Core Viewpoint - BYD is showcasing its technological advancements and product appeal at the 2025 Qilu Autumn Auto Show, emphasizing its commitment to both electrification and intelligent driving solutions [1][3][6]. Group 1: Electrification and Intelligent Driving - BYD has established itself as a leader in electrification, having introduced innovative technologies such as blade batteries and DM, and is now focusing on intelligent driving as the next phase of development [3]. - The company has launched its comprehensive intelligent vehicle strategy, featuring the "Tian Shen Zhi Yan" technology matrix, which will be integrated into all models, including the affordable "Haiou" [3][6]. - BYD's intelligent driving capabilities include advanced parking assistance and safety features, with a commitment to cover all user liabilities in intelligent parking scenarios, ensuring consumer confidence [8]. Group 2: Smart Experience Zones - BYD has created over 3,000 square meters of smart experience zones across multiple cities, focusing on enhancing user safety, comfort, and convenience through intelligent technology [5]. - The "Tian Shen Zhi Yan" system showcases its capabilities in complex parking scenarios, leveraging a vast cloud database for superior performance [6][8]. Group 3: Innovative Products - The company has introduced the "Ling Yuan" smart drone system, a collaboration with DJI, which is the first of its kind in the automotive industry, featuring advanced functionalities such as dynamic takeoff and landing [10][13]. - The "Ling Yuan" system is designed to enhance user experience with features like 4K video streaming and automated battery swapping, showcasing BYD's commitment to integrating cutting-edge technology into its vehicles [10][13][15]. Group 4: Advanced Driving Technologies - BYD's "Yi San Fang" and "Yi Si Fang" technologies represent significant advancements in vehicle control and safety, offering features like independent motor control and enhanced stability in adverse weather conditions [17][20]. - The intelligent cockpit, powered by the DiLink system, transforms the vehicle into a smart living space, focusing on user personalization and proactive services [20]. Group 5: Event Invitation - BYD invites attendees to experience its innovative technologies and products at the 2025 Qilu Autumn Auto Show from September 4 to 8 [21].

Core Viewpoint - BYDE's 1H25 results showed mixed performance with revenue and net profit growth of 2.6% and 14.0% respectively, attributed to stringent cost control measures [1][2] Financial Performance - Revenue reached RMB 80.6 billion, which was approximately 6% below Bloomberg consensus, while net profit of RMB 1,730 million was largely in line with expectations [2] - Gross margin improved by 0.1 percentage points year-on-year to 6.9%, although it fell short of the FY25E consensus of 7.3% [2] - The R&D ratio decreased to 2.8% of revenue, down from 3.1%, due to many AIS projects entering mass production [2] - A reversal of RMB 43.6 million in financial assets' impairment also supported the bottom line [2] Segment Performance - The automotive intelligent segment (AIS) revenue surged 60.5% year-on-year to RMB 12.5 billion, accounting for 15% of total revenue [7] - New intelligent products revenue rose 29% year-on-year to RMB 19.7 billion, representing 24% of total revenue [5] - AIS revenue is expected to reach over RMB 30 billion and RMB 40 billion in FY25E and FY26E respectively, contributing mid-teens to high-teens of total revenue [10] Future Outlook - Management provided a stable outlook for 2H25 in consumer electronics, expecting more high-end project wins from key US clients [4] - BYDE anticipates Jabil business growth exceeding 50% year-on-year, driven by increased adoption of titanium casing and expansion into non-smartphone projects [5] - AI server-related business revenue exceeded RMB 1 billion in 1H25, with expectations for mass shipments starting in 2H25 [5][6] - The company aims to capture downstream demand in AI servers and optical module products, with plans for mass production of 800G optical transceivers [6] Investment Perspective - BYDE's share price has corrected approximately 12% from recent highs, trading at a FY26E PE of 13.9x, which is an 11% discount to the 5-year average [12] - The company maintains a BUY rating with a target price of HK$53.20, reflecting confidence in its diversified business strategy and potential for re-rating [12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 99.65 RMB [5][6]. Core Views - The company plans to acquire 60% of Kobotada Intelligent Technology for 345 million RMB, with an assessed value of 575 million RMB, enhancing its stake to 80% [1][2]. - The acquisition is expected to accelerate the company's global expansion in intelligent automotive products, with a strong order backlog exceeding 20 billion RMB [1][2]. - Kobotada Intelligent focuses on automotive intelligence, particularly smart driving, and has established partnerships with leading tech firms, projecting significant revenue growth [1][2][3]. Summary by Sections Acquisition Details - The acquisition of Kobotada is set to be completed by September 30, 2025, with the company expecting to consolidate Kobotada's financials thereafter [1]. - The estimated revenue for Kobotada in 2025 is projected to be between 700 million to 1 billion RMB, indicating a price-to-sales (PS) ratio of 0.6 to 0.8, which is lower than comparable companies [2]. Business Expansion - The acquisition is anticipated to broaden the company's market share and enhance product value, fostering deeper collaborations with major automotive brands globally [3]. - The company aims to improve its competitive edge in the global market through this strategic acquisition [3]. Financial Projections - Revenue forecasts for the company from 2025 to 2027 are 7.83 billion RMB, 10.15 billion RMB, and 12.56 billion RMB, respectively, with net profits projected at 1.05 billion RMB, 1.44 billion RMB, and 1.84 billion RMB [4][9]. - The report maintains previous earnings estimates, projecting a PE ratio of 38 times for 2025 [4].

