股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 [Table_Summary] 维持增持评级，维持目标价 67.26 元。公司域控制器、Efuse 等产品 正逐渐放量，国内新势力和宝马、大众等全球客户订单充足，公司 有望实现量价齐升，业绩有望持续增长。下调公司 2024 年 EPS 预 测为 2.04（-0.26）元，维持 2025-2026 年的 EPS 预测为 2.76/3.39 元， 维持目标价 67.26 元，维持增持评级。 公司推出域控制器和 Efuse 等新产品，推动单车价值量大幅提升。 公司将受益于汽车智能化的行业趋势，底盘域控制器和车身域控制 器已配套供应客户，参股公司的智能驾驶域控制器和智能座舱域控 制器也已获得项目定点，可配套的单车价值量不断提升。公司智能 配电 Efuse 已获得吉利、理想、大众等客户定点，未来有望不断开 拓更多客户及车型。 理想等新势力客户逐步放量，驱动业绩持续增长。近年来公司开拓 了小鹏、理想、蔚来和极氪等新势力客户，未来有望持续深化合作， 打造更丰富的增长点。2023 年理想汽车成为公司前五大客户，2024 上半年理想汽车在公司营收占比达到 11%， ...

证券代码：603786 证券简称：科博达 公告编号：2024-049 投资者可于 2024 年 9 月 10 日（星期二）至 2024 年 9 月 18 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 keboda@keboda.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 科博达技术股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日发布 公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 9 月 19 日 上午 11:00-12:00 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 业绩说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 科博达技术股份有限公司 关于召开 2024 年半年度业绩说明会的预告公告 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 ...

特此公告。 公司于 2024 年 8 月 23 日完成上述部分限制性股票的回购注销。根据中国证 券登记结算有限公司上海分公司提供的《证券变更登记证明》，公司总股本由 403,900,100 股减少至 403,890,300 股，公司注册资本由人民币 403,900,100 元变 更为人民币 403,890,300 元。具体内容详见公司于 2024 年 8 月 21 日在上海证券 交易所网站（www.sse.com.cn）披露的《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》（公告编号：2024-044）。 公司已于近日完成上述事项的工商变更登记手续，并取得上海市市场监督管 理局换发的《营业执照》，具体信息如下： | 公司名称 | 科博达技术股份有限公司 | | --- | --- | | 统一社会信用代码 | 91310115729533231F | | 类型 | 股份有限公司（上市、自然人投资或控股） | | 住所 | 中国（上海）自由贸易试验区祖冲之路 2388 号 1-2 幢 | | 法定代表人 | 柯桂华 | | --- | --- | | 成立日期 | 2003 年 9 月 12 日 ...

科博达技术股份有限公司 投资者调研报告 1、特定对象调研 2、电话会议 1 一、 投资者关系活动情况（2024 年 8 月） | --- | --- | --- | --- | |-------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------| | 序号 | 日期 | 来访人单位 | 接待人员 | | 1 | 2024.08.06 | 1. 国都证券 2. 上海易善 | 董事会秘书裴振东 证券事务代表徐萍萍 | | | | 1. 华泰证券 2. 国信证券 | | | 2 | 2024.08.26 | 3. 金鼎资本 4. 迈维资产 5. 银河 ...

[Table_Rank] 评级： 买入 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：：S0110521050003 yueqinghui@sczq.com.cn [市场指数走势（最近 Table_Chart] 1 年） 资料来源：聚源数据 -0.6 -0.4 -0.2 0 0.2 28-Aug 9-Nov21-Jan 3-Apr15-Jun 27-Aug 科博达 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 43.68 | | 一年内最高 / 最低价（元） | 81.30/43.47 | | 市盈率（当前） | 25.02 | | 市净率（当前） | 3.67 | | 总股本（亿股） | 4.04 | | 总市值（亿元） | 176.42 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 2Q23 业绩同环比向好，域控业务顺利 拓展 2022&1Q23 业绩点评：新老 ...

[Table_Rank] 评级： 买入 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：：S0110521050003 yueqinghui@sczq.com.cn [市场指数走势（最近 Table_Chart] 1 年） 资料来源：聚源数据 -0.6 -0.4 -0.2 0 0.2 28-Aug 9-Nov21-Jan 3-Apr15-Jun 27-Aug 科博达 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 43.68 | | 一年内最高 / 最低价（元） | 81.30/43.47 | | 市盈率（当前） | 25.02 | | 市净率（当前） | 3.67 | | 总股本（亿股） | 4.04 | | 总市值（亿元） | 176.42 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 2Q23 业绩同环比向好，域控业务顺利 拓展 2022&1Q23 业绩点评：新老 ...

