturing capabilities and respond better to customer demands [43][46]. - KOBODA has also acquired a Czech company to establish a production base in Europe, enhancing its operational efficiency and market responsiveness [45][46]. Innovation and Technology Development - KOBODA is actively investing in R&D to enhance its competitive edge in automotive electronics, focusing on intelligent and energy-efficient technologies [28][34]. - The collaboration with Horizon Robotics aims to accelerate the mass production of advanced autonomous driving solutions, positioning KOBODA as a key player in the smart vehicle market [47][48].