Core Viewpoint - The company is implementing a buyback and cancellation of 31,000 restricted stocks due to the departure of 12 incentive recipients who no longer qualify for the stock incentive plan [2][4]. Group 1: Buyback and Cancellation Details - The decision for the buyback and cancellation was approved during the meetings of the Compensation and Assessment Committee, the Board of Directors, and the Supervisory Board on February 27, 2025 [3]. - The company has opened a dedicated securities account for the buyback at the China Securities Depository and Clearing Corporation and plans to complete the buyback by May 6, 2025 [6]. - After the cancellation, the remaining restricted stocks will total 1,471,200 shares [5]. Group 2: Compliance and Legal Opinions - The company assures that the decision-making process and information disclosure comply with relevant laws and regulations, and there are no damages to the rights of the incentive recipients or creditors [8]. - Legal opinions confirm that the buyback and cancellation have obtained necessary authorizations and follow the required procedures [8].

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]

科博达技术股份有限公司 股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 回购注销原因：科博达技术股份有限公司（以下简称"公司"）2022 年限 制性股票激励计划中 12 名激励对象因个人原因离职已不再具备激励资格，根据 《上市公司股权激励管理办法》、公司《2022 年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》"）的相关规定，公司将上述激励对象已获授 但尚未解除限售的 31,000 股限制性股票进行回购注销。 ● 本次注销股份的有关情况 证券代码：603786 证券简称：科博达 公告编号：2025-020 3、回购注销安排 公司已经在中国证券登记结算有限责任公司上海分公司（以下简称"中登公 司"）开设了回购专用证券账户,并向中登公司递交了本次回购注销相关申请，预 计本次限制性股票于 2025 年 5 月 6 日完成回购注销，公司后续将依法办理相关 工商变更登记手续。 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | -- ...

上海瀛东律师事务所 关于 科博达技术股份有限公司 2022 年限制性股票激励计划 所涉部分限制性股票回购并注销实施相关事项 之 法律意见书 上海瀛东律师事务所 www.yingdonglawfirm.com 中国上海市恒丰路 436 号环智国际大厦 26&29 层 200070 26&29F, Greentech Tower, No. 436, Hengfeng Road, Shanghai 200070, China 电话(Tel)：+86-21-2226 5678 传真(Fax)：+86-21-2226 5688 释 义 在本法律意见书内，除非文义另有所指，下列词语应具有下述含义： | "本所" | 指 | 上海瀛东律师事务所 | | --- | --- | --- | | "本所律师" | 指 | 本所为出具本法律意见书所指派的经办律师 | | "公司"或"科博达" | 指 | 科博达技术股份有限公司 | | "《股票激励计划》" | 指 | 《科博达技术股份有限公司 2022 年限制性 | | | | 股票激励计划》 | | "本次激励计划" | 指 | 公司根据《股票激励计划》实施的股票激励 | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 79.53 CNY, based on an average PE valuation of 33 times for comparable companies in 2025 [3][6]. Core Views - The company continues to secure new orders and steadily advance its global expansion strategy, with significant growth in revenue and net profit projected for the coming years [2][10]. - The company is expected to achieve EPS of 2.41 CNY, 3.00 CNY, and 3.60 CNY for the years 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [3][10]. Financial Performance Summary - Revenue is projected to grow from 4,625 million CNY in 2023 to 11,188 million CNY in 2027, with year-on-year growth rates of 36.7%, 29.0%, 27.7%, 22.0%, and 20.3% respectively [5]. - The company's net profit attributable to the parent company is expected to increase from 609 million CNY in 2023 to 1,455 million CNY in 2027, with growth rates of 35.3%, 26.8%, 26.1%, 24.3%, and 20.2% [5]. - The gross margin is forecasted to remain stable around 29.2% to 29.3% over the next five years, indicating effective cost management [5][10]. Order and Market Expansion - The company has achieved significant revenue from its lighting control, motor control systems, and automotive electronics businesses, with respective revenues of 28.90 billion CNY, 9.65 billion CNY, and 8.84 billion CNY in 2024, showing year-on-year growth of 22.2%, 21.4%, and 15.8% [10]. - The company is actively pursuing a diversification strategy in its customer base, aiming to reduce reliance on major clients like Volkswagen while increasing sales to other automotive manufacturers [10]. Globalization Strategy - The company plans to enhance its global footprint by establishing manufacturing facilities in Europe and North America by mid-2025, which will support new projects and increase market share [10]. - The proportion of overseas projects in new designated projects reached 15% in 2024, with expected lifecycle sales accounting for over 60% [10].