2024 年 08 月 28 日 科博达 (603786) ——公司能力圈不断扩张，估值已经是上市以来底部 报告原因：有业绩公布需要点评 买入（维持）投资要点：公司发布 2024 年半年报，2024 年上半年实现营业收入 27.42 亿元，同比+39.8%； 实现归母净利润 3.72 亿元，同比+34.9%。公司 24Q2 实现营收 13.25 亿元，同环比 +26.4%/-6.5%；实现归母净利润 1.53 亿元，同环比+6.1%/-30.4%。Q2 业绩略低于预期。 | --- | --- | |------------------------------------------|-------------------------| | 市场数据： | 2024 年 08 月 27 | | 收盘价（元） | 43.68 | | 一年内最高/最低（元）市净率 | 81.90/43.47 | | 息率（分红/股价） | 1.37 | | 流通 A 股市值（百万元）上证指数/深证成指 | 17,5762,848.73/8,103.76 | 26.12%，环比-5.85pct，由于部分客户降价在二季度确认以及芯片 ...

[Table_Reportdate] 2024年08月27日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | 44.66 | | 总股本(万股) | 40,389 | | 流通A股/B股(万股) | 40,239/0 | | 资产负债率(%) | 26.88% | | 市净率(倍) | 3.67 | | 净资产收益率(加权) | 7.72 | | 12个月内最高/最低价 | 81.90/44.58 | [Table_QuotePic] -49% -39% -30% -21% -11% -2% 7% 17% 23-08 23-11 24-02 24-05 [相关研究 Table_Report] 《科博达（603786）：域控产品持续 放量，加速海外基地建设扩大全球市 场业务 — ...

Q2 毛利率承压,海外市场成为增长新引擎 — 2024年半年报业绩点评 核心观点 ● ● 事件:公司发布 2024年半年报,上半年公司实现营业收入 27.42亿元,同比 +39.85%,实现归母净利润 3.72 亿元,同比+34.85%,实现扣非归母净利润 3.43 亿元,同比+32.09%,EPS 为 0.92元,同比+35.23%。2024年 Q2、公 司实现营业收入 13.25 亿元,同比+26.45%,环比-6.49%,实现归母净利润 1.53 亿元,同比+6.08%,环比-30.38%,实现扣非归母净利润 1.43 亿元,同 比+4.81%,环比-28.38%。 受产品、客户结构变化及年降影响,公司 Q2毛利率短期承压:2024年 H1, 公司毛利率为 29.14%,同比-1.78pct,其中 Q2 毛利率为 26.12%,同比- 4.47pct,环比-5.86pct,对上半年毛利率形成较大的拖累,主要受三方面因素 影响:一是产品结构变化,上半年公司照明控制系统、电机控制系统、能源管 理系统、车载电器与电子四大产品分别实现营收 13.78亿元/4.39亿元/3.19亿 元/4.15亿元,同比分别+3 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 2,742,352,983.72, a 39.85% increase compared to the same period last year[17] - Net profit attributable to shareholders of the listed company was RMB 371,567,773.25, up 34.85% year-on-year[17] - Basic earnings per share increased by 35.23% to 0.9247 yuan per share compared to the same period last year[18] - Diluted earnings per share rose by 34.82% to 0.9154 yuan per share year-over-year[18] - Weighted average return on equity increased by 1.33 percentage points to 7.72%[18] - Revenue for the first half of 2024 reached 27.42 billion yuan, a year-on-year increase of 39.85%[33] - Net profit attributable to shareholders was 3.72 billion yuan, up 34.85% year-on-year[33] - Revenue increased by 39.85% to RMB 2,742,352,983.72 compared to the same period last year[38] - Operating costs rose by 43.46% to RMB 1,943,132,757.93 due to increased revenue[38] - Sales expenses surged by 86.31% to RMB 62,527,543.07, primarily due to higher sales service fees[38] - R&D expenses grew by 5.51% to RMB 222,382,643.95, driven by increased labor costs[38] - Revenue from the automotive parts sector increased by 38.25% to RMB 2,650,499,483.78[39] - Domestic revenue grew by 37.52% to RMB 1,718,960,732.85, while international revenue increased by 39.63% to RMB 931,538,750.93[40] - Total operating revenue for the first half of 2024 reached 2,742,352,983.72 yuan, a significant increase from 1,960,987,054.37 yuan in the same period last year[107] - Operating costs for the first half of 2024 were 2,380,779,461.95 yuan, compared to 1,696,594,377.58 yuan in the first half of 2023[107] - Net profit for the first half of 2024 was 394,562,367.16 yuan, an increase from 293,415,229.73 yuan in the first half of 2023[108] - Revenue for the first half of 2024 reached 1,678,479,158.63 RMB, a 24.7% increase compared to 1,346,606,289.56 RMB in the same period of 2023[110] - Operating profit for the first half of 2024 was 173,811,243.11 RMB, a 43.8% decrease from 309,482,433.95 RMB in the first half of 2023[112] - Net profit for the first half of 2024 was 177,828,529.12 RMB, a 43.4% decrease from 314,169,010.11 RMB in the same period of 2023[113] - Sales revenue from goods and services in the first half of 2024 was 2,845,118,919.27 RMB, a 47.6% increase from 1,927,405,939.49 RMB in the first half of 2023[114] - Cash flow from operating activities in the first half of 2024 totaled 2,967,738,306.23 RMB, a 48.4% increase from 2,000,374,713.35 RMB in the same period of 2023[114] - Operating cash flow decreased to 125.87 million yuan in the first half of 2024, down from 314.41 million yuan in the same period last year[116] - Investment cash flow turned negative at -156.09 million yuan, compared to a positive 