证 券 研 究 报 告 步入常态化发行期，申购收益率可观 ——2025年北交所新股申购8月报 证券分析师：刘靖 A0230512070005 王雨晴 A0230522010003 研究支持： 吕靖华 A0230124070002 2025.09.04 主要内容 ◼ 2025年新股申购收益及收益率预测 www.swsresearch.com 证券研究报告 2 (1) 2025年8月北交所发行新股5只，募资金额12.20亿；2025年1-8月累计发行新股12只，合计募资金额37.39亿。 (2) 8月5家企业上会通过、环比+1家；5家企业终止、环比+3家；4家企业注册、环比-2家；无新增受理企业。 (3) 截止至8月末，已过会未注册企业13家，拟募资26.10亿元；已注册未发行企业3家，拟募资9.29亿元。 (1) 8月共5只直接定价新股申购。首发PEttm中值11X，环比上月-12.06%；平均顶格申购金额1160万元。 (2) 单批新股冻结资金区间为5645.43-7408.33亿元，中值7315.54亿元、环比上月+17.67%；网上中签率中值0.04%。 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 ( ...

Group 1 - The board of directors of Kobot Technology Co., Ltd. held its 19th meeting of the third session on September 4, 2025, with all procedures complying with relevant regulations [1][2]. - The board approved a proposal for equity acquisition and related transactions, which aims to optimize product structure, enhance product quality, and strengthen the supply chain, thereby expanding the company's business in automotive intelligence technology [1][2]. - The proposal for a three-year shareholder return plan (2025-2027) was also approved, which will be submitted to the shareholders' meeting for further review [2][3]. Group 2 - The board agreed to convene the third extraordinary shareholders' meeting of 2025 on September 26, 2025, to review the proposals from the board and supervisory committee meetings [2][3]. - The voting results for the equity acquisition proposal were 6 votes in favor, with no votes against or abstentions, while the shareholder return plan received unanimous support from all 9 votes [2].

Core Viewpoint - The company, KBD (科博达), plans to acquire a 60% stake in Shanghai KBD Intelligent Technology Co., Ltd. for a cash price of 345 million yuan, which will enable it to enter the automotive intelligence sector and enhance its technological capabilities and market resources [1]. Group 1 - KBD announced the acquisition of a 60% stake in Shanghai KBD Intelligent Technology for 345 million yuan [1]. - The seller, Shanghai Keshishi, is controlled by KBD's actual controller, Ke Guihua [1]. - KBD Intelligent Technology focuses on providing high-performance automotive intelligent central computing platforms and related domain controller products [1]. Group 2 - The acquisition allows KBD to tap into the core product segment of automotive intelligence [1]. - The transaction is expected to provide KBD with relevant technological capabilities, market resources, and project experience [1].

Core Viewpoint - The company plans to acquire 60% equity of Shanghai Kebo Da Intelligent Technology Co., Ltd. from Shanghai Keshishi Investment Management Co., Ltd. for a cash consideration of 345 million yuan, aiming to enhance its capabilities in the automotive intelligence sector [1] Group 1 - The acquisition price is set at 345 million yuan [1] - The transaction allows the company to leverage Kebo Da Intelligent Technology's expertise in automotive intelligent central computing platforms and related domain controller products [1] - This strategic move aligns with the company's product strategy and enhances its market resources and project experience in the automotive intelligence field [1]

Core Viewpoint - The company plans to acquire a 60% stake in Shanghai Keda Intelligent Technology Co., Ltd. from Shanghai Keshih Investment Management Co., Ltd. for a cash consideration of 345 million yuan, aiming to enhance its capabilities in the automotive intelligence sector [1] Group 1 - The acquisition price is set at 345 million yuan [1] - The transaction allows the company to leverage Keda Intelligent Technology's expertise in automotive intelligent central computing platforms and related domain controller products [1] - This move aligns with the company's strategic planning in product development within the automotive intelligence field [1]

