Core Viewpoint - Kobot's stock price has shown significant growth this year, with a year-to-date increase of 58.40% and a recent surge of 16.28% over the last five trading days [2] Group 1: Stock Performance - As of September 25, Kobot's stock price was 96.86 CNY per share, with a market capitalization of 39.118 billion CNY [1] - The stock has experienced a 66.23% increase over the past 20 days and a 76.37% increase over the past 60 days [2] Group 2: Financial Performance - For the first half of 2025, Kobot reported a revenue of 3.047 billion CNY, representing a year-on-year growth of 11.10%, and a net profit attributable to shareholders of 451 million CNY, up 21.34% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, Kobot had 11,300 shareholders, an increase of 6.57% from the previous period, with an average of 35,530 circulating shares per shareholder, a decrease of 6.16% [2] - The company has distributed a total of 1.251 billion CNY in dividends since its A-share listing, with 707 million CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of June 30, 2025, Kobot's top ten circulating shareholders included notable funds, with XINGQUAN HETAI MIXED A increasing its holdings by 314,400 shares [3]

华富时代锐选混合A（016119）成立日期2022年12月1日，最新规模5854.49万。今年以来收益31.18%， 同类排名2796/8173；近一年收益80.58%，同类排名1258/7996；成立以来收益5.98%。 9月24日，科博达涨5.41%，截至发稿，报97.70元/股，成交3.78亿元，换手率0.99%，总市值394.57亿 元。 华富时代锐选混合A（016119）基金经理为陈奇、王羿伟。 资料显示，科博达技术股份有限公司位于中国(上海)自由贸易试验区祖冲之路2388号1-2幢，成立日期 2003年9月12日，上市日期2019年10月15日，公司主营业务涉及汽车电子相关产品的研发、生产和销 售。主营业务收入构成为：汽车零部件96.77%，其他3.23%。 截至发稿，陈奇累计任职时间5年341天，现任基金资产总规模8.17亿元，任职期间最佳基金回报 156.61%， 任职期间最差基金回报-11.12%。 从基金十大重仓股角度 数据显示，华富基金旗下1只基金重仓科博达。华富时代锐选混合A（016119）二季度持有股数4.81万 股，占基金净值比例为3.93%，位居第七大重仓股。根据测算，今日浮盈赚 ...

9月15日，科博达涨5.27%，截至发稿，报64.52元/股，成交1.88亿元，换手率0.74%，总市值260.57亿 元。 资料显示，科博达技术股份有限公司位于中国(上海)自由贸易试验区祖冲之路2388号1-2幢，成立日期 2003年9月12日，上市日期2019年10月15日，公司主营业务涉及汽车电子相关产品的研发、生产和销 售。主营业务收入构成为：汽车零部件96.77%，其他3.23%。 从基金十大重仓股角度 数据显示，华富基金旗下1只基金重仓科博达。华富时代锐选混合A（016119）二季度持有股数4.81万 股，占基金净值比例为3.93%，位居第七大重仓股。根据测算，今日浮盈赚取约15.54万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 华富时代锐选混合A（016119）成立日期2022年12月1日，最新规模5854.49万。今年以来收益25.32%， 同类排名3381/8246；近一年收益66.86%，同类排名1740/8054；成立以 ...

Core Viewpoint - The company has been deeply involved in the automotive industry for many years, representing various automotive electronic products and serving a wide range of automotive clients [1] Group 1: Clientele - The company's direct and indirect automotive clients include major players such as Li Auto, BYD, SAIC, Changan, Volkswagen, Dongfeng, Great Wall, Geely, Chery, Toyota, Seres, Tesla, and NIO [1] - Some specific models from these clients have integrated Huawei's HarmonyOS-based intelligent vehicle system [1]

