本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，外资 公募 持续加大布局中国市场的力度。 一方面， 摩根士丹利 基金 、 联博基金 宣布加大注资；另一方面，多家外资公募多次发 布看好中国市场的论点。 （ 点此领取调研名单 ） 其中，摩根资产管理近日发布的《2025年中全球市场展望》显示，中国资产是全球资产配置再平衡过程中的重要标的之一，下半年或存在结构 性行情。（可参考： 高盛、大摩、小摩、瑞银、巴克莱银行等十大知名外资重仓股出炉！ ） 路博迈基金在《中国市场展望7月报》中称，目前来看，A股上行的部分条件已经具备，市场正在等待更确定性的因素落地。 从公募机构对A股市场的布局来看，路博迈基金、富达基金、摩根基金等机构新发行基金超过30只。 另外，摩根基金、摩根士丹利基金、宏利 基金近 1月对A股公司的调研均接近40只。那么，近1个月，这些知名外资公募都布局了哪些A股公司呢？ （注：本文数据来源于Choice，截至 2025年9月28日） 摩根基金近 1个月共调研了38家公司，其中晶盛机电3家公司被调研了2次，合计调研了41次。 从今年来的涨幅来看，股价实现上涨的公司共有 32家，其中涨 ...

Core Viewpoint - Weichai Power (000338) has established a coordinated layout in the field of intelligent driving, integrating complete vehicles, core components, and technology [1] Group 1: Intelligent Driving Development - The company has developed intelligent driving systems and intelligent driving domain controllers on the component and technology side [1] - On the complete vehicle side, the company has launched intelligent driving agricultural machinery products and fully covered unmanned heavy truck products for various low-speed application scenarios such as ports, industrial parks, logistics parks, and mining areas [1] - The overall architecture is based on "vehicle-road-cloud," achieving a fully autonomous solution of "vehicle + intelligent driving + cloud control platform," which can be deeply customized to meet different application scenario needs [1]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is acquiring 60% of Kobotai Intelligent Technology for 345 million yuan, increasing its stake from 20% to 80%, which is expected to enhance its position in the automotive electronics sector [4][6]. - The acquisition is seen as beneficial for minority shareholders, as it consolidates the company's capabilities in developing high-value automotive electronic products [6]. - The company has shown strong revenue growth, with Kobotai Intelligent Technology achieving 2.99 billion yuan in revenue from January to July 2025, a 68.03% increase compared to the entire year of 2024 [6]. Financial Summary - Projected total revenue for 2025 is 7,745 million yuan, with a year-on-year growth rate of 29.8% [5]. - The forecasted net profit for 2025 is 1,081 million yuan, reflecting a 39.9% increase compared to the previous year [5]. - The company’s earnings per share (EPS) is expected to reach 2.68 yuan in 2025, with a projected price-to-earnings (PE) ratio of 23 [5][6].

Group 1 - The core viewpoint of the article is that KOBODA (科博达) is enhancing its core competitiveness through the acquisition of Shanghai KOBODA Intelligent Technology Co., Ltd. for 345 million yuan, entering the automotive intelligence product sector with a significant valuation increase of 653.25% [2][3][4] - KOBODA aims to leverage the accumulated expertise of KOBODA Intelligent Technology in automotive intelligent central computing platforms and related domain controllers to upgrade its product matrix and open new business growth points [3][4] - The acquisition is expected to improve KOBODA's profitability and sustainable development capabilities, as well as strengthen its position and competitiveness in the automotive industry [4][5] Group 2 - KOBODA Intelligent Technology has been operating at a loss since its establishment in October 2022, with reported losses of 41.9 million yuan and 35.2 million yuan for 2024 and the first seven months of 2025, respectively [4][5] - The company has committed to achieving a cumulative net profit of no less than 630 million yuan from August 2025 to December 2030 [5] - KOBODA's revenue for the first half of 2025 reached 3.047 billion yuan, a year-on-year increase of 11.10%, with a net profit attributable to shareholders of 451 million yuan, up 21.34% [6][7] Group 3 - KOBODA's main business revenue for the first half of 2025 was 2.948 billion yuan, with domestic sales accounting for 1.801 billion yuan (61.08%) and foreign sales 1.148 billion yuan (38.92%) [7] - The company has seen significant growth in its global platform client business, with new projects expected to generate over 7 billion yuan in lifecycle sales [7] - KOBODA's R&D expenses have exceeded 400 million yuan in both 2023 and 2024, with 207 million yuan spent in the first half of 2025, indicating a strong focus on product and technology innovation [8]

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]