205.37 million yuan in the first half of 2023[116] - Parent company's operating cash flow increased by 25.4% to 381.83 million yuan[118] - Parent company's investment cash inflow reached 907.07 million yuan, up 6% year-over-year[118] Cash Flow and Financial Position - Net cash flow from operating activities decreased by 59.97% to RMB 125,873,314.02 compared to the same period last year[17] - Total assets as of the end of the reporting period were RMB 6,726,402,804.22, a 5.83% increase from the end of the previous year[17] - Net cash flow from operating activities decreased by 59.97% to RMB 125,873,314.02, mainly due to higher procurement and labor costs[38] - Total assets increased to 6,726,402,804.22 RMB, up from 6,355,658,486.61 RMB at the end of 2023[103] - Current assets rose to 5,225,803,387.84 RMB, compared to 4,916,280,405.50 RMB at the end of 2023[101] - Non-current assets grew to 1,500,599,416.38 RMB, up from 1,439,378,081.11 RMB at the end of 2023[102] - Total liabilities increased to 1,808,061,218.58 RMB, compared to 1,557,414,237.48 RMB at the end of 2023[103] - Current liabilities rose to 1,695,509,320.13 RMB, up from 1,439,037,436.75 RMB at the end of 2023[102] - Non-current liabilities decreased to 112,551,898.45 RMB, down from 118,376,800.73 RMB at the end of 2023[103] - Shareholders' equity increased to 4,918,341,585.64 RMB, up from 4,798,244,249.13 RMB at the end of 2023[103] - Cash and cash equivalents decreased to 804,215,669.32 RMB, down from 997,291,488.98 RMB at the end of 2023[101] - Accounts receivable decreased to 1,503,151,547.88 RMB, down from 1,532,424,000.43 RMB at the end of 2023[101] - Inventory increased to 1,537,183,975.15 RMB, up from 1,345,579,264.49 RMB at the end of 2023[101] - Total assets as of the end of the first half of 2024 were 4,433,490,395.21 yuan, compared to 4,173,171,954.28 yuan at the end of the first half of 2023[105] - Total liabilities as of the end of the first half of 2024 were 1,103,370,459.07 yuan, up from 797,478,214.57 yuan at the end of the first half of 2023[106] - Long-term equity investments increased to 867,747,013.83 yuan in the first half of 2024, up from 781,429,178.99 yuan in the same period last year[105] - Total equity attributable to shareholders as of the end of the first half of 2024 was 3,330,119,936.14 yuan, slightly down from 3,375,693,739.71 yuan at the end of the first half of 2023[106] - Cash outflow for employee compensation increased to 417.17 million yuan, up 28.4% year-over-year[116] - Tax payments more than doubled to 151.02 million yuan from 61.66 million yuan in the previous year[116] - Cash received from investments rose significantly to 1.34 billion yuan, an 85.8% increase compared to the first half of 2023[116] - Total owner's equity decreased by 120.10 million yuan in the first half of 2024[121] - Minority interests in equity reduced by 25.78 million yuan during the reporting period[121] - Undistributed profits increased by 129.23 million yuan, contributing to the overall equity change[121] Business Operations and Strategy - The company's main business partners include Volkswagen Group, FAW Group, Daimler, Ford, BMW, Toyota, and Jaguar Land Rover[9] - The company's main subsidiaries include Zhejiang Keboda Industrial Co., Ltd. and Shanghai Keboda Intelligent Technology Co., Ltd[9] - The company's main products are related to automotive electronics and intelligent technology[9] - The company secured 43 new projects with an estimated lifecycle sales volume of 75 million units[34] - Total R&D projects reached 136, with an estimated lifecycle sales volume exceeding 280 million units[34] - New energy vehicle business accounted for over 15% of total sales, with Li Auto becoming the 4th largest customer[36] - Sales to Li Auto reached 300 million yuan, a 157.5% increase year-on-year, accounting for 11% of total sales[36] - The company obtained the Volkswagen Group's next-generation LED headlight controller project[34] - Efuse, DCC, and ASC products successfully entered Volkswagen's supply chain[35] - eLSV (Electronic Steering Column Controller) secured a global platform project with BMW[35] - DCDC (DC-DC Converter) and