深圳市道通科技股份有限公司 地址：深圳市南山区西丽街道松坪山社区高新北六道36号彩虹科技大楼二层 服务热线：400-009-3838 总机：0755-86147778 传真：0755-86147758 可持续发展报告 2024Sustainability Report | 负责任供应链 | 65 | | --- | --- | | 社区公益与志愿服务 | 69 | 道通科技 l 3 CONTENTS | o//////////////////////// | | | --- | --- | | 报告开篇 | 01 | | 关于本报告 | 01 | | 关于道通科技 | 02 | | == / | | | --- | --- | | 可持续发展(ESG)管理 | 05 | | ESG 治理体系 | 05 | | 尽职调查与利益相关方沟通 | 07 | | 议题重要性分析流程 | 08 | | 议题重要性分析结论 | 09 | | 12 | | | = | | | 合规经营, | | | 高质量全球发展 | 13 | | 公司治理架构 | 15 | | 商业道德与反腐败 | 21 | | 合规经营与风险控制 | ...

| 股票代码：688208 | 股票简称：道通科技 公告编号：2025-006 | | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | 深圳市道通科技股份有限公司 关于"道通转债"预计满足赎回条件的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 深圳市道通科技股份有限公司（以下简称"公司"或"本公司"）股票自 2025 年 2 月 21 日至 2025 年 3 月 21 日已有 10 个交易日的收盘价不低于当期转股价格的 130%（即 44.11 元/股），存在触发《深圳市道通科技股份有限公司向不特定对象发 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）中规定的有条件赎回条 款的可能性。若触发条件，公司董事会有权决定按照债券面值加当期应计利息的价格 赎回全部或部分未转股的"道通转债"，公司将在满足可转债赎回条件的当日召开董 事会，决定是否行使上述赎回权限及相关事宜。 一、可转债发行上市概况 经中国证监会"证监许可〔2022〕852 号"文核准，公司 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 62.30, representing a potential upside of 36% [4][14]. Core Insights - The company is experiencing rapid growth, with total revenue projected to reach RMB 3.93 billion in 2024, a year-on-year increase of 20.95%. Net profit attributable to shareholders is expected to be RMB 640 million, up 257.34% year-on-year [4][14]. - The company is leveraging AI as a core driver for its business expansion, focusing on three growth curves: digital maintenance, digital energy, and air-ground integrated smart solutions [4][14]. - The digital maintenance business is expected to generate revenue of approximately RMB 3.04 billion in 2024, while the digital energy segment is projected to reach RMB 867 million, reflecting growth rates of 14.59% and 52.98% respectively [4][14]. Financial Data and Forecast - Revenue and net profit forecasts for 2024-2026 are as follows: - 2024: Revenue of RMB 3.93 billion, net profit of RMB 640 million - 2025: Revenue of RMB 4.73 billion, net profit of RMB 804 million - 2026: Revenue of RMB 5.67 billion, net profit of RMB 970 million - The expected growth rates for revenue are 20.9% in 2024, 20.3% in 2025, and 19.9% in 2026. Net profit growth rates are projected at 257.3%, 25.6%, and 20.6% for the same years [3][4][14]. Business Segmentation - The company’s revenue breakdown for 2024 includes: - ADAS products: RMB 378.21 million - New energy charging services: RMB 793.14 million - Software cloud services: RMB 73.54 million - TPMS products: RMB 708.14 million - Automotive diagnostic products: RMB 1,415.25 million - The overall revenue for 2024 is projected to be RMB 3.93 billion, with a gross margin of 56.6% [8][10].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 62.30, representing a potential upside of 36% [4][14]. Core Insights - The company is experiencing rapid growth, with total revenue projected to reach RMB 3.93 billion in 2024, a year-on-year increase of 20.95%. Net profit attributable to shareholders is expected to be RMB 640 million, up 257.34% year-on-year [4][14]. - The company is leveraging AI as a core driver for its business expansion, focusing on three growth curves: digital maintenance, digital energy, and air-ground integrated smart solutions [4][14]. - The digital maintenance business is expected to generate revenue of approximately RMB 3.04 billion in 2024, while the digital energy business is projected to reach RMB 867 million, reflecting growth rates of 14.59% and 52.98% respectively [4][14]. Financial Data and Forecast - Revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of RMB 3.93 billion, net profit of RMB 640 million - 2025: Revenue of RMB 4.73 billion, net profit of RMB 804 million - 2026: Revenue of RMB 5.67 billion, net profit of RMB 970 million - The expected growth rates for revenue are 20.9% in 2024, 20.3% in 2025, and 19.9% in 2026. Net profit growth rates are projected at 257.3%, 25.6%, and 20.6% for the same years [3][4][14]. Business Segmentation - The company’s revenue breakdown for 2024 includes: - Digital maintenance: RMB 3.04 billion - Digital energy: RMB 867 million - Other segments include ADAS products, new energy charging services, software cloud services, and automotive diagnostics, contributing to the overall revenue growth [8][14].