Core Viewpoint - The company, Kaiter Co., Ltd., has signed a strategic cooperation agreement with Haote Energy to expand into the data center thermal management sector, supported by local government resources [2]. Group 1: Strategic Cooperation - Kaiter Co., Ltd. is a well-known provider of automotive thermal system products, focusing on the R&D, production, and sales of sensors, controllers, and actuators [2]. - The partnership with Haote Energy aims to build a supply chain for energy storage and data centers, sharing resources in manufacturing, customer information, and R&D [2]. - The collaboration is expected to accelerate the implementation of green thermal management solutions in the industry [2]. Group 2: Business Expansion - Kaiter Co., Ltd. is also accelerating its entry into the robotics sector, focusing on core component R&D to create a vertical integration model [3]. - The company has established a joint venture with Xi'an Xutong Electronics to develop key robotic components, with successful sample development reported [3]. - In the first half of the year, Kaiter Co., Ltd. achieved a revenue of 503 million yuan, a year-on-year increase of 44.86%, and a net profit of 85.25 million yuan, up 39.96% [3]. Group 3: Market Position and Outlook - According to research from Shenwan Hongyuan, the company has a solid business foundation with high order certainty in the automotive sector, and steady progress in its energy storage CSS business [4]. - Robotics is identified as a key development direction for the company, with active layouts in core components such as six-dimensional force sensors and encoders [4].

Summary of KAIT's Conference Call Company Overview - KAIT Co., Ltd. is focused on automotive thermal management systems, including sensors, actuators, and controllers, with a strong client base among major automotive manufacturers and suppliers [3][4][9]. Key Industry Insights - The automotive thermal management industry is experiencing rapid growth due to the increasing penetration of electric vehicles (EVs) and advancements in smart technology. The complexity of management systems in EVs is significantly higher than in traditional fuel vehicles, leading to a projected market growth rate of approximately 9% to 10% from 2023 to 2029, with the global actuator market expected to reach 275.9 billion by 2029 [12][16]. Financial Performance - KAIT's revenue for 2023 was 650 million, projected to increase to 826 million in 2024, with a 44% year-on-year growth to 500 million in the first half of 2025. The company anticipates total revenue exceeding 1 billion in 2025 [2][11][30]. - The net profit for 2023 was 114 million, expected to rise to 138 million in 2024, with a net profit of 85 million in the first half of 2025, reflecting a 39.96% year-on-year increase [11][30]. Business Segments and Growth - KAIT's actuator segment is the fastest-growing, with a 74% year-on-year increase in revenue, accounting for 44.91% of total revenue as of the first half of 2025. The sensor segment follows with a 35% share and a gross margin close to 50% [4][7][11]. - The company has shifted its strategic focus from developing automotive motor control modules to actuators, responding to market demand [8][14]. Strategic Partnerships and Innovations - KAIT has partnered with Shanghai Turing Robotics to develop humanoid robot sensors, receiving small batch orders for six-dimensional force sensors, which could significantly boost future revenues [2][4][10]. - The company has established a joint venture with Xi'an Xutong Electronics to enter the humanoid robotics market, aiming to create a second growth curve [8][14]. Client Base and Market Position - KAIT's major clients include BYD, NIO, and international firms like Denso and Valeo. BYD is the largest client, contributing nearly 30% of revenue in 2023 [3][9][30]. - The concentration of revenue from the top five clients increased from 39.3% in 2020 to 55.26% in 2024, indicating a strong client dependency [9]. Future Outlook and Valuation - KAIT is projected to achieve revenues of 1.068 billion in 2025, with profits ranging from 180 million to 200 million. The company is expected to maintain a compound annual growth rate of around 30% over the next two to three years [4][15][31]. - The current market capitalization is 6.9 billion, with a price-to-earnings ratio of approximately 35 for 2025, suggesting that the valuation does not fully reflect the potential in the humanoid robotics sector [15][31]. Risks and Challenges - Key risks include potential underperformance in new product and market expansions, pricing pressures from major clients like BYD, and fluctuations in raw material costs [31].

证券简称： 开特股份 证券代码： 832978 湖北开特汽车电子电器系统股份有限公司 湖北省武汉市武昌区长江路 36 附 25 号 3 楼 湖北开特汽车电子电器系统股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 2 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存在虚假记 载、误导性陈述或者重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈述或者重大遗漏， 并对其真实性、准确性、完整性承担相应的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中财务会计资料真实、 准确、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制人以及保荐人、承 销商承诺因发行人招股说明书及其他信息披露资料有虚假记载、误导性陈述或者重大遗 ...

证券简称： 开特股份 证券代码： 832978 湖北省武汉市武昌区长江路 36 附 25 号 3 楼 湖北开特汽车电子电器系统股份有限公司 湖北开特汽车电子电器系统股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存在虚假记 载、误导性陈述或者重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈述或者重大遗漏， 并对其真实性、准确性、完整性承担相应的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中财务会计资料真实、 准确、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制人以及保荐人、承 销商承诺因发行人招股说明书及其他信息披露资料有虚假记载、误导性陈述或者重大遗漏，致使 投资者在证券发行和交易中遭受损失的，将依法承担法律责任。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。 ...

证券简称： 开特股份 证券代码： 832978 湖北省武汉市武昌区长江路 36 附 25 号 3 楼 湖北开特汽车电子电器系统股份有限公司 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 保荐机构（主承销商） （西宁市南川工业园区创业路 108 号） 1 湖北开特汽车电子电器系统股份有限公司招股说明书（申报稿） 素，审慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责； ...

证券简称： 开特股份 证券代码： 832978 湖北省武汉市武昌区长江路 36 附 25 号 3 楼 湖北开特汽车电子电器系统股份有限公司 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 湖北开特汽车电子电器系统股份有限公司招股说明书（申报稿） 素，审慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后 因发行人经营与收益变化或者股票价格变动引致的投资风险。 2 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投 ...

证券简称： 开特股份 证券代码： 832978 湖北省武汉市武昌区长江路 36 附 25 号 3 楼 湖北开特汽车电子电器系统股份有限公司 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 保荐机构（主承销商） （西宁市南川工业园区创业路 108 号） 1 湖北开特汽车电子电器系统股份有限公司招股说明书（申报稿） 素，审慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责； ...