Core Viewpoint - The company Kobot has announced a cash acquisition of 60% equity in Kobot Intelligent Technology from Shanghai Keshih Investment Management for 345 million yuan, which constitutes a related party transaction due to control by the company's actual controller [1] Group 1: Acquisition Details - The acquisition price for the 60% stake is set at 345 million yuan [1] - Shanghai Keshih has committed to a performance guarantee, ensuring that Kobot Intelligent Technology will achieve a cumulative net profit of no less than 630 million yuan during specified future periods [1] - The acquisition is part of Kobot's strategy to enter the core product track of automotive intelligence, leveraging Kobot Intelligent Technology's expertise in automotive central computing platforms and related domain controllers [2] Group 2: Financial Assessment - As of July 31, the total equity value of Kobot Intelligent Technology was assessed at 575 million yuan, reflecting an increase of 499 million yuan and a valuation increase rate of 653.25% [2] - Kobot Intelligent Technology reported total assets of 779 million yuan and total owners' equity of 74.81 million yuan as of July 31 [2] - For the year 2024, Kobot Intelligent Technology is projected to generate revenue of 178 million yuan but incurred a net loss of 41.9 million yuan [2] Group 3: Historical Context and Performance - Kobot initially acquired a 20% stake in Kobot Intelligent Technology for 40 million yuan in October 2022, indicating a strategic interest in the company [2] - Kobot Intelligent Technology has focused on technology research and product breakthroughs, achieving a research and development expense ratio of 43.62% in 2024 [3] - The company has begun to commercialize its research efforts, with a significant reduction in the R&D expense ratio to 20.79% in the first seven months of 2025 [3]

