逆市之下，内卷之中，股价一度破百元，营收净利双增长，这家优秀上市照企就是——科博达！ 2025年上半年，科博达实现营业收入约30.47亿元，同比增长11.10%；实现归属于上市公司股东的净利 润约4.51亿元，同比增长21.34%。 对于"主要客户结构"，科博达表示，2025年上半年，公司前五大终端客户分别为德国大众、一汽集团、 理想汽车、上汽大众、康明斯，合计营收占比63.95%。 另外，科博达还提到，2025年上半年，新获定点项目预计生命周期销售额超过70亿元，其中某国际知名 整车厂新世代架构下超级大脑之一中央域控产品定点对于科博达全球业务拓展、客户关系深化、产品结 构升级具有重要意义。 值得注意的是，业绩说明会上，科博达还对"收购上海科博达智能科技对公司全年业绩有何影响？"进行 了回复。 在业绩说明会上，科博达对"全球化业务布局""上半年客户主要结构""收购上海科博达智能科技"等问题 进行详细解答。 对于"全球化业务布局"，科博达表示，全球化是公司发展的重要战略，2025年上半年，公司以自有资金 收购位于捷克的IMI公司100%股权。本次收购不仅有助于科博达在欧洲实现本土化运营，也是深化全球 布局、提升 ...

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].

Core Viewpoint - The company is focused on becoming a platform enterprise for domain controllers, leveraging new products and customer projects to achieve significant revenue growth [3][4][7]. Financial Performance - In the first half of 2025, the company achieved revenue of 3.047 billion yuan, a year-on-year increase of 11.1%, and a net profit attributable to shareholders of 451 million yuan, up 21.3% [4][12]. - For Q2 2025, revenue reached 1.673 billion yuan, representing a year-on-year growth of 26.2% and a quarter-on-quarter increase of 21.7%. The net profit for the same period was 245 million yuan, up 60.7% year-on-year and 19.0% quarter-on-quarter [4][12]. Product Performance - The revenue breakdown for Q2 2025 shows that the lighting control system generated 890 million yuan (up 38% year-on-year), motor control systems 250 million yuan (up 20%), automotive electrical and electronic systems 230 million yuan (up 14%), and energy management systems 220 million yuan (up 31%) [19][20]. - The company is shifting focus towards higher-value products such as domain controllers, efuse, and central gateways, with the potential for single vehicle value to exceed 10,000 yuan [8][31]. Cost Management - The gross margin for Q2 2025 was 27.2%, an increase of 1.1 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The net profit margin was 15.1%, up 2.8 percentage points year-on-year [6][22]. - The company successfully reduced its expense ratio to 10.0% in Q2 2025, down 4.8 percentage points year-on-year, indicating effective cost management [6][25]. Market Expansion - The company has secured new projects with a projected lifecycle sales value exceeding 7 billion yuan, including a significant contract for a central domain controller with a well-known international automaker [10][35]. - The company is accelerating its global layout, having acquired a 100% stake in IMI in the Czech Republic to establish a high-standard automotive electronics production base in Europe [38]. Customer Base - The company has established long-term partnerships with major global automakers, including Mercedes-Benz, BMW, and Volkswagen, and is expanding its customer base to include new energy vehicle manufacturers [21][34]. - The sales contribution from new energy vehicle manufacturers has increased, with Li Auto becoming the company's fourth-largest customer, achieving a sales increase of 157.5% year-on-year [19][22].

