拟收购捷克IMI 公司，全球化战略迈出关键一步。公司公告拟以942.56 万欧元价格收购捷克IMI 公司 100%股权，后续将导入科博达自有业务。本次收购后公司完成境外设厂目的，满足客户海外布局需 求，捷克工厂将成为科博达在欧洲的"桥头堡"，后续公司将在欧洲核心区域建立高标准汽车电子生产基 地。通过本次收购，公司有效降低了供应链不确定性风险，大幅提升海外客户拓展和全球化生产配套能 力，为参与全球市场竞争奠定基础。国内方面，公司为优化产能布局高标准规划了安徽生产基地项目， 目前已正式投入使用，后续将根据定点项目未来生产节奏分批投放产能，预计公司新基地投入使用后智 能化、节能化方向产品产能将大幅提升，生产效率和产品性能稳定性亦将同步改善。 季度利润端表现亮眼，海外业务贡献主要增量。公司上半年营业收入30.47 亿元，同比增长11.1%；归 母净利润4.51 亿元，同比增长21.3%；扣非归母净利润4.30 亿元，同比增长25.2%。2 季度营业收入 16.73 亿元，同比增长26.2%，环比增长21.7%；归母净利润2.45 亿元，同比增长60.7%，环比增长 19.0%；扣非归母净利润2.41 亿元，同比增长6 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company achieved a record high net profit for the first half of 2025, driven by smart and global strategies [4][7] - Revenue for the first half of 2025 reached 3.047 billion yuan, a year-on-year increase of 11.10%, while net profit attributable to shareholders was 451 million yuan, up 21.34% year-on-year [4][7] - The company’s overseas revenue for the first half of 2025 was 1.148 billion yuan, representing a growth of 23.19% year-on-year, accounting for approximately 39% of total revenue [7] Revenue and Profitability - In Q2 2025, the company reported revenue of 1.673 billion yuan, a year-on-year increase of 26.22% and a quarter-on-quarter increase of 21.70% [4][7] - The net profit for Q2 2025 was 245 million yuan, reflecting a year-on-year growth of 60.66% and a quarter-on-quarter increase of 19.04% [4][7] - The company’s effective cost control and foreign exchange gains contributed to the profitability, with the selling, general and administrative expenses showing a decrease in their ratios [7] Product and Market Expansion - The company secured new projects exceeding 7 billion yuan in the first half of 2025, including a significant contract for a central domain controller with a well-known international automaker [7][9] - The product matrix continues to expand with new offerings such as smart distribution boxes and intelligent control systems, which are expected to enhance the company's value per vehicle and optimize product structure [7][9] Financial Forecast - The company is projected to achieve total revenue of 7.278 billion yuan in 2025, with a year-on-year growth rate of 22% [8][9] - The net profit attributable to shareholders is expected to reach 1.048 billion yuan in 2025, with a growth rate of 36% [8][9] - The report indicates a decreasing trend in P/E ratios over the forecast period, suggesting potential for investment [8][9]

证券研究报告 | 2025年09月01日 科博达（603786.SH） 优于大市 单二季度净利润同比增长 61%，在手订单充沛 得益于新产品、新客户项目量产，科博达营收同比高增长。公司 2025H1 实 现营收 30.47 亿元，同比增长 11.1%，实现归母净利润 4.51 亿元，同比 增长 21.3%。拆单季度看，公司 2025Q2 实现营收 16.73 亿元，同比增长 26.2%，环比增长 21.7%，归母净利润 2.45 亿元，同比增长 60.7%，环 比增长 19.0%。分产品看，2025Q2 照明控制系统营收 8.9 亿元，同比增 长 38%，环比增长 38%，电机控制系统营收 2.5 亿元，同比增长 20%，环 比增长 1%，车载电器与电子营收 2.3 亿元，同比增长 14%，环比增长 4%， 能源管理系统营收 2.2 亿元，同比增长 31%，环比增长 39%。 费用率下降，公司 2025Q2 毛利率环比提升。2025Q2 公司毛利率 27.2%，同 比+1.1pct，环比+0.2pct，净利率 15.1%，同比+2.8pct，环比-0.8pct。 2025Q2 公司四费率 10.0%，同比-4 ...

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue and net profit growth driven by new products and customer acquisitions, indicating a positive outlook for future growth [3][4][7]. Financial Performance - In H1 2025, the company achieved revenue of 3.05 billion yuan, a year-on-year increase of 11.1%, and a net profit of 450 million yuan, up 21.3% year-on-year [3]. - Q2 2025 saw revenue of 1.67 billion yuan, representing a year-on-year growth of 26.3% and a quarter-on-quarter increase of 21.8%. Net profit for Q2 was 250 million yuan, up 60.7% year-on-year [4]. - The gross margin for Q2 2025 reached 27.2%, an increase of 1.1 percentage points year-on-year, attributed to product and customer structure optimization [5]. Product and Market Development - The company has expanded its global customer base significantly, with new projects generating over 7 billion yuan in sales. Notably, it secured contracts with a major international automotive manufacturer for advanced electronic components [4]. - The product portfolio has been enhanced with new high-value products such as smart distribution boxes and chassis controllers, aligning with industry trends [4][6]. - The company is transitioning to a platform-based automotive electronics supplier, focusing on domain controllers and integrating various electronic components [6]. Strategic Initiatives - The company has accelerated its global strategy, completing the acquisition of a Czech company, which enhances its production capabilities in Europe [7]. - It has established a strong market presence among leading electric vehicle manufacturers, including Volkswagen, BYD, and Tesla, positioning itself for long-term benefits from the shift towards smart and electric vehicles [7]. Future Projections - Revenue projections for 2025-2027 are estimated at 7.87 billion yuan, 9.86 billion yuan, and 12.20 billion yuan, respectively, with net profits expected to reach 1.05 billion yuan, 1.34 billion yuan, and 1.71 billion yuan [8].

Group 1 - The company reported a revenue of 3.047 billion yuan for the first half of 2025, representing an 11.1% year-on-year growth [1] - The net profit attributable to shareholders reached 451 million yuan, with a year-on-year increase of 21.34% [1] - The net cash flow from operating activities was 448 million yuan, showing a significant increase of 255.73% compared to the same period last year [1] Group 2 - The overseas revenue for the company was 1.148 billion yuan, reflecting a year-on-year growth of 23.19%, accounting for over 38% of total revenue [1] - The company has achieved revenue growth across all four major business segments: lighting control systems (12.03%), motor control systems (14.47%), energy management systems (20.18%), and automotive electrical and electronic products (7.95%) [1] Group 3 - The company has secured new projects with an expected lifecycle sales exceeding 7 billion yuan, including a significant project for a central domain control product for a well-known international automaker [2] - The central domain control product is a key component in vehicle management, covering various functionalities such as climate control and remote software upgrades [2] - The company has developed several new products that align with industry trends, including smart distribution boxes and intelligent control systems, which are expected to drive future growth [2] Group 4 - The company acquired 100% of IMI in the Czech Republic to establish a high-standard automotive electronics production base in Europe, enhancing its global production and service capabilities [3] - The Czech facility will serve as a strategic hub for the company in Europe, improving product delivery times and expanding its global customer base [3] - The company aims to upgrade its product offerings from single electronic control units to intelligent domain control products, driven by the global shift towards smart and green automotive solutions [3]