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 62.30, representing a potential upside of 36% [4][14]. Core Insights - The company is experiencing rapid growth, with total revenue projected to reach RMB 3.93 billion in 2024, a year-on-year increase of 20.95%. Net profit attributable to shareholders is expected to be RMB 640 million, up 257.34% year-on-year [4][14]. - The company is leveraging AI as a core driver for its business expansion, focusing on three growth curves: digital maintenance, digital energy, and air-ground integrated smart solutions [4][14]. - The digital maintenance business is expected to generate revenue of approximately RMB 3.04 billion in 2024, while the digital energy segment is projected to reach RMB 867 million, reflecting growth rates of 14.59% and 52.98% respectively [4][14]. Financial Data and Forecast - Revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of RMB 3.93 billion, net profit of RMB 640 million - 2025: Revenue of RMB 4.73 billion, net profit of RMB 804 million - 2026: Revenue of RMB 5.67 billion, net profit of RMB 970 million - The expected earnings per share (EPS) for the same period are RMB 1.42, RMB 1.78, and RMB 2.15 respectively [3][4][14]. - The company’s gross margin is projected to be around 56.6% in 2024, with slight fluctuations in subsequent years [3][4]. Business Segmentation - The company’s revenue breakdown for 2024 includes: - ADAS products: RMB 378.21 million - New energy charging services: RMB 793.14 million - Software cloud services: RMB 73.54 million - TPMS products: RMB 708.14 million - Automotive diagnostic products: RMB 1,415.25 million - The overall revenue for 2024 is expected to be RMB 3.93 billion, with a gross margin of 56.6% [8][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 180-200 million yuan in Q1 2025, representing a year-on-year increase of 44.3% to 60.3%, with a median of 190 million yuan corresponding to a year-on-year increase of 52.3% [2] - The company is actively promoting the application of AI robots in the energy and transportation sectors, enhancing its team capabilities, solutions, customer expansion, and ecosystem development [3] - The company is deeply engaged in the charging pile sector, benefiting from overseas growth, particularly in the North American market, where the potential for charging pile expansion remains significant [4] - The digital maintenance segment is a stronghold for the company, which has established a solid position in the overseas automotive aftermarket, achieving a global market share of 32.7%, surpassing traditional giants [5] Financial Forecasts and Valuation - The company's expected net profits for 2024, 2025, and 2026 have been adjusted to 640 million, 790 million, and 950 million yuan respectively, with corresponding P/E ratios of 33.1, 26.7, and 22.2 times based on the closing price on March 18, 2025 [5]

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company is positioned as a leader in AI-driven intelligent detection and new energy solutions, focusing on digital maintenance, digital energy, and AI robotics [19][21]. - The integration of AI technology is expected to enhance product premium capabilities and accelerate global market penetration, with significant growth anticipated in both digital energy and maintenance sectors [28][38]. Summary by Relevant Sections Strategic Positioning - The company aims to leverage AI innovation to drive strong business growth, with a focus on digital maintenance, digital energy, and AI robotics [19][21]. - It has established a comprehensive ecosystem that integrates technology research, ecological construction, and practical applications [35]. Financial Growth - The company reported a revenue of 28.04 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 28