Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [6]. Core Insights - The company reported a revenue of 2.345 billion yuan for the first half of 2025, representing a year-on-year growth of 27.35%. The net profit attributable to shareholders was 480 million yuan, up 24.29%, while the net profit after deducting non-recurring items surged by 64.12% to 475 million yuan [1]. - Multiple business segments are showing strong growth, with the automotive diagnostic business generating 694 million yuan (up 14.14%), ADAS products at 207 million yuan (up 17.22%), and TPMS products at 516 million yuan (up 56.83%). The energy intelligence hub (new energy charging) business achieved 524 million yuan (up 40.47%), and AI and software business reached 281 million yuan (up 30.13%) [2]. - The overseas charging station market is expanding, supported by initiatives in Europe and North America. The company has secured contracts for 50,000 commercial AC charging stations in North America, amounting to 238 million yuan [3]. - The company is implementing a strategy focused on embodied intelligence, enhancing its capabilities in autonomous operations and collaborative robotics [3]. Financial Projections - Revenue projections for 2025-2027 are 4.81 billion, 5.99 billion, and 7.50 billion yuan, with year-on-year growth rates of 22.4%, 24.4%, and 25.3% respectively. Net profit attributable to shareholders is expected to reach 940 million, 1.165 billion, and 1.463 billion yuan, with growth rates of 46.7%, 24.0%, and 25.5% [4][5]. - The current stock price corresponds to price-to-earnings ratios of 28, 22, and 18 for the years 2025-2027, reflecting a favorable valuation given the company's growth trajectory [4].

道通科技 20250817 摘要 道通科技 2025 年上半年营收 20.45 亿元，同比增长 27%，扣非归母 净利润 4.75 亿元，同比增长 64%。各业务板块均实现增长，其中智能 维修终端收入 15.4 亿元，能源智能中枢业务收入 5.24 亿元，AI 及软件 业务收入 2.81 亿元。 智能维修终端业务中，汽车综合诊断产品收入 6.94 亿元，同比增长 14%；TPMS 产品收入 5.16 亿元，同比增长 57%；ADAS 产品收入 2.07 亿元，同比增长 17%；AI agents 服务收入 2.76 亿元，同比增长 31%。 新能源智能中枢业务营收达 5.24 亿元，同比增长 40%，毛利率同比提 高 2.23 个百分点。新一代液冷充电模块将在第四季度逐步量产，并发 布数字能源充电大模型及系列 AI agents 应用。 TPMS 业务受益于法规强制安装和替换周期，市场需求旺盛，预计可持 续保持高增长。公司 TPMS 产品具有广泛的通用性，适用于几乎所有车 型车系，降低了维修店的库存压力。 Q&A 请介绍道通科技 2025 年上半年的整体经营情况。 2025 年上半年，道通科技紧紧抓住全球综合 ...