Core Viewpoint - The company reported strong financial performance for 2024, with revenue and net profit growth, while facing challenges in specific business segments in early 2025 [1][3][4] Financial Performance - In 2024, the company achieved revenue of 5.968 billion yuan, a year-on-year increase of 29.0%, and a net profit of 772 million yuan, up 26.8% year-on-year [1] - The fourth quarter of 2024 saw revenue of 1.695 billion yuan, an 18.4% increase year-on-year, but a 29.5% decrease in net profit compared to the previous quarter [1] - For Q1 2025, revenue decreased by 3.0% to 1.374 billion yuan, and net profit fell by 6.0% to 206 million yuan [1] Profitability Metrics - The gross margin for 2024 was 29.0%, down 0.5 percentage points year-on-year, while Q4 2024 gross margin improved to 28.3% [2] - In Q1 2025, the gross margin further declined to 27.0%, a decrease of 5.0 percentage points year-on-year [2] - Operating cash flow showed significant improvement, with a net cash flow of 687 million yuan in 2024, up 58.8% year-on-year, and 290 million yuan in Q1 2025, up 88.8% [2] Business Segments - The company’s lighting control, motor control systems, and automotive electronics businesses generated revenues of 2.890 billion, 965 million, and 884 million yuan in 2024, respectively, with growth rates of 22.2%, 21.4%, and 15.8% [3] - In Q1 2025, the lighting control business faced a decline of 10.7%, while the motor control systems and automotive electronics businesses grew by 7.8% and 5.3% [3] - Energy management products showed strong growth, with revenues of 832 million yuan in 2024 and 160 million yuan in Q1 2025, representing increases of 92.9% and 6.6% year-on-year [3] Strategic Initiatives - The company is advancing its globalization strategy, with 15% of new projects being overseas, and expects over 60% of lifecycle sales from these projects [4] - Plans are in place to establish manufacturing facilities in Europe and North America by mid-2025 to support new projects and enhance market share [4] - The company aims to diversify its customer base, increasing sales to major clients like Mercedes-Benz, BMW, and new energy vehicle manufacturers [4]

Core Viewpoint - The company, Kebo Da Technology Co., Ltd., reported significant growth in revenue and net profit for the year 2024, alongside a proposed cash dividend distribution plan for shareholders [12][17][20]. Company Overview - Kebo Da operates primarily in the automotive industry, focusing on the development and supply of electronic control systems [3][7]. - The company has established a procurement model that includes pre-production and post-production purchasing, ensuring quality and cost control [7][8]. Financial Performance - In 2024, the company achieved a revenue of 596.79 million yuan, representing a year-on-year increase of 29.03% [12]. - The net profit attributable to shareholders reached 77.23 million yuan, up by 26.81% compared to the previous year [12]. - Total assets increased by 12.33% to 713.93 million yuan, while net assets grew by 12.50% to 524.11 million yuan [12]. Product Sales - The company's main products, including lighting control systems and motor control systems, saw substantial sales growth, with the energy management system experiencing a remarkable increase of 92.93% [12][17]. - Domestic sales accounted for 383.92 million yuan, a 26.48% increase, while international sales reached 192.13 million yuan, growing by 32.14% [12]. Industry Context - The automotive industry in China is undergoing a transformation, with a focus on high-quality development and the rapid growth of new energy vehicles, which saw production and sales surpassing 10 million units for the first time [3][5]. - The automotive parts sector is evolving, with suppliers needing to innovate and adapt to new technologies and business models to remain competitive [4][5]. Dividend Distribution Plan - The proposed profit distribution plan for 2024 includes a cash dividend of 0.65 yuan per share, amounting to a total of approximately 262.53 million yuan [14][17]. - The dividend distribution is subject to approval at the upcoming annual shareholders' meeting [15][19].

科博达技术股份有限公司 2024 年度独立董事述职报告（马钧） 本人马钧，作为科博达技术股份有限公司（以下简称"公司"）第三届董事 会独立董事，2024 年度严格按照《公司法》、《证券法》、《上市公司治理准则》 等法律、法规以及《公司章程》的规定，诚实守信、勤勉尽职地履行独立董事 职责。 2024 年度，本人积极出席、列席了公司召开的独立董事专门会议、董事会 专门委员会、董事会和股东大会，及时了解公司的生产经营信息，全面关注公 司的发展，切实维护了公司和全体股东尤其是中小股东的合法权益。现将本人 2024 年度履职情况作如下报告: 一、基本情况 （一）本人履历及基本情况 本人马钧 ，男，德国国籍，1970 年出生，博士学历，1998 年至 2001 年任 德国大陆汽车电子公司主动安全系统资深工程师，项目经理；2001 年至 2004 年，任德国奥迪公司中国售后经理。2004 年至 2015 年历任同济大学汽车营销 管理学院院长、同济大学汽车学院副院长，同时兼任上海燃料电池汽车商业化 促进中心执行副秘书长、中国科技部中德电动汽车联合研究中心中方协调人， 863/科技部国际合作司重大专项课题负责人；2016 年至 ...

科博达技术股份有限公司 2024 年度独立董事述职报告（孙林） 本人孙林，作为科博达技术股份有限公司（以下简称"公司"）第三届董事 会独立董事，2024 年度严格按照《公司法》、《证券法》、《上市公司治理准则》 等法律、法规以及《公司章程》的规定，诚实守信、勤勉尽职地履行独立董事 职责。 2024 年度，本人积极出席、列席了公司召开的独立董事专门会议、董事会 专门委员会、董事会和股东大会，及时了解公司的生产经营信息，全面关注公 司的发展，切实维护了公司和全体股东尤其是中小股东的合法权益。现将本人 2024 年度履职情况作如下报告: 一、基本情况 （一）本人履历及基本情况 （二）是否存在影响独立性的情况说明 2024 年度，作为公司独立董事期间，本人没有在公司担任除独立董事及董 事会专门委员会委员以外的其他任何职务，与公司、公司的控股股东不存在可 能妨碍本人进行独立客观判断的关系，也没有从公司及其控股股东或有利害关 系的机构和人员处取得额外的未予披露的其他利益，不存在影响独立性的情况。 二、2024 年度独立董事履职概况 （一）出席会议情况 1、出席董事会、股东大会情况 2024 年度，公司共召开了 7 次董事 ...