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 ...

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]