Core Viewpoint - The company has demonstrated strong financial performance in the first half of the year, with significant contributions from overseas business expansion and product matrix development [1][2][3]. Financial Performance - The company's revenue for the first half of the year reached 3.047 billion yuan, representing a year-on-year increase of 11.1% - The net profit attributable to shareholders was 451 million yuan, up 21.3% year-on-year - The net profit excluding non-recurring items was 430 million yuan, reflecting a 25.2% year-on-year growth - In Q2, revenue was 1.673 billion yuan, showing a year-on-year increase of 26.2% and a quarter-on-quarter increase of 21.7% - The net profit attributable to shareholders in Q2 was 245 million yuan, up 60.7% year-on-year and 19.0% quarter-on-quarter - The net profit excluding non-recurring items in Q2 was 241 million yuan, with a year-on-year increase of 68.4% and a quarter-on-quarter increase of 27.8% [1]. Product Development and Market Expansion - The company has expanded its product matrix, with significant sales in various segments: lighting control (1.544 billion yuan, +12.0%), motor control (502 million yuan, +14.5%), energy management (383 million yuan, +20.2%), and vehicle electrical systems (448 million yuan, +8.0%) in the first half of 2025 - The company secured over 7 billion yuan in new lifecycle orders, including a key contract for a central domain control product with a renowned international automaker, enhancing the company's reputation in the domain control product sector [2]. - The company is also introducing smart distribution boxes and smart control products, which are expected to increase the per-vehicle value as the product matrix expands [2]. Strategic Acquisitions - The company announced plans to acquire 100% of Czech IMI for 9.4256 million euros, marking a significant step in its globalization strategy - This acquisition will establish a manufacturing base in Europe, enhancing the company's ability to meet overseas customer demands and reducing supply chain uncertainties - The company is also optimizing its domestic production capacity with a new facility in Anhui, which is now operational and expected to improve production efficiency and product performance stability [3]. Earnings Forecast - The company has adjusted its earnings per share (EPS) forecast for 2025-2027 to 2.54, 3.22, and 3.92 yuan respectively, up from previous estimates - The target price is set at 76.20 yuan, based on a 30 times price-to-earnings (PE) ratio for comparable companies in 2025, maintaining a buy rating [3].

科博达系列 车中旭霞 聚焦高价值量产品，单车价值量持续提升，持续打造域控制器平台化企业 公司深度： | 《科博达（603786.SH）-深度报告之二：打造域控制器平台型企业 》-20221230 | | --- | | 《科博达-603786-深度报告：一体两翼，汽车电子核心标的》-20191021 | | 财报点评： | | 《 科博达（603786.SH）-中报点评-单二季度净利润同比增长61%，在手订单充沛》-20250901 | | 《 科博达（603786.SH）-年报点及一季报点评- 在手订单充沛，打造域控制器平台型企业 》-20250428 | | 《 科博达（603786.SH）-三季报点评-单三季度归母净利润同比增长31%，打造域控制器平台型企业 》-20241029 | | 《科博达（603786.SH）-中报点评-加快全球化布局，打造域控制器平台型企业》-20240825 | | 《 科博达（603786.SH）-年报及一季报点评-新产品放量，全球化加速，打造域控制器平台型企业 》-20240421 | | 《科博达（603786.SH）-2023年三季报点评-拓客户、拓品类进展顺畅，打 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company achieved a record high net profit for the first half of 2025, driven by smart and global strategies [4][7] - Revenue for the first half of 2025 reached 3.047 billion yuan, a year-on-year increase of 11.10%, while net profit attributable to shareholders was 451 million yuan, up 21.34% year-on-year [4][7] - The company’s overseas revenue for the first half of 2025 was 1.148 billion yuan, representing a growth of 23.19% year-on-year, accounting for approximately 39% of total revenue [7] Revenue and Profitability - In Q2 2025, the company reported revenue of 1.673 billion yuan, a year-on-year increase of 26.22% and a quarter-on-quarter increase of 21.70% [4][7] - The net profit for Q2 2025 was 245 million yuan, reflecting a year-on-year growth of 60.66% and a quarter-on-quarter increase of 19.04% [4][7] - The company’s effective cost control and foreign exchange gains contributed to the profitability, with the selling, general and administrative expenses showing a decrease in their ratios [7] Product and Market Expansion - The company secured new projects exceeding 7 billion yuan in the first half of 2025, including a significant contract for a central domain controller with a well-known international automaker [7][9] - The product matrix continues to expand with new offerings such as smart distribution boxes and intelligent control systems, which are expected to enhance the company's value per vehicle and optimize product structure [7][9] Financial Forecast - The company is projected to achieve total revenue of 7.278 billion yuan in 2025, with a year-on-year growth rate of 22% [8][9] - The net profit attributable to shareholders is expected to reach 1.048 billion yuan in 2025, with a growth rate of 36% [8][9] - The report indicates a decreasing trend in P/E ratios over the forecast period, suggesting potential for investment [8][9]

