1月9日晚间，深圳市道通科技股份有限公司（以下简称"道通科技"）发布2025年度业绩预告。报告期 内，公司预计实现归母净利润9亿元至9.3亿元，同比增长40.42%至45.10%；预计实现扣非后归母净利润 8.7亿元至9亿元，同比增长60.88%至66.43%。 资料显示，道通科技围绕AI（人工智能）战略布局，形成了维修智能终端、能源智能中枢和具身智能 机器人三大业务体系。 另外，道通科技持续推动AI驱动的数智化变革和组织能力建设，运营效率持续优化提升。 作为以汽车维修诊断设备起家的企业，维修智能终端业务构成道通科技的基本盘。近年来，TPMS替换 需求爆发，道通科技相关产品受益于全球TPMS替换需求及政策红利，营收持续保持增长。此前公司发 布的半年报显示，2025年上半年，道通科技维修智能终端业务实现营收14.17亿元，同比增长6.99%。 能源智能中枢业务方面，随着欧美市场新能源汽车渗透率不断提高，道通科技充电桩业务开始快速放 量。2025年上半年，该业务实现收入5.24亿元，同比增长38.53%。 "面对全球新能源汽车产业的蓬勃兴起，道通科技充电桩业务的高速增长不仅体现了其前瞻性布局与市 场洞察力，更印证 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：道通科技启动港股上市众多疑问待解，公司自科创板上市后为何频繁募资？为何公司财务总 监频繁更换？值得注意的是，道通科技一边出现高毛利低周转情形；另一边公司高毛利率背后疑现内部 交易，这又是否需要警惕可能的转移定价或者税务稽查等风险？与此同时，道通科技高增业绩背后应收 存货双高，经销模式究竟是压资金还是另有玄机？ 近日，道通科技正式向港交所递表，拟在香港主板挂牌上市。 对于此次港股募资，公司曾对外表示，其为深化国际化战略布局，增强境外投融资及运营能力，持续吸 引并聚集优秀人才，进一步提升公司综合竞争实力。 不断募资究竟为何？ 道通科技自科创板2020年挂牌上市以来，募资不断，且部分募资均用来补流。 需要指出的是，公司整体业绩成长性尚可，除2022年疫情等影响外，公司大部分财年营收增速均超 20%，高点时增速一度超40%。 业绩如此高增下，道通科技似乎对资金需求较大，仅募投补流资金累计超10亿元。 2020年2月13日，道通科技在上交所科创板上市。招股书显示，公司原计划拟募集资金6.5亿元，分别用 于道通科技西 ...

Core Viewpoint - Daotong Technology plans to list H-shares on the Hong Kong Stock Exchange to deepen its international strategy and enhance its global financing and operational capabilities [1][2][3] Group 1: Company Overview - Established in 2004, Daotong Technology successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2020 [2][3] - The company specializes in automotive intelligent analysis, detection systems, and electronic components [1][2] Group 2: Financial Performance - In the first three quarters of 2025, Daotong Technology achieved revenue of 3.496 billion yuan, a year-on-year increase of 24.69%, and a net profit attributable to shareholders of 733 million yuan, up 35.49% [3][4] - The company's gross profit margin remained above 55%, driven by new product launches, AI empowerment, and continuous cost reduction [3][4] Group 3: International Expansion - Daotong Technology's overseas business is significant, with North America being the largest market, generating 1.208 billion yuan in revenue, a 25% increase, accounting for over 51% of total revenue [3][4] - The company has established production bases in Shenzhen, Vietnam, and North Carolina, with a new factory in Mexico expected to start trial production in November [3][4] Group 4: Research and Development - Over the past five years, Daotong Technology has invested over 3 billion yuan in R&D, with a total of 30.42 billion yuan spent [4] - The company holds a total of 1,886 patents and software copyrights, including 394 invention patents [4] Group 5: Market Recognition - Daotong Technology's stock price has shown a steady increase, reaching 35.18 yuan per share with a total market capitalization of 23.58 billion yuan, reflecting a year-to-date increase of 38.67% [1][4]

