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 ...

为充分体现甘肃省应对气候变化领域标准建设成果，展示甘肃省企业积极通过标准抢占行业制高点 的生动实践，首次"国家标准走基层"活动在兰举行。沿黄河一路西行，记者看到一条条"硬标准"变成企 业"真收益"——碳排降下去、收入提上来、投资引进来、标准立起来。 基层实践：国标落地绘就甘肃绿色化实景 初秋的甘肃土丘泛起点点绿意，如新生的"胎毛"覆于黄土之上。"今年雨水足，黄土坡都长草了， 前几年可看不到。"当地人的话语，映照的不仅是生态降水的偶然馈赠，更是甘肃以国家标准为笔绘制 的绿色转型实景。 在碳市场建设中，甘肃省生态环境科学设计研究院(以下简称省环科院)深谙"数据质量是碳市场生 命线"。该院协助生态环境管理部门监管时，以引导、监督、帮扶重点企业执行碳排放核算标准为核 心：通过建立企业数据定期核查机制、统一档案管理模板、开展数据质量专项帮扶，严保数据真实准 确，为碳市场规范运行筑牢根基。 碳排放"硬约束"正转化为企业绿色发展的"内动力"。"甘肃多数电厂是早年建设，机组规模小、设 备老旧，节能水平有限。现在省内22家电厂多数亏损，我们要做的是严格执行标准，避免因管理疏漏造 成损失。"省环科院相关负责人介绍，机构对企业进行 ...

Core Viewpoint - The commencement of the 80GWh lithium battery project by Chuangneng New Energy in Yichang marks a significant step in enhancing the local economy and the renewable energy sector, aiming to create a major lithium battery industrial base in China [1][4][9]. Group 1: Project Overview - The new project is the second phase of Chuangneng New Energy's lithium battery industrial park in Yichang, with a planned annual production capacity of 80GWh, focusing on energy storage batteries, power batteries, and Pack modules [4][9]. - The project is expected to create over 6,000 new jobs and generate an annual output value of 22 billion yuan, contributing to the optimization of the industrial structure and economic efficiency in Yichang and Hubei Province [4][6]. Group 2: Project Significance - The first phase of the lithium battery industrial park, with a capacity of 65GWh, has already been fully operational, providing high-quality and safe battery products to major automotive companies and large power groups [6]. - The successful launch of the second phase is seen as a continuation of the "Yichang speed," which emphasizes rapid project execution and efficiency in the region [9]. Group 3: Future Aspirations - Chuangneng New Energy aims to establish Yichang as the largest lithium battery industrial base in the country, aligning with its strategic goal of becoming a leading global enterprise in renewable energy technology [9]. - The total planned area for the lithium battery industrial park is nearly 5,000 acres, integrating research, production, and manufacturing of energy storage batteries, power batteries, and energy management systems [9].

目前，产品端已构建全链路产品能力：从车载多模态显示（HUD、中控屏、吸顶屏等），到家电、安防、能源管理系统，再到AR眼镜、平板、微投影等个 人终端，全面支持数据与服务无缝衔接。例如，车辆驶近时可自动联动家中空调、灯光；车载娱乐可无缝续接至家庭电视；规划中的AIME车载机器人更将 实现情感交互与设备协同控制。 图 1TCL产品展示 TCL强调，其不仅具备显示、声学、终端、家电等多品类自主研发与制造能力，更拥有覆盖全球的供应链与市场渠道，能够为客户提供可快速规模化落地的 全场景解决方案。 9月24日，在第五届沈阳智能网联汽车大会上，TCL智能汽车解决方案事业部——驭新智行科技（沈阳）有限公司正式发布了"以AI+生态，推动人车家全场 景融合"的核心产品理念，这一重磅发布是继双方达成汽车智能化领域全面战略合作之后的又一重要里程碑。 TCL提出将依托其全球化产品布局与AI技术能力，深度融合人、车、家三大场景，打造无缝连接的智慧生态体验，为智能终端与汽车产业的协同发展树立新 标杆。 作为全球消费电子与智能科技领域的领军企业，TCL指出，当前汽车产业正从单一出行工具向"移动智能空间"加速演进。面对年轻用户对"第二手机"、家 ...

摩比近年来持续聚焦行业发展趋势，积极研发并推出绿色天线、AI智能追焦天线、A+P一体化天线、 5G小金属滤波器、介质滤波器、智慧应用解决方案及能源管理系统等核心产品，构建了覆盖绿色低碳 与智慧化应用的多场景业务矩阵。在技术创新的同时，公司同步推进数字化与自动化管理体系建设，通 过优化生产流程、提升资源利用效率，有效实现降本增效目标，保障交付效率与收益指标的达成，进一 步巩固了客户黏性与市场信任度。目前，摩比制造业的数字化发展水平已达到L6级，这一国家级认证 为公司高质量、可持续发展提供坚实支撑。 近日，工信部发布《2025年5G工厂名录》公示信息。摩比通讯技术（吉安）有限公司凭借在数字化转 型领域的卓越实践成果，成功入选国家级5G工厂名录。该公司还先后荣获数字化转型成熟度贯标二星 级企业、江西省智能制造标杆企业等省级以上荣誉，其综合实力与转型成效获得国家及省级层面的高度 认可，充分彰显了其在工业互联网与智能制造领域的核心竞争力。 ...

Core Insights - The comprehensive energy service (CES) market is experiencing rapid growth driven by policy support, technological advancements, and market demand for energy efficiency and carbon reduction [1][6][7] - Major players across various industries, including energy, manufacturing, and technology, are entering the CES market, focusing on innovative business models and service differentiation [5][11][12] Industry Trends - The CES market is projected to grow significantly, with estimates suggesting a market potential of 0.8 to 1.2 trillion yuan by 2025 and 1.3 to 1.8 trillion yuan by 2035 [3] - The shift from traditional energy management to integrated energy solutions is evident, with a focus on multi-energy coordination and smart management systems [3][4][6] Business Models - Companies are exploring diverse business models, including light asset and heavy asset investments, with a trend towards hybrid models that combine both approaches for better market penetration and long-term profitability [11][12] - The CES sector is moving from energy price-based profit models to service-based profit models, emphasizing value-added services and customer relationships [5][11] Technological Integration - AI technology is becoming a critical tool in the CES sector, enhancing predictive capabilities and operational efficiency [12] - The integration of IoT, big data, and AI is essential for achieving the goals of energy management and carbon footprint reduction [3][12] Market Opportunities - The emergence of zero-carbon parks and virtual power plants is creating new opportunities for CES providers, with a focus on renewable energy utilization and integrated energy solutions [7][8] - Companies are increasingly pressured to reduce carbon emissions due to regulatory changes and market demands, making CES a vital component of their operational strategies [7][8]

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]