thermal management smart actuators received project approvals from Porsche and Audi[35] - The company specializes in automotive electronics, focusing on lighting control systems, motor control systems, and energy management systems[25] - The company maintains stable supplier relationships with global automakers and operates in both domestic and international markets[25] - Procurement is divided into pre-production, post-production, and MRO categories, focusing on cost control, supplier management, and quality assurance[26] Subsidiaries and Investments - The company invested RMB 70,000,000 in a subsidiary, increasing its registered capital to RMB 80,000,000[44] - The company also invested RMB 60,000,000 in another subsidiary, raising its registered capital to RMB 120,000,000[44] - Overseas assets amounted to RMB 227,063,607.35, accounting for 3.38% of total assets[42] - Zhejiang Keboda Industrial Co., Ltd. reported total assets of 3,198,816,500 yuan, net assets of 1,438,473,000 yuan, and operating income of 1,910,472,200 yuan[50] - Wenzhou Keboda Auto Parts Co., Ltd. had total assets of 318,103,100 yuan, net assets of 259,861,000 yuan, and operating income of 120,130,300 yuan[50] - Keboda Chongqing Automotive Electronics Co., Ltd. reported total assets of 103,623,600 yuan, net assets of 70,256,100 yuan, and operating income of 25,517,400 yuan[50] - Weifang Keboda Power Technology Co., Ltd. had total assets of 33,616,100 yuan, net assets of -5,228,400 yuan, and operating income of 736,800 yuan[50] - KEBODA Deutschland GmbH & Co. KG reported total assets of 159,364,000 yuan, net assets of 718,500 yuan, and operating income of 153,930,900 yuan[50] - KEBODA Deutschland Verwaltungs GmbH had total assets of 173,900 yuan and net assets of 173,900 yuan[50] - Meke Inc. reported total assets of 657,000 yuan, net assets of 220,600 yuan, and operating income of 2,145,000 yuan[50] - Changchun Keboda Sales Service Co., Ltd. had total assets of 16,330,400 yuan, net assets of 16,163,800 yuan, and operating income of 1,200,000 yuan[50] - Jiaxing Keao Electromagnetic Technology Co., Ltd. reported total assets of 282,443,100 yuan, net assets of 216,282,700 yuan, and operating income of 175,854,100 yuan[50] Shareholder and Equity Information - The company repurchased and canceled 74,200 restricted shares, with the process completed on June 12, 2024, and the registered capital reduced accordingly[60] - On July 2, 2024, the company announced the release of 1,126,650 restricted shares for trading, effective from July 5, 2024[60] - The company adjusted the repurchase price of restricted shares under the 2022 incentive plan and canceled 9,800 restricted shares on June 26, 2024[60] - The company's total share capital as of June 30, 2024, is 403,900,100 shares, with 263,870 shares being restricted and 401,261,450 shares being freely tradable[92] - The company repurchased and canceled 74,200 restricted shares, reducing the total share capital from 403,974,300 shares to 403,900,100 shares[91] - The actual controllers of the company are Mr. Ke Guihua and Mr. Ke Binghua, with Ke Lei and Ke Longtu as their concerted parties[95] - The top shareholder, Keboda Investment Holding Co., Ltd., holds 239,449,043 shares, representing 59.28% of the total shares[94] - Ke Guihua holds 25,655,234 shares, accounting for 6.35% of the total shares[94] - Shanghai Fujie Enterprise Management Partnership reduced its holdings by 1,562,100 shares, now holding 17,811,613 shares, or 4.41% of the total[94] - Ke Binghua holds 12,827,633 shares, representing 3.18% of the total shares[94] - Ke Lei holds 12,827,633 shares, also representing 3.18% of the total shares[94] - Shanghai Yingri Enterprise Management Partnership reduced its holdings by 1,854,600 shares, now holding 9,420,863 shares, or 2.33% of the total[94] - Shanghai Dingtao Enterprise Management Partnership reduced its holdings by 2,435,600 shares, now holding 7,498,927 shares, or 1.86% of the total[94] - China Merchants Bank Co., Ltd. - Xingquan Hetai Hybrid Securities Investment Fund increased its holdings by 209,883 shares, now holding 5,266,537 shares, or 1.30% of the total[94] - China