科博达：在灯光控制领域获得市场份额，智能驾驶将成为下一个增长引擎

Key Takeaways from Keboda's Management at GS China Forum 2026 Company Overview - Company: Keboda (603786.SS) - Industry: Lighting Control and Intelligent Driving Core Insights 1. Growth Expectations: - Keboda anticipates a teen growth rate from its main business (lighting control) over the next 3-5 years. The company currently holds a 15% market share in the lighting control sector, which accounts for approximately 50% of total revenue. The goal is to achieve a 20%+ market share in the same timeframe, implying a 10%-15% CAGR driven by new design wins, including partnerships with Volkswagen and BMW [4][5] 2. Pricing and Margin Pressures: - The management expects higher pricing pressure in 2026 compared to the previous year, primarily due to: - Slowing growth in the auto market leading to increased competition - Margin pressures from raw material price inflation - To mitigate these pressures, Keboda plans to engage selectively with customers, focus on R&D-driven cost reductions, innovate higher-value production (e.g., micro LED lighting control), and pass costs through to customers [4][5] 3. Intelligent Driving Transformation: - Keboda is transitioning towards intelligent driving domain controllers, aiming to double revenue by 2026 and reach Rmb18bn-20bn in the next five years, up from around Rmb800mn in 2025. The company has secured cumulative orders of Rmb20bn since 2022. Key clients include: - Nio (with deliveries starting in 2027) - SAIC-GM for its Zhijing L7 model and Cadillac - Collaborations with Momenta, Volkswagen, and BMW [4][5] 4. Customer Profile: - Volkswagen is the largest customer, contributing approximately 40% of total revenue, followed by Nio and BMW. In the intelligent driving segment, BMW accounts for more than half of the total cumulative orders of Rmb20bn [5] 5. Gross Margin Expectations: - Currently, Keboda's gross margin is around 12-13%, with expectations to reach 20% after doubling revenue. The timeline for break-even is contingent on scaling effects and R&D investments [4][5] Additional Important Points - The company is focusing on selective customer engagement and higher-value production innovations to navigate the competitive landscape and maintain profitability [4] - The management's insights reflect a strategic shift towards intelligent driving, indicating a long-term growth trajectory beyond traditional lighting control [4][5]