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 U.S. Department of Commerce has announced the partial removal of anti-dumping and countervailing duties on certain small solar devices imported from China, specifically low-power, off-grid solar cells and modules used in lighting control systems [1][2]. Background of Tariff Adjustment - The tariff policy dates back to 2011 when the U.S. Department of Commerce identified "unfair pricing" practices by Chinese manufacturers, leading to the imposition of duties on solar cells and modules [2]. - In 2024, Lutron Electronics Co. Inc. applied for the removal of tariffs on small, low-power solar cells, arguing that these products, typically under 20 watts, do not compete directly with large-scale solar manufacturers in the U.S. [2]. Review Process - Following Lutron's application, the Department of Commerce initiated a formal review and solicited industry opinions, receiving no objections from domestic manufacturers, indicating a significant difference in demand characteristics between small solar devices and large solar components [3]. - The Department of Commerce announced a preliminary decision in April 2025 to remove the relevant tariffs, which officially took effect on July 24, 2025, with specific conditions for exemption [3]. Tax Refund Policy Implementation - In addition to tariff removal, the Department of Commerce has initiated a refund process for anti-dumping and countervailing duties paid by importers since December 1, 2022, allowing eligible companies to reclaim duties paid over the past two and a half years [5]. - Lutron stated that the removal of tariffs would directly reduce raw material costs and enhance its competitiveness in the U.S. market [5]. Industry Impact - The tariff adjustment is viewed as a "refinement" of U.S. photovoltaic trade policy, allowing exemptions for low-risk, specialized solar products while addressing domestic business needs without triggering broader political controversies [5]. - The exemption reflects the highly segmented nature of the global photovoltaic industry, with Chinese companies holding technological and cost advantages in the off-grid, low-power solar product sector [5]. Future Outlook - Despite the positive signals from tariff removals, the overall trade landscape between the U.S. and China remains challenging, with ongoing investigations into anti-dumping practices for solar products from Southeast Asia and high tariffs on large solar components from China [6]. - Analysts suggest that the U.S. may further expand the scope of tariff exemptions, but trade restrictions on core areas like large ground-mounted solar components are likely to persist [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Views - The company has shown robust growth in new projects and has promising prospects in overseas markets, particularly benefiting from the rapid development of new energy vehicles [1][7]. Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 5,967.91 million yuan, a year-on-year increase of 29.03%, and a net profit attributable to the parent company of 772.27 million yuan, up 26.81% year-on-year [7]. - In Q4 2024, the revenue was 1,695 million yuan, reflecting an 18.4% year-on-year increase and a 10.8% quarter-on-quarter increase, while the net profit was 166 million yuan, a 7.8% year-on-year increase but a 29.5% quarter-on-quarter decrease [7]. - For Q1 2025, the company achieved revenue of 1,374 million yuan, down 3% year-on-year and 18.9% quarter-on-quarter, with a net profit of 206 million yuan, down 6% year-on-year but up 24.2% quarter-on-quarter [7]. Business Segment Performance - The company’s four main business segments all experienced growth in 2024: - Energy Management Systems revenue reached 830 million yuan, up 92.9% year-on-year, driven by the rapid growth of new energy vehicles. - Lighting Control Systems revenue was 2,890 million yuan, up 22.2% year-on-year, with sales of 39.92 million units, an 8.8% increase year-on-year. - Motor Control Systems revenue