Core Viewpoint - Kobotda (603786.SH) plans to acquire 60% of Kobotda Intelligent Technology from its controlling shareholder for 345 million RMB, reflecting a high premium of 653.25% despite the target company currently being unprofitable [1][3][4]. Group 1: Acquisition Details - The acquisition price for the 60% stake in Kobotda Intelligent Technology is set at 345 million RMB, funded by the company's own resources [1][3]. - The valuation of 100% of Kobotda Intelligent Technology is assessed at 575 million RMB as of July 31, 2025, leading to a significant premium for the transaction [3]. - After the acquisition, Kobotda's ownership in Kobotda Intelligent Technology will increase from 20% to 80% [3]. Group 2: Financial Performance - Kobotda Intelligent Technology has reported revenues of 178 million RMB and 299 million RMB for the years 2024 and the first seven months of 2025, respectively, but has incurred net losses of approximately 42 million RMB and 35 million RMB during the same periods [4][5]. - The company has a high research and development expense ratio of 43.62% for 2024, which is expected to lead to significant revenue growth as its first product achieves mass delivery [5][6]. Group 3: Performance Guarantees - The acquisition includes a performance guarantee requiring Kobotda Intelligent Technology to achieve a cumulative net profit of at least 630 million RMB over a period from August 2025 to the end of 2030 [7][9]. - This performance guarantee is structured to reduce annual performance assessment pressure, with results only being fully evaluated after the end of the commitment period [7][9]. Group 4: Risk Considerations - The extended performance guarantee period of 5 years and 5 months increases the risk associated with the acquisition, as any underperformance will be revealed only at the end of the period [9][10]. - The transaction structure allows for adjustments based on performance, potentially mitigating some risks associated with high premium acquisitions [10][12].

➢ 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 ...

证券研究报告 | 2025年09月05日 科博达（603786.SH） 科博达收购参股公司智能科技 60%股权，打开高单价驾驶域控成长曲线 |  公司研究·公司快评 | |  | 汽车·汽车零部件 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 唐旭霞 | 0755-81981814 | tangxx@guosen.com.cn | 执证编码：S0980519080002 | | 证券分析师： | 杨钐 | 0755-81982771 | yangshan@guosen.com.cn | 执证编码：S0980523110001 | 事项： 公司公告：公司发布《科博达技术股份有限公司关于购买股权暨关联交易的公告》，科博达技术股份有限 公司拟以现金方式收购上海科博达智能科技有限公司 60%股权，交易价格为 3.45 亿元，本次交易资金来 源于公司自有资金。科博达智能科技主业智能驾驶域控制器，2024 年、2025 年 1-7 月分别实现营收 1.78、 2.99 亿元，归母净利润-0.42、-0.35 亿元。科博达智能科技承诺 20 ...

Group 1 - The company plans to acquire 60% equity of Shanghai Kebo Da Intelligent Technology Co., Ltd. for 345 million yuan, constituting a related party transaction [2] - Shanghai Kebo Da Intelligent Technology focuses on providing high-performance automotive intelligent central computing platforms and related domain controller products, with a projected sales revenue exceeding 20 billion yuan from key projects [3] - The acquisition aligns with the global trend of automotive industry intelligence, allowing the company to enhance its technological capabilities and market resources in the automotive intelligence sector [4] Group 2 - Shanghai Kebo Da has committed to a net profit of no less than 630 million yuan from August 2025 to December 2030, with performance guarantees included in the acquisition agreement [3] - The company has established a wholly-owned subsidiary, Kebo Da Intelligent Technology (Anhui) Co., Ltd., with a registered capital of 100 million yuan [2]

Core Viewpoint - Company plans to acquire 60% stake in Shanghai Keda Intelligent Technology Co., Ltd. for 345 million yuan, constituting a related party transaction [1] Group 1: Acquisition Details - The acquisition involves cash payment for the stake held by Shanghai Keshishi Investment Management Co., Ltd., which is controlled by the company's actual controller [1] - Shanghai Keda Intelligent Technology was established in October 2022 with an initial registered capital of 200 million yuan, which has not changed since its inception [1] - The company has a wholly-owned subsidiary, Keda Intelligent Technology (Anhui) Co., Ltd., established in March 2023 with a registered capital of 100 million yuan [1] Group 2: Business Focus and Market Potential - Keda Intelligent Technology specializes in providing high-performance automotive intelligent central computing platforms and related domain controller products, with a focus on advanced software algorithms and hardware design [1] - The company has developed products such as intelligent driving domain controllers, with expected sales exceeding 20 billion yuan from key projects with four major domestic and international automotive brands [1] Group 3: Performance Commitment - Shanghai Keshishi has committed that Keda Intelligent Technology will achieve a cumulative net profit of no less than 630 million yuan from August to December 2025 and from 2026 to 2030 [2] - The acquisition agreement includes performance commitments and compensation clauses to mitigate risks associated with potential underperformance [2] Group 4: Strategic Alignment - The acquisition aligns with the company's strategy to expand in the automotive intelligence technology sector, aiming to provide safer, more comfortable, and energy-efficient solutions for smart mobility [2] - The transaction allows the company to leverage Keda Intelligent Technology's expertise and market resources in the core product segment of automotive intelligence [2]