Merchants Bank Co., Ltd. - Xingquan Herun Hybrid Securities Investment Fund holds 4,530,471 shares, representing 1.12% of the total shares[96] Environmental and Social Responsibility - The company holds 6 ISO14001 environmental management system certifications, demonstrating its commitment to environmental protection[63] - The company has implemented energy-saving projects, including rooftop photovoltaic systems and heat recovery from air compression systems, to reduce carbon emissions[64] - The company is planning to establish an energy management system to further enhance energy efficiency and prepare for ISO50001 certification[64] Corporate Governance and Compliance - The company's actual controllers and major shareholders have committed to avoiding any form of business that may compete with the company's core operations, ensuring no direct or indirect competition[68] - The company has pledged to minimize and fairly conduct any unavoidable related-party transactions, adhering to market-based pricing and strict disclosure protocols[68] - In the event of any false or misleading information in the prospectus, the company will compensate investors for direct economic losses, including stock losses and transaction costs[70] - The company will repurchase all newly issued shares at the offering price plus interest if regulatory authorities find significant misstatements in the prospectus[70] - Directors, supervisors, and senior management will personally compensate investors for losses if the prospectus contains false or misleading information[71] - Major shareholders, including the controlling shareholder, plan to hold their shares for at least 24 months after the lock-up period expires, with no immediate plans to sell[71] - The controlling shareholder and actual controllers have committed to not interfering with the company's management or encroaching on its interests[73] - The company's total related-party transactions for the first half of 2024 amounted to RMB 18.15 billion, with RMB 8.74 billion already executed[82] - Sales of goods to related parties reached RMB 2.1 billion, with RMB 1.2 billion coming from Mechatronic Systems GmbH[81] - Procurement of goods from related parties totaled RMB 8.2 billion, with RMB 7.5 billion sourced from Mechatronic Systems GmbH[81] - The company provided services worth RMB 7.05 billion to related parties, with RMB 2.7 billion going to KSK Automotive Components (Pinghu) Co., Ltd[82] - The company received services worth RMB 800 million from related parties, with RMB 500 million from Shanghai Oubao Property Management Co., Ltd[82] - The company's total guarantee balance at the end of the reporting period was RMB 17.13 billion[85] - The company provided a guarantee of 10,000,000 RMB for Zhejiang Keboda to Keboda Intelligent Technology, with a guarantee period starting from the project confirmation date and lasting for 2 years after project termination[86] - The company provided a guarantee of 7,128,300 RMB for Keboda Intelligent Technology to Texas Instruments, with a guarantee period from September 1, 2023, to August 31, 2025[86] - The total guarantee balance for subsidiaries at the end of the reporting period is 100,000,000 RMB[87] - The company provided a guarantee of 10,000,000 RMB for Zhejiang Keboda's credit business with Bank of China Jiaxing Branch, valid from April 1, 2023, to March 31, 2025[88] Accounting and Financial Policies - The company's accounting period runs from January 1 to December 31[139] - The company uses RMB as its functional currency[140] - Significant bad debt provision for receivables is set at 18 million RMB[140] - Significant recovery or reversal of bad debt provision for receivables is 1.8 million RMB[140] - Significant construction in progress is set at 18 million RMB[140] - Significant non-wholly owned subsidiaries are those contributing ≥10% of group revenue[140] - Significant joint ventures or associates are those with long-term equity investment book value ≥5% of group total assets[141] - The company uses a 12-month operating cycle as the standard for liquidity classification of assets and liabilities[139] - The company applies the