Core Viewpoint - The company has decided to terminate part of its fundraising projects and will use the remaining funds to permanently supplement its working capital, which is a strategic adjustment based on current market conditions and operational needs [1][8][9]. Fundraising Project Overview - The company raised a total of RMB 380 million through the issuance of 3.8 million convertible bonds, with a net amount received of approximately RMB 372.91 million after deducting fees [1]. - As of May 31, 2025, the actual investment in fundraising projects amounted to RMB 263.50 million, while RMB 112.96 million was used to supplement working capital, totaling RMB 376.46 million [3][4]. Changes in Fundraising Projects - The company has changed the implementation location of the Hefei Industrial Base Construction Project to Vietnam, with the project originally planned to expand production capacity for brushless DC motor control systems and energy management systems [2][4]. - The total investment for the Hefei Industrial Base Construction Project remains unchanged at RMB 120 million, with the remaining funds to be covered by the company's own resources [4][6]. Reasons for Termination of Projects - The decision to terminate the Hefei Industrial Base Construction Project is influenced by macroeconomic changes and industry cycle fluctuations, leading to lower-than-expected growth in the domestic smart controller market [6][7]. - The company aims to optimize resource allocation and improve operational efficiency by reallocating funds to working capital instead of continuing investments in underperforming projects [7][8]. Approval Process - The decision to terminate part of the fundraising projects and reallocate funds was approved by the company's board of directors and supervisory board, aligning with the company's long-term development strategy and regulatory requirements [8][9].

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 ...

来源：内容 来自 semiengineering ，谢谢。 汽车原始设备制造商正在努力应对影响其业务和技术各个部分的一系列变化，从关税威胁和不断变 化的地缘政治联盟，到新的汽车架构、更严格的市场窗口，以及原始设备制造商与其供应商之间的 关系和优先事项的根本性重新调整。 这些发展没有一致性，也没有解决这些问题的最佳途径。一些 OEM 试图将所有东西都纳入内部， 以更紧密地集成芯片、软件和服务。其他 OEM 则继续与分级供应商合作，以帮助交付产品。还有 一些 OEM 正在寻找新的关系来补充或取代旧的关系，在有意义的地方打破孤岛，重新思考进入市 场的策略。 控制垂直市场是目标，但如何最好地做到这一点却极其复杂。对于客户现在和将来的需求，人们需 要做更多的猜测，并且更多地关注芯片、IP 和软件——许多汽车制造商都是这些领域的新手，背负 着许多遗留包袱。与此同时，随着新技术的实施，核心关系也在发生变化。一级供应商可能不知道 他们的 OEM 客户在设备层面上想做什么，也不知道芯片将如何在整个车辆中使用。他们可能知道 OEM 正在添加某种程度的 ADAS 功能，但不同 OEM 对此的了解程度通常差别很大。同样，OEM 不太 ...