Core Viewpoint - The company has developed technical reserves for Electronic Mechanical Braking (EMB) products, which are not yet in mass production, and the market launch date will depend on customer project plans [1] Group 1: Company Developments - The company has been focusing on corner module technology in recent years, aiming to provide comprehensive and systematic solutions [1] - The integrated solution includes hub motors, EMB, steering systems, active suspension, and chassis domain controllers, allowing independent control of vehicle systems [1] - This innovation disrupts traditional Ackermann steering, enabling vehicles to perform functions like turning in place and lateral movement, significantly expanding application scenarios [1] Group 2: Industry Implications - The advancements meet user demands for personalized and customized travel, laying a solid foundation for the popularization of intelligent driving [1]

Group 1 - The company plans to acquire 60% of Kobotda Intelligent Technology for a cash consideration of 345 million yuan, increasing its stake to 80% [2][3] - Kobotda specializes in high-performance automotive intelligent central computing platforms and related domain controllers, with total assets of 779 million yuan and a net asset of 75 million yuan as of July 31, 2025 [3] - The acquisition is expected to enhance the company's technology, product offerings, and customer base, with a projected cumulative net profit of no less than 630 million yuan from Kobotda between August 2025 and 2030 [3] Group 2 - The company is a rare domestic automotive electronics supplier with strong software and hardware capabilities, focusing on electric control systems and ECU [4] - The shift towards centralized electronic architecture in vehicles is expected to accelerate the development of domain controller businesses, with the company already securing contracts for body and chassis domain controllers [4] - The company is also establishing its first overseas factory in Japan to gain international operational experience and accelerate global expansion [4] Group 3 - The company has successfully established a market presence with major domestic and international electric vehicle manufacturers, including Volkswagen, BYD, Tesla, and others [5] - Revenue projections for 2025-2027 are 7.87 billion yuan, 9.86 billion yuan, and 12.20 billion yuan, with net profits of 1.05 billion yuan, 1.34 billion yuan, and 1.71 billion yuan respectively [5][6] - The company maintains a "recommended" rating, with expected PE ratios decreasing from 29 in 2024 to 13 in 2027 [6]

➢ 风险提示：客户销量不及预期、域控业务不及预期、收购不及预期的风险等。 [盈利预测与财务指标 Table_Forcast] ➢ 智驾子公司收购 新产品、新客户不断突破。公司拟以现金 3.45 亿元收购科 博达智能科技 60%股权，标的公司主营安全、高性能的汽车智能中央算力平台及 相关域控制器产品，具备行业前沿的软件算法、硬件设计和生产制造能力，标的 公司截至 20250731 资产总额 7.79 亿元/净资产 0.75 亿元，2025 年 1-7 月实 现收入 2.99 亿元、净利润-0.35 亿元，亏损主要系研发投入较大、固定资产投入 前置，导致阶段性亏损，但盈利能力相比 2024 年显著提升，我们看好本次收购 对上市公司技术、产品、客户的完善：1）充足在手订单支撑未来增长：科博达 智能科技已开发出汽车智能中央算力平台、智能驾驶域控制器等产品，并定点国 内、国际主流品牌在内的 4 家客户、生命周期销售额预计超 200 亿元；2）业绩 承诺凸显发展信心：出售方承诺 2025 年 8-12 月、2026-2030 年度科博达智能 科技累计实现净利润不低于 6.3 亿元，对应年化利润约 1.16 亿元，本次收购 ...

Investment Rating - The investment rating for the company is Neutral (maintained) [2] Core Views - The company has shown initial results in cost control, with a significant increase in automotive electronics contributing to profit recovery [6] - The company reported a revenue of 5.541 billion yuan in 2024, representing an 18.5% year-on-year growth, while the net profit attributable to the parent company was a loss of 550 million yuan [6] - In Q1 2025, the company achieved a revenue of 1.328 billion yuan, a 49.3% increase year-on-year, indicating a narrowing of losses [6] - The company is actively expanding its international market presence, securing contracts with major OEMs and enhancing its global service capabilities [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 7.335 billion yuan, with a year-on-year growth rate of 32.4% [5] - The company expects to achieve a net profit of 28 million yuan in 2025E, with a significant turnaround projected for 2026E at 175 million yuan [5] - The gross margin is expected to improve from 21.5% in 2024 to 23.8% in 2025E, reflecting better cost management and product mix [5] - The company anticipates a gradual recovery in profitability, with a projected return on equity (ROE) of 0.7% in 2025E, increasing to 6.2% by 2027E [5] Revenue and Cost Analysis - The company’s operating revenue is forecasted to grow from 5.541 billion yuan in 2024 to 10.207 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 14.8% [7] - Research and development expenses are expected to stabilize, with a decrease in the R&D expense ratio from 18.7% in 2024 to 12.6% by 2027, indicating improved operational efficiency [6][7] - The company is focusing on the production of smart driving electronic products and chassis domain controllers, which are expected to contribute significantly to revenue growth [6]