车身域控

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科博达:2025年中期策略会速递收购捷克IMI,全球化加速-20250606
HTSC· 2025-06-06 02:35
Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][13]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its new products and technologies [2][14]. - The company aims to enhance its overseas production capabilities and expand its market share in the automotive electronics sector [3][19]. Summary by Sections Investment Rating - The investment rating is maintained as "Buy" with a target price set at RMB 81.02, reflecting confidence in the company's growth potential [8][19]. Globalization Strategy - The company is focusing on strengthening its existing automotive electronic products while developing new domain control products. The recent acquisition of Czech IMI is a key part of this strategy, aimed at enhancing overseas production capabilities [3][13]. - The company has achieved significant results in promoting new products and technologies to European and American clients, with a notable increase in overseas sales [2][14]. Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million, which will enhance its international production layout and support the ramp-up of global orders [3][16]. - This acquisition is expected to allow the company to produce for global platform clients, including Volkswagen, Ford, BMW, and Mercedes-Benz, starting with lighting control products [3][17]. Financial Forecast - The company forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for the years 2025 to 2027, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion respectively [5][19]. - The report maintains a PE target of 31 times for 2025, indicating a strong outlook for profitability [5][19].
科博达(603786):2025年中期策略会速递:收购捷克IMI,全球化加速
HTSC· 2025-06-06 01:44
Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].
经纬恒润 | 2024&2025Q1:汽车电子快速放量 静待盈利转正【民生汽车 崔琰团队】
汽车琰究· 2025-04-30 04:00
01 事件概述 公司披露 2024 年度报告和 2025 年第一季度报告:1)2024 年度实现营收 55.41 亿元,同比+18.46%;归母净利润-5.50 亿元,亏损同比增加 3.33亿元;扣非归母净利润-6.18 亿 元,亏损同比增加 3.35 亿元;2)2025Q1 营收13.28 亿元,同比+49.34%,环比-33.43%;归母净利润-1.20 亿元,亏损同比减少 0.72 亿元,亏损环比减少 0.20 亿元;扣非归母 净利润-1.34 亿元,亏损同比减少 0.85 亿元,亏损环比减少 0.09 亿元。 02 分析判断 ► 营收持续增长 汽车电子业务快速放量 收入端: 得益于电子产品业务快速放量,尤其是车身域控、新能源、智能辅助驾驶等业务的快速发展,公司营收持续增长。2024 年度实现营收 55.41 亿元,同比+18.46%,其 中电子产品业务/研发服务及解决方案业务/高级别智能驾驶解决方案业务营收分别同比+28.89%/-14.02%/+431.57%。2024Q4 营收 19.95 亿元,同比+9.68%,环比+31.34%; 2025Q1 营收 13.28 亿元,同比+49.34%,环比 ...