Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

Core Viewpoint - The company held a Q3 2025 earnings presentation on December 5, 2025, to address investor inquiries regarding its performance and strategic developments [1][2]. Group 1: Company Globalization and Client Structure - The company is advancing its global layout and localization strategy, having established a factory in Japan in 2023 and made significant progress on a Czech facility, which is now in trial production [3]. - In the first three quarters of 2025, the top five end customers contributed 61.30% of the company's revenue, with notable growth from NIO [4]. - The commercial vehicle business accounted for less than 15% of total revenue in the same period [5]. Group 2: Financial Performance and Cost Management - The company's QS expenses decreased by 57% year-on-year, indicating effective cost control measures [6]. Group 3: Product Development and Market Position - The company is a leader in the global lighting control sector, with products supplied to over 30 major automotive manufacturers, including Volkswagen and BMW [7]. - The company has developed high-cost performance automotive central computing platforms and smart driving domain control products, with projected sales exceeding 20 billion yuan from ongoing projects [8]. - The Efuse products have gained traction with clients such as Zeekr, Ideal, Mercedes-Benz, and Ford, reflecting strong market acceptance [8]. Group 4: Revenue Growth and Future Outlook - USB product revenue grew by over 20% year-on-year in the first three quarters of 2025, with future performance dependent on market demand [9]. Group 5: Compliance and Corporate Governance - The independent directors confirmed the legality and compliance of the proposed convertible bond issuance, ensuring it aligns with regulatory requirements and does not harm shareholder interests [9].

科博达技术股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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。 科博达技术股份有限公司（以下简称"公司"） 2025 年第三季度业绩说明会 于 2025 年 12 月 5 日 15:00-16:00，在上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/）以网络互动的方式召开，就投资者关注的问题在信 息披露允许的范围内进行了交流。现将有关事项公告如下： 一、本次说明会召开情况 公司于 2025 年 11 月 28 日在上海证券交易所网站（www.sse.com.cn）及指 定媒体披露了《科博达技术股份有限公司关于召开 2025 年第三季度业绩说明会 的预告公告》（公告编号：2025-081）。 2025 年 12 月 5 日，公司董事长兼总裁柯桂华先生、董事会秘书赵泽元先生、 财务负责人朱迎春女士、独立董事孙林先生出席了本次说明会，与投资者进行了 互动交流和沟通，就投资者关注的问题进行了回复。 证券代码：603786 证 ...

Group 1: Core Insights - The report emphasizes the importance of focusing on high-end and export opportunities in the automotive sector, particularly for domestic brands like BYD, Geely, Great Wall, and Leap Motor [1][2] - The automotive industry is expected to see a stable growth in 2026, with wholesale and retail sales projected to increase by 3% and decrease by 1% respectively, indicating a flat overall market [2][18] - The report highlights the significant growth potential in the European electric vehicle market, forecasting a 35% year-on-year increase in sales to reach 3.65 million units in 2026, driven by carbon emission regulations and high-quality new vehicle supply [2][18] Group 2: Passenger Vehicles - Domestic brands have increased their market share from 60% to 66% in the first ten months of 2025, with mid-to-low-end segments experiencing the fastest growth [26][28] - The report identifies key models in the five/six-seat SUV market, including Xiaomi's YU9, NIO's ES7, and others, as significant contributors to the high-end market push [2][18] - The report anticipates intensified competition among domestic car manufacturers, particularly in the high-end segment, as they aim to capture a larger share of the market [2][18] Group 3: Auto Parts - The auto parts sector is focusing on globalization and new technological avenues, with an emphasis on opportunities in Europe and advancements in AI and robotics [3][4] - The report suggests that the auto parts industry will benefit from structural opportunities as traditional international giants undergo transformation [3][4] - Key companies recommended for investment in the auto parts sector include Minth Group, Xingyu, and others, which are expected to leverage their technological advantages for growth [3][4] Group 4: Intelligent Driving - The report predicts that by 2026, high-speed NOA (Navigation on Autopilot) will become a standard feature priced between 100,000 to 150,000 yuan, with penetration rates expected to reach 43% for high-speed NOA and 24% for urban NOA [4][5] - The acceleration of L4 commercial deployment is anticipated, with many scenarios expected to complete technical validation by 2025, leading to a rapid commercialization phase in 2026 [4][5] - Recommended companies in the intelligent driving space include Horizon Robotics, Black Sesame, and others, which are positioned to benefit from the growing demand for AI applications in vehicles [4][5] Group 5: Robotics - The robotics sector is expected to experience significant growth in 2026, driven by advancements in technology and production capabilities, particularly with Tesla's V3 technology [5][6] - The report highlights the importance of domestic companies in the robotics field, which are likely to see valuation increases as they innovate and expand their production capabilities [5][6] - Key players in the robotics sector recommended for investment include Xpeng and others, which are expected to benefit from the evolving landscape of robotics technology [5][6]