Market Overview - The automotive parts sector experienced a decline of 2.41% on September 4, with Shunyu Precision leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the automotive parts sector included: - Shenglong Co., Ltd. (603178) with a closing price of 20.54, up 10.02% [1] - Chunxing Precision (002547) at 5.95, up 7.01% [1] - Patel (836871) at 19.10, up 6.17% [1] - Conversely, Shunyu Precision (831906) saw a significant decline of 13.18%, closing at 30.29 [2] - Other major decliners included: - Construction Industry (002265) down 10.00% [2] - Zhejiang Rongtai (603119) down 10.00% [2] Capital Flow - The automotive parts sector saw a net outflow of 4.24 billion yuan from institutional investors, while retail investors had a net inflow of 4.791 billion yuan [2][3] - The capital flow for specific stocks indicated: - New Spring Co., Ltd. (603179) had a net inflow of 252 million yuan from institutional investors [3] - Shenglong Co., Ltd. (603178) experienced a net outflow of 528 million yuan from retail investors [3]

Core Viewpoint - The company Kobot (603786.SH) plans to acquire 60% equity of Kobot Intelligent Technology from Shanghai Keshishi for a cash consideration, aiming to enhance its capabilities in the automotive intelligence sector [1] Group 1: Acquisition Details - The valuation of 100% equity of Kobot Intelligent Technology is set at RMB 57,500 million, with an appraisal appreciation rate of 653.25% as of the evaluation benchmark date of July 31, 2025 [1] - The transaction price for the 60% equity stake is RMB 34,500 million [1] Group 2: Strategic Implications - This acquisition allows the company to leverage Kobot Intelligent Technology's expertise in automotive intelligent central computing platforms and related domain controller products, aligning with its product strategy [1] - Kobot Intelligent Technology specializes in providing safe and high-performance automotive intelligent central computing platforms and related domain controller products, possessing advanced software algorithms, hardware design, and manufacturing capabilities [1] Group 3: Market Position and Potential - Kobot Intelligent Technology has developed automotive intelligent central computing platforms and intelligent driving domain controllers, with established clients including four major domestic and international automotive brands [1] - The projected sales revenue from designated projects is expected to exceed RMB 200 billion [1]

Core Insights - Zhejiang Shibao's intelligent steering system is applicable to various vehicle types, including light commercial vehicles, medium and heavy commercial vehicles, passenger cars, and new energy vehicles [2] - The company is a major supplier of electric steering gear for domestic new energy light trucks and has its electro-hydraulic steering gear applied in heavy unmanned mining trucks [2] - The intelligent electric EPS products used in passenger cars are widely adopted by clients such as Chery, Geely, NIO, Li Auto, and Leap Motor [2]

人民财讯9月4日电，企查查APP显示，近日，戴卡(金华)汽车零部件制造有限公司成立，注册资本2.5亿 元，经营范围包含：汽车零部件及配件制造；汽车零部件研发；汽车零部件再制造；汽车零配件批发 等。企查查股权穿透显示，该公司由中信戴卡股份有限公司、金华市产业发展集团有限公司共同持股。 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.524 billion CNY, representing a year-on-year growth of 35.32% [2] - The overall gross margin for the same period was 18.01%, a decrease of 1.77% compared to the previous year, primarily due to a decline in product prices [2] - The net profit margin for the first half of 2025 was 6.10%, with a continuous decrease in the proportion of sales, management, and R&D expenses relative to revenue [3] Group 2: Product Insights - The C-EPS product significantly impacted the gross margin, contributing approximately 50% of the company's revenue [2] - The company is a major supplier of electric steering systems for new energy light trucks, holding over 50% of the market share in this segment [3] - The company anticipates that the domestic steer-by-wire market will begin large-scale development in 2026, with products expected to enter mass production in the second half of that year [3] Group 3: Cost Management and Future Outlook - The company is implementing multi-dimensional cost reduction strategies, including optimizing product design and enhancing operational efficiency through digitalization [3] - The company expects product prices to stabilize in the second half of the year, which will help maintain gross margin stability [2] - There are currently no specific plans for overseas factory investments, but the company is actively pursuing supplier qualifications with several international automotive manufacturers [4]