was 960 million yuan, up 21.4% year-on-year, with sales of 9.80 million units, a 12.8% increase year-on-year. - Onboard Electrical and Electronics revenue was 880 million yuan, up 15.8% year-on-year, with sales of 33.57 million units, a 9.8% increase year-on-year [7]. Future Earnings Forecast - The company is expected to achieve EPS of 2.38 yuan in 2025, 3.01 yuan in 2026, and 3.67 yuan in 2027, with a compound annual growth rate of 24.3% for net profit attributable to the parent company over the three years [7][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][36] Core Views - The company has abundant orders on hand and is focused on becoming a platform enterprise for domain controllers, benefiting from new products and customer projects [1][3] - Revenue for 2024 is projected to be 5.968 billion, a year-on-year increase of 29.0%, with a net profit of 772 million, up 26.8% year-on-year [1][8] - The company aims to optimize its product structure towards higher value products such as domain controllers and efuse, with expectations of significant increases in per-vehicle value [2][27] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.374 billion, a decrease of 3.0% year-on-year, and a net profit of 206 million, down 6.0% year-on-year [1][8] - The gross margin for Q1 2025 was 27.0%, down 5.0 percentage points year-on-year, while the net margin was 15.9%, down 0.4 percentage points year-on-year [21][24] - The company’s four expense rates decreased to 10.3% in Q1 2025, down 5.5 percentage points year-on-year, indicating improved profitability through cost reduction [2][24] Product and Market Development - The company 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 [3][31] - The efuse product has achieved mass production domestically and has gained market share with major clients, marking a significant technological achievement [19][31] - The company is expanding its global footprint, with a focus on increasing its international sales and production capabilities [34][35] Future Outlook - The company plans to continue diversifying its customer base, reducing reliance on a few major clients, and expanding its product line to meet diverse customer needs [32][36] - The projected revenue for 2025 is 7.2 billion, with a net profit of 1.01 billion, reflecting a growth strategy focused on high-value products and global market expansion [4][36] - The company is committed to technological innovation and collaboration with partners to enhance its competitive edge in the automotive electronics sector [28][36]

Core Viewpoint - The company, Kebo Da Technology Co., Ltd., reported significant growth in revenue and net profit for the year 2024, alongside a proposed cash dividend distribution plan for shareholders [12][17][20]. Company Overview - Kebo Da operates primarily in the automotive industry, focusing on the development and supply of electronic control systems [3][7]. - The company has established a procurement model that includes pre-production and post-production purchasing, ensuring quality and cost control [7][8]. Financial Performance - In 2024, the company achieved a revenue of 596.79 million yuan, representing a year-on-year increase of 29.03% [12]. - The net profit attributable to shareholders reached 77.23 million yuan, up by 26.81% compared to the previous year [12]. - Total assets increased by 12.33% to 713.93 million yuan, while net assets grew by 12.50% to 524.11 million yuan [12]. Product Sales - The company's main products, including lighting control systems and motor control systems, saw substantial sales growth, with the energy management system experiencing a remarkable increase of 92.93% [12][17]. - Domestic sales accounted for 383.92 million yuan, a 26.48% increase, while international sales reached 192.13 million yuan, growing by 32.14% [12]. Industry Context - The automotive industry in China is undergoing a transformation, with a focus on high-quality development and the rapid growth of new energy vehicles, which saw production and sales surpassing 10 million units for the first time [3][5]. - The automotive parts sector is evolving, with suppliers needing to innovate and adapt to new technologies and business models to remain competitive [4][5]. Dividend Distribution Plan - The proposed profit distribution plan for 2024 includes a cash dividend of 0.65 yuan per share, amounting to a total of approximately 262.53 million yuan [14][17]. - The dividend distribution is subject to approval at the upcoming annual shareholders' meeting [15][19].