Group 1 - A total of 433 companies were investigated by institutions in the past 10 days, with 381 being securities firms and 302 being fund companies [1] - 88 listed companies were researched by overseas institutions, with 8 companies receiving attention from more than 20 overseas institutions, including Huichuan Technology, which was investigated by 68 overseas institutions [1] - Lixun Precision was the second most researched company, with 48 overseas institutions participating in the investigation, indicating significant growth potential in the non-overseas consumer electronics market over the next decade [1] Group 2 - Stocks that were investigated by overseas institutions saw an average increase of 0.36% in the past 10 days, with Shenghui Integration experiencing the highest increase of 32.47% [3] - 13 stocks received ratings from at least 15 institutions, with a consensus forecast of over 20% profit growth in 2025, including Kaiying Network, Lixun Precision, and Huichuan Technology [3] - Jinli Permanent Magnet is predicted to have the highest profit growth, with 18 institutions forecasting a net profit increase of 152.52% in 2025 [3][4]

证券代码：603786 证券简称：科博达 公告编号：2025-083 科博达技术股份有限公司 高级管理人员集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： ● 高级管理人员持股的基本情况 截至本公告披露日，科博达技术股份有限公司（以下简称"公司"）高级管理人员王丽女士、范建华先生 分别直接持有公司股份45,800股、45,000股，分别占公司股份总数的0.01134%、0.01114%。 近日，公司分别收到王丽女士、范建华先生发来的《关于科博达技术股份有限公司股东减持计划告知 函》，现将有关情况公告如下： 一、减持主体的基本情况 ■ 上述减持主体无一致行动人。 二、减持计划的主要内容 ■ 预披露期间，若公司股票发生停牌情形的，实际开始减持的时间根据停牌时间相应顺延。 (一)相关股东是否有其他安排 □是 √否 王丽女士及范建华先生所持股份全部来源于公司股权激励计划。 ● 减持计划的主要内容 王丽女士、范建华先生因个人资金需求，计划自本公告之日起15个交易日后的3个月内通过集中竞价 ...

重要内容提示： 高级管理人员持股的基本情况 截至本公告披露日，科博达技术股份有限公司（以下简称"公司"）高级管理 人员王丽女士、范建华先生分别直接持有公司股份 45,800 股、45,000 股，分别 占公司股份总数的 0.01134%、0.01114%。 证券代码：603786 证券简称：科博达 公告编号：2025-083 科博达技术股份有限公司 高级管理人员集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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法律责任。 王丽女士及范建华先生所持股份全部来源于公司股权激励计划。 减持计划的主要内容 王丽女士、范建华先生因个人资金需求，计划自本公告之日起 15 个交易日 后的 3 个月内通过集中竞价方式减持（窗口期等不得减持期间不得减持）分别不 超过 11,400 股、11,200 股。减持价格将根据减持时的市场价格确定，并遵守窗 口期相关规定。 近日，公司分别收到王丽女士、范建华先生发来的《关于科博达技术股份有 限公司股东减持计划告知函》，现将有关情况公告如下： | 股东名称 | 王丽 | | | | - ...

格隆汇12月3日丨科博达(603786.SH)公布，王丽女士、范建华先生因个人资金需求，计划自本公告之日 起15个交易日后的3个月内通过集中竞价方式减持（窗口期等不得减持期间不得减持）分别不超过 11,400股、11,200股。减持价格将根据减持时的市场价格确定，并遵守窗口期相关规定。 ...

科博达公告，公司高级管理人员王丽、范建华因个人资金需求，计划自公告之日起15个交易日后的3个 月内，通过集中竞价方式分别减持不超过11400股和11200股，分别占公司总股本的0.00282%和 0.00277%。减持价格将根据减持时的市场价格确定，且遵守窗口期相关规定。 ...

Group 1 - The core viewpoint of the news is that Kobotda's stock has experienced fluctuations, with a recent decline in price and mixed trading activity, while the company shows growth in revenue and profit year-on-year [1][2]. - As of December 2, Kobotda's stock price was 72.02 CNY per share, with a market capitalization of 29.086 billion CNY. The stock has increased by 17.78% year-to-date but has seen a decline of 1.83% in the last five trading days [1]. - Kobotda's main business involves the research, production, and sales of automotive electronic products, with automotive parts accounting for 96.77% of its revenue [1][2]. Group 2 - For the period from January to September 2025, Kobotda achieved operating revenue of 4.997 billion CNY, representing a year-on-year growth of 16.96%, and a net profit attributable to shareholders of 646 million CNY, up 6.55% year-on-year [2]. - Kobotda has distributed a total of 1.251 billion CNY in dividends since its A-share listing, with 707 million CNY distributed over the past three years [3]. - As of September 30, 2025, Kobotda had 13,300 shareholders, an increase of 17.18% from the previous period, with an average of 30,431 circulating shares per shareholder, a decrease of 14.35% [2][3].