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].

Core Viewpoint - The company, Kobotda Technology Co., Ltd., is focused on enhancing operational quality and shareholder returns through a comprehensive action plan for 2025, aligning with regulatory requirements and market trends [7][8][23]. Company Overview - Kobotda is a global player in the automotive electronics sector, aiming to capitalize on the trends of automotive electrification and intelligence [8]. - The company reported a revenue of RMB 5,967.91 million for 2024, marking a year-on-year increase of 29.03% [8]. Financial Data - The total profit and net profit attributable to the parent company for 2024 were RMB 905.79 million and RMB 772.27 million, respectively [8]. Major Shareholder Information - The report does not indicate any changes in the controlling shareholder or actual controller [2.5]. Important Matters - The company has not reported any significant changes in its operational situation during the reporting period [3]. Action Plan for 2025 - The company aims to enhance its global production layout and increase its overseas business, targeting over 50% of sales from international markets [9][10]. - A recent acquisition of 100% equity in Czech IMI Company is expected to bolster the company's overseas manufacturing capabilities [9]. Customer Diversification Strategy - The company plans to reduce reliance on single customers by expanding its client base beyond the Volkswagen Group to include other major automotive manufacturers [11]. Collaboration and Innovation - Kobotda intends to deepen cooperation with leading clients globally, focusing on resource sharing and collaborative innovation in key technology areas [12][13]. Shareholder Returns - The company has a history of cash dividends, with a total of RMB 1.251 billion distributed since its listing, and aims for a cash dividend ratio of at least 10% of distributable profits annually [14]. Information Disclosure and Investor Relations - The company emphasizes transparency and effective communication with investors, maintaining regular performance briefings and utilizing various channels for investor engagement [15]. Governance and Compliance - Kobotda is committed to adhering to regulatory standards and enhancing its governance structure to ensure operational efficiency and compliance [16][17].

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][13]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its new products and technologies [2][14]. - The company aims to enhance its overseas production capabilities and expand its market share in the automotive electronics sector [3][19]. Summary by Sections Investment Rating - The investment rating is maintained as "Buy" with a target price set at RMB 81.02, reflecting confidence in the company's growth potential [8][19]. Globalization Strategy - The company is focusing on strengthening its existing automotive electronic products while developing new domain control products. The recent acquisition of Czech IMI is a key part of this strategy, aimed at enhancing overseas production capabilities [3][13]. - The company has achieved significant results in promoting new products and technologies to European and American clients, with a notable increase in overseas sales [2][14]. Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million, which will enhance its international production layout and support the ramp-up of global orders [3][16]. - This acquisition is expected to allow the company to produce for global platform clients, including Volkswagen, Ford, BMW, and Mercedes-Benz, starting with lighting control products [3][17]. Financial Forecast - The company forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for the years 2025 to 2027, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion respectively [5][19]. - The report maintains a PE target of 31 times for 2025, indicating a strong outlook for profitability [5][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].

Core Points - The 2024 Annual General Meeting of Kobot Technology Co., Ltd. is scheduled for May 16, 2025, with both on-site and online voting options available for shareholders [1][2][4] - The company reported a net profit of 772.27 million yuan for 2024, representing a year-on-year growth of 26.81% [28] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares, amounting to a total of approximately 262.53 million yuan, which reflects a cash dividend ratio of 33.99% [30] Meeting Agenda - The meeting will include the signing of resolutions, reports from independent directors, and voting on various proposals [3][4][5] - A total of nine ordinary resolutions will be reviewed during the meeting [7] Financial Performance - The company's net assets increased by 12.50% year-on-year, reaching 524.11 million yuan [28] - The average return on equity rose to 15.60%, up from 13.82% the previous year [28] Business Development - Kobot has secured new projects with major clients such as Mercedes-Benz, BMW, and Audi, with an expected total lifecycle sales volume of over 120 million units [9][10] - The company is focusing on expanding its global presence and enhancing its product offerings in the automotive electronics sector [12][19] Governance and Compliance - The board of directors has strengthened governance practices and compliance with relevant laws and regulations, holding seven meetings and passing 36 resolutions throughout the year [13][14] - The supervisory board has conducted thorough reviews of the company's operations and financial management, ensuring compliance with legal standards [24][25] Future Outlook - The company aims to achieve further growth by diversifying its customer base and enhancing its product lines to meet evolving market demands [17][19] - Kobot plans to accelerate its globalization strategy, establishing production bases in Europe and enhancing its supply chain capabilities [17][19]