Core Viewpoint - The article discusses the strategic acquisition of a 60% stake in Shanghai Kebo Da Intelligent Technology Co., Ltd. by Kebo Da Technology Co., Ltd. for 345 million yuan, aimed at enhancing its position in the automotive intelligent driving domain and expanding its product offerings in high-value domain controllers [6][7][10]. Financial Performance - Kebo Da's net profit for the second quarter increased by 61% year-on-year, indicating strong financial health and a robust order backlog [2]. - The company anticipates revenues of 7.2 billion, 9.27 billion, and 11.4 billion yuan for the years 2025, 2026, and 2027, respectively, with profits projected at 1.01 billion, 1.28 billion, and 1.54 billion yuan [5]. Strategic Acquisition - The acquisition of Kebo Da Intelligent Technology is a response to national policies promoting the intelligent transformation of the automotive industry, aligning with the government's goal of having over 50% of new energy vehicles by 2030 [10]. - The deal is expected to open new growth avenues for Kebo Da, enhancing its product matrix in the intelligent driving sector and solidifying its market position [11][12]. Market Positioning - Kebo Da has established deep partnerships with global automotive brands such as Volkswagen, BMW, and General Motors, positioning itself as a key player in the intelligent driving technology ecosystem [4][11]. - The company aims to enhance customer loyalty and expand market share by integrating its intelligent central computing platform and domain controller products into the automotive supply chain [12][13]. Product Development - Kebo Da Intelligent Technology focuses on high-performance intelligent driving domain controllers, with lifecycle sales expected to exceed 20 billion yuan for specific projects [11]. - The integration of Kebo Da Intelligent Technology is set to improve the company's technological capabilities and product offerings, addressing existing gaps in the automotive intelligent technology sector [13][14]. Supply Chain and Manufacturing - The acquisition will enhance Kebo Da's supply chain capabilities, particularly in high-end semiconductor components, which are crucial for the development of intelligent automotive products [14][15]. - The company plans to leverage the manufacturing expertise of Kebo Da Intelligent Technology to upgrade its production processes, transitioning towards more efficient and intelligent manufacturing systems [15].

证券研究报告 | 2025年09月05日 科博达（603786.SH） 科博达收购参股公司智能科技 60%股权，打开高单价驾驶域控成长曲线 |  公司研究·公司快评 | |  | 汽车·汽车零部件 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 唐旭霞 | 0755-81981814 | tangxx@guosen.com.cn | 执证编码：S0980519080002 | | 证券分析师： | 杨钐 | 0755-81982771 | yangshan@guosen.com.cn | 执证编码：S0980523110001 | 事项： 公司公告：公司发布《科博达技术股份有限公司关于购买股权暨关联交易的公告》，科博达技术股份有限 公司拟以现金方式收购上海科博达智能科技有限公司 60%股权，交易价格为 3.45 亿元，本次交易资金来 源于公司自有资金。科博达智能科技主业智能驾驶域控制器，2024 年、2025 年 1-7 月分别实现营收 1.78、 2.99 亿元，归母净利润-0.42、-0.35 亿元。科博达智能科技承诺 20 ...

Group 1 - The State Council issued an opinion to promote high-quality development of the sports industry, aiming for a total scale exceeding 70 trillion yuan by 2030 [2] - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system [2] - The Ministry of Industry and Information Technology released an action plan for the electronic information manufacturing industry, focusing on high-quality development in sectors like photovoltaics and lithium batteries [3] Group 2 - Huawei launched its second foldable smartphone, the MateXTs, marking it as the world's second mass-produced foldable phone [5] - China Shipbuilding Industry Group's A-share stock will be delisted [6] - Guoxin Technology successfully tested a new high-performance chip for automotive electronics [10] Group 3 - Huafu Securities expects improvement in profitability for most sub-sectors in the light manufacturing industry in the second half of the year [21] - The packaging sector is maintaining steady growth, while the home furnishing and paper-making sectors are gradually bottoming out [21] - The brokerage sector is recommended due to the dual drivers of increased allocation and performance improvement [21]

Group 1 - The company plans to acquire 60% equity of Shanghai Kebo Da Intelligent Technology Co., Ltd. for 345 million yuan, constituting a related party transaction [2] - Shanghai Kebo Da Intelligent Technology focuses on providing high-performance automotive intelligent central computing platforms and related domain controller products, with a projected sales revenue exceeding 20 billion yuan from key projects [3] - The acquisition aligns with the global trend of automotive industry intelligence, allowing the company to enhance its technological capabilities and market resources in the automotive intelligence sector [4] Group 2 - Shanghai Kebo Da has committed to a net profit of no less than 630 million yuan from August 2025 to December 2030, with performance guarantees included in the acquisition agreement [3] - The company has established a wholly-owned subsidiary, Kebo Da Intelligent Technology (Anhui) Co., Ltd., with a registered capital of 100 million yuan [2]

