Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company plans to acquire 60% of Kobotar Intelligent Technology for a cash consideration of 345 million yuan, increasing its stake to 80% [2]. - Kobotar specializes in high-performance automotive intelligent central computing platforms and related domain controllers, with total assets of 779 million yuan and a net asset of 75 million yuan as of July 31, 2025 [2]. - The acquisition is expected to enhance the company's technology, product offerings, and customer base, with a projected cumulative net profit of no less than 630 million yuan from Kobotar from August 2025 to 2030 [2]. - The company is transitioning to a platform-based automotive electronics supplier, with strong capabilities in both software and hardware, and has begun mass production of body and chassis domain controllers [3]. - The company has established a global strategy, expanding its client base from Volkswagen to various new energy vehicle manufacturers, and is set to enter global production with the acquisition of IMI [3]. Financial Projections - Revenue is projected to grow from 7.87 billion yuan in 2025 to 12.20 billion yuan in 2027, with net profit increasing from 1.05 billion yuan to 1.71 billion yuan during the same period [5][10]. - The earnings per share (EPS) are expected to rise from 2.61 yuan in 2025 to 4.24 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 21 to 13 [4][5].