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][36] Core Views - The company achieved a significant increase in revenue and net profit in the first half of 2025, driven by new products and customer projects, with revenue reaching 3.047 billion yuan, up 11.1% year-on-year, and net profit of 451 million yuan, up 21.3% year-on-year [1][8] - The company is focusing on high-value products and optimizing its product structure towards domain controllers and other high-value products, which is expected to enhance the average value per vehicle [2][24] - The company has a strong order backlog, with new projects expected to generate over 7 billion yuan in lifecycle sales in 2025, including significant breakthroughs with major international automakers [3][31] Financial Performance - In Q2 2025, the company reported revenue of 1.673 billion yuan, a year-on-year increase of 26.2%, and a net profit of 245 million yuan, up 60.7% year-on-year [1][8] - The gross margin for Q2 2025 was 27.2%, reflecting a year-on-year increase of 1.1 percentage points, while the net margin was 15.1%, up 2.8 percentage points year-on-year [2][17] - The company is expected to maintain strong revenue growth, with projected revenues of 7.2 billion yuan, 9.27 billion yuan, and 11.4 billion yuan for 2025, 2026, and 2027 respectively [4][36] Product and Market Development - The company is expanding its global footprint, having acquired a 100% stake in a Czech company to establish a high-standard automotive electronics production base in Europe [3][35] - The company is actively developing new products in the intelligent driving domain, with strategic partnerships aimed at enhancing its capabilities in this area [36][30] - The company has diversified its product offerings, moving from traditional lighting controllers to high-value products such as intelligent distribution boxes and domain controllers, which are expected to increase the average value per vehicle significantly [25][28]

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]

Core Viewpoint - The recent meeting of the Central Political Bureau emphasizes the importance of expanding high-level opening-up and stabilizing foreign trade and investment, highlighting the significance of integrated domestic and foreign trade, with intermediate goods trade playing a crucial role in connecting production links and promoting industrial chain collaboration [1] Group 1: Importance of Intermediate Goods Trade - Intermediate goods trade is a product of deepening domestic and international division of labor and technology diffusion, serving as the underlying logic for continuous industrial chain upgrades [1] - By 2024, China's import and export of intermediate goods is expected to account for about 60% of total foreign trade, with electromechanical intermediate goods exports exceeding 50%, particularly in new materials and new energy sectors showing significant growth [1][2] - This trend reflects China's leap towards higher value-added segments of the industrial chain and creates conditions for more stable upstream and downstream cooperation networks among domestic enterprises [1] Group 2: Economic Significance of Intermediate Goods Trade - Strengthening the resilience of domestic industrial chains by connecting raw material supply, component processing, and end manufacturing, thus maintaining overall stability in the industrial chain [2] - Promoting technology diffusion and innovation, where high-tech intermediate goods exports reflect domestic technological accumulation, facilitating faster technology innovation and upgrades across the industrial chain [2] - Driving economies of scale and cost optimization, as intermediate goods trade expands market demand and allows enterprises to lower costs through larger-scale production, enhancing competitiveness [2] Group 3: Strategies for Development - Accelerating the structural upgrade of intermediate goods trade by shifting from primary products to semi-finished and high value-added components, with increased R&D support in green manufacturing, digital technology, and intelligent equipment [3] - Improving the policy support system by unifying statistics, classifications, tariffs, and financial policies to better support small and medium-sized enterprises in participating in domestic and international industrial chains [3] - Building a tighter regional collaboration network by leveraging the advantages of different regions in industrial structure, technology levels, and resource endowments to form a closed supply chain within the country [3] Group 4: Systematic Mechanism Support - Establishing a comprehensive support system for strategic intermediate goods from R&D to export, optimizing industrial policies [4] - Strengthening domestic and international rule coordination and promoting regional agreements to include facilitation of intermediate goods, reducing institutional friction [4] - Enhancing the voice and collaboration mechanisms in the industrial chain through industry associations and leading enterprises to align domestic standards with international standards, transforming them into industrial advantages [4]

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]

公司深度： 《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）-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，打造域控制器平台型企业》 -20231029 《科博达（603786.SH）-2023年中报点评-单季度营收创新高，打造域控制器平台型企业》-20230820 《科博达（603786.SH）-一季报归母净利同比增长44%，打造域控制器平台型企业》-20230424 《科博达（603786.SH）-三季报点评：单三季度归母净利润增长290%，域控制器品类顺利拓展 》——20 ...