Core Viewpoint - The acquisition of 100% equity of Zhonglian High Machine by Luchang Technology is expected to significantly enhance the revenue scale and overall profitability of Luchang Technology, marking a strategic shift in its business focus towards high-altitude operation machinery [1][2]. Group 1: Transaction Details - Luchang Technology plans to issue shares to 29 parties, including Zhonglian Heavy Industry, to acquire Zhonglian High Machine for a transaction price of 9.424 billion yuan [1]. - The company aims to raise up to 3.35 billion yuan through a share issuance to no more than 35 specific investors, with 1 billion yuan allocated for the construction of a production base in Mexico [1]. - Following the announcement, Luchang Technology's stock price reached a year-high of 44.89 yuan per share, closing at 41.09 yuan, reflecting a year-to-date increase of approximately 70% [1]. Group 2: Financial Performance and Projections - As of April 30, 2023, the book value of Zhonglian High Machine's equity was 3.319 billion yuan, with a valuation of 9.424 billion yuan, resulting in an appreciation of 6.105 billion yuan and a growth rate of 183.91% [2]. - Performance commitments have been set for Zhonglian High Machine, with net profit targets of no less than 742 million yuan, 901 million yuan, and 1.028 billion yuan for the years 2024, 2025, and 2026, respectively [2]. Group 3: Business Transition and Market Context - Luchang Technology's primary business will shift to high-altitude operation machinery, while its existing automotive electronics and related business plans will remain unchanged [3]. - The automotive electronics sector has faced challenges, with Luchang Technology reporting a loss of 352 million yuan in 2019 due to a significant decline in automotive sales and subsequent asset impairment [4]. - The company has struggled to achieve substantial profits in recent years, with net profits of 79.19 million yuan, 5.24 million yuan, and 3.29 million yuan from 2020 to 2022, respectively [4]. - The competitive landscape in the automotive electronics industry, characterized by rapid technological changes and the ongoing transition towards electrification and intelligence, poses additional challenges for Luchang Technology [4]. Group 4: Strategic Implications - The restructuring and spin-off are expected to broaden Luchang Technology's business scope, allowing for timely transformation and strategy adjustment to enhance revenue sources and profitability [5]. - The integration of Zhonglian High Machine's operations is anticipated to provide new momentum and vitality for Luchang Technology's development, benefiting both companies through effective business complementarity and resource integration [6].

Group 1 - The stock price of the company is 28.53 yuan, down 0.48 yuan or 1.65% from the previous trading day [1] - The company operates in the electronic components industry, focusing on the research and manufacturing of electronic components [1] - Key areas of focus for the company include emerging markets such as data centers and automotive electronics [1] Group 2 - The company has developed new structural products for tantalum capacitors applicable in communications and consumer electronics [1] - In the automotive electronics sector, the company's products cover electrification and intelligent application scenarios [1] - The company reports a full order book and maintains a high capacity utilization rate [1] Group 3 - The company plans to continue increasing R&D investment while controlling other expense expenditures [1] - Data shows that on August 1, the net outflow of main funds was 48.28 million yuan, while the net inflow over the past five days was 36.35 million yuan [1]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% within the next six months [12]. Core Insights - The company achieved a revenue of 9.659 billion yuan in 2024, representing a year-on-year increase of 28.66%, and a net profit attributable to shareholders of 364 million yuan, up 9.91% year-on-year [4][7]. - In the first quarter of 2025, the company reported a revenue of 2.585 billion yuan, a year-on-year increase of 30.44%, and a net profit of 169 million yuan, reflecting a significant year-on-year growth of 75.41% [4][7]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) for 2024 [4]. Summary by Sections Business Performance - The company has shown stable growth across various business segments, with a notable increase in market share. The revenue from the home appliance controller segment grew by 33.08% to 6.094 billion yuan in 2024 [7][8]. - The electric tools and industrial automation segment also performed well, with a revenue increase of 24.26% to 1.008 billion yuan, driven by new projects and customer orders [7][8]. - The automotive electronics segment saw a remarkable growth of 47.97%, reaching 816 million yuan, attributed to significant breakthroughs in product and customer development [8]. - The smart products segment, focusing on smart home and personal care, achieved a revenue increase of 26.29% to 1.22 billion yuan [8]. Financial Projections - The company’s revenue is projected to grow to 12.113 billion yuan in 2025, with a year-on-year growth rate of 25.4%, and net profit is expected to reach 717 million yuan, reflecting a substantial increase of 96.9% [6][10]. - The projected earnings per share (EPS) for 2025 is 0.78 yuan, with a price-to-earnings (P/E) ratio of 24.8 [10]. Financial Ratios - The company’s gross margin is expected to stabilize around 19.1% for 2025, while the net margin is projected to improve to 5.9% [10]. - Return on equity (ROE) is anticipated to rise to 13.7% in 2025, indicating improved profitability [10].

2025 年 04 月 03 日 拓普集团：Tier 0.5 级汽车+机器人供应商，拓 全球目光，普平台科技 买入(首次) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn | 基本数据 | 2025-04-03 | | --- | --- | | 当前股价（元） | 56.61 | | 总市值（亿元） | 984 | | 总股本（百万股） | 1738 | | 流通股本（百万股） | 1738 | | 52 周价格范围（元） | 31.06-74.73 | | 日均成交额（百万元） | 1225.39 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 80 100 (%) 拓普集团 沪深300 相关研究 —拓普集团（601689.SH）公司深度报告 ▌多次把握时代机遇，铸就 Tier0.5 级供应商 公司成立于 1983 年，早期配套北京吉普及一汽大众等客户，后在 2001 年进入国际配套市场；在合资品牌主导时代，公司把握零部件国 产化机遇，与上汽通用等客户深度合作；后在自主品牌成长期，公司 依托以吉利为代表的大客户持续扩张；新能 ...