Core Viewpoint - The company is a leading player in the Tire Pressure Monitoring System (TPMS) market and is experiencing growth in its intelligent suspension business, despite facing short-term profit pressures due to external factors like tariffs and price wars among manufacturers [2][3][9]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 6.048 billion yuan, a year-on-year increase of 20.32%, while net profit attributable to shareholders was 198 million yuan, a decline of 20.35% [3][9]. - For Q3 2025, the company reported revenue of 2.098 billion yuan, a 14% increase year-on-year and a 2.59% increase quarter-on-quarter, with net profit of 63 million yuan, down 36.92% year-on-year but up 59.99% quarter-on-quarter [3][9]. Business Segments - The TPMS segment generated revenue of 1.822 billion yuan in the first three quarters, up 13.11% year-on-year, maintaining a strong market position [5][26]. - The intelligent suspension segment saw revenue of 953 million yuan, a significant increase of 51.73% year-on-year, indicating robust growth in this area [6][18]. - The company is the largest tire valve manufacturer globally, with revenue from tire valves and accessories reaching 618 million yuan, a 5.09% increase year-on-year [5][33]. Market Trends - The air suspension market is expanding, with the penetration rate of air suspension systems in passenger vehicles in China reaching approximately 3.54% in 2024, and projected to grow significantly in the coming years [13][18]. - The company has secured over 14 billion yuan in orders for air suspension systems, indicating strong demand and growth potential [16][21]. Product Development - The company has developed a comprehensive range of sensors, including pressure, optical, speed, position, acceleration, and current sensors, with an average vehicle value of around 1,000 yuan per sensor [7][24]. - The company has established a strong presence in the ADAS (Advanced Driver Assistance Systems) market, producing a unique three-lens 8-megapixel camera module [33]. Customer Base and Production Capacity - The company has a diversified customer base, including major automotive manufacturers such as Tesla, Volkswagen, and various domestic brands, which supports its sales growth [24][39]. - Recent expansions have added 4.28 million units of air spring production capacity, with plans to meet increasing demand from existing orders [21][22].

Core Viewpoint - Daotong Technology (688208) has achieved sustained high growth in performance through its "fully embracing AI" strategy, with a significant increase in net profit for the first three quarters of 2025, up 61.81% year-on-year, surpassing the total profit for the entire year of 2024 [1] Group 1: Business Growth and New Solutions - The "Air-Ground Integrated Cluster Smart AI Ecosystem Alliance" has been established, and Daotong's subsidiary, Daohengtongtai, has launched the first autonomous smart inspection platform, Avant Hub, and the first inspection robot, Avant Robotics Gen1 [2] - The air-ground integrated cluster smart solution is identified as the company's third growth curve, which is now in the stage of large-scale deployment [2] - The company has signed strategic cooperation agreements with government clients and listed companies, indicating that while current growth may not yet be reflected in financial statements, specific orders are in place, which will become new revenue growth points as projects are implemented [2] Group 2: Financial Performance - For the first three quarters of 2025, Daotong's net profit reached 733 million yuan, exceeding the total of 640 million yuan for the entire year of 2024, with a compound annual growth rate of over 30% since its listing in 2020 [3] - The growth is driven by the synergy between the smart maintenance terminal and energy smart hub businesses, with the TPMS (Tire Pressure Monitoring System) product being a key growth driver [3] Group 3: Market Trends and Product Development - The TPMS business is currently in an industry boom period, benefiting from regulatory requirements in various regions, which is expected to create significant market opportunities [3] - The energy smart hub business has seen rapid growth, with revenue from charging pile products increasing from 96 million yuan in 2022 to 570 million yuan in 2023, and projected to reach 870 million yuan in 2024 [4] Group 4: Software and AI Integration - Software services have become a core profit source for the company, with high gross margins exceeding 99% for software service revenues [5] - The company is focusing on integrating AI into its three main businesses, ensuring technological leadership through significant R&D investment, which has been maintained at 15% to 20% of revenue [6] Group 5: Global Strategy and Future Outlook - Daotong has established production bases in Shenzhen, Vietnam, and North Carolina, USA, with minimal impact from tariffs on its operations [6] - The company aims to leverage AI not just as a technology but as a core business model, restructuring various vertical industries and promoting a competitive "Chinese solution" in the global intelligent wave [6]