Core Viewpoint - Company plans to acquire 60% stake in Shanghai Keda Intelligent Technology Co., Ltd. for 345 million yuan, constituting a related party transaction [1] Group 1: Acquisition Details - The acquisition involves cash payment for the stake held by Shanghai Keshishi Investment Management Co., Ltd., which is controlled by the company's actual controller [1] - Shanghai Keda Intelligent Technology was established in October 2022 with an initial registered capital of 200 million yuan, which has not changed since its inception [1] - The company has a wholly-owned subsidiary, Keda Intelligent Technology (Anhui) Co., Ltd., established in March 2023 with a registered capital of 100 million yuan [1] Group 2: Business Focus and Market Potential - Keda Intelligent Technology specializes in providing high-performance automotive intelligent central computing platforms and related domain controller products, with a focus on advanced software algorithms and hardware design [1] - The company has developed products such as intelligent driving domain controllers, with expected sales exceeding 20 billion yuan from key projects with four major domestic and international automotive brands [1] Group 3: Performance Commitment - Shanghai Keshishi has committed that Keda Intelligent Technology will achieve a cumulative net profit of no less than 630 million yuan from August to December 2025 and from 2026 to 2030 [2] - The acquisition agreement includes performance commitments and compensation clauses to mitigate risks associated with potential underperformance [2] Group 4: Strategic Alignment - The acquisition aligns with the company's strategy to expand in the automotive intelligence technology sector, aiming to provide safer, more comfortable, and energy-efficient solutions for smart mobility [2] - The transaction allows the company to leverage Keda Intelligent Technology's expertise and market resources in the core product segment of automotive intelligence [2]

Summary of Baolong Technology Conference Call Company Overview - Baolong Technology is a leading player in the air suspension technology industry, with a focus on automation and intelligent manufacturing in its Hefei smart factory [2][4]. Key Points and Arguments - **Automation Level**: The Hefei smart factory has achieved an automation level exceeding 60%, utilizing robotic arms, sensors, and a Manufacturing Execution System (MES) for production traceability and unmanned warehouse management [2][4]. - **Air Suspension Technology**: The air suspension system adjusts spring stiffness and damping based on road conditions, vehicle speed, and driver intent, enhancing driving comfort and experience [2][6]. - **R&D Capabilities**: Since 2012, Baolong has developed air spring technology, achieving mass production in 2021. The company has a dedicated R&D team of approximately 300 people, capable of independent development from sensing components to ECU hardware and software [2][8]. - **Production Capacity**: The electric shock absorber production line in the Hefei factory has a cycle time of 15 seconds, with an annual capacity of 1 million units, requiring only 7 workers for assistance [2][9]. - **Global Expansion**: Baolong is constructing a factory in Hungary, expected to be completed by the end of 2025, with production lines operational by the second quarter of 2026, targeting European and American markets [5][18]. Additional Important Content - **Cost Reduction and Quality Assurance**: The domestic development of the fully active suspension system has reduced costs and improved quality assurance compared to reliance on foreign suppliers [5][17]. - **Technological Advancements**: The evolution of air springs from single-chamber to dual-chamber designs has enhanced performance, with the fully active suspension system expected to achieve a response speed of 300 mm per second by 2026 [7][18]. - **Black Light Factory Operations**: The black light factory operates fully automated, from raw material feeding to sorting, utilizing AGV carts for material transport [12]. - **Suspension Controller Functionality**: The suspension controller optimizes vehicle comfort and handling by adjusting air springs and shock absorbers based on various sensor inputs [13]. This summary encapsulates the critical insights from the conference call regarding Baolong Technology's operations, technological advancements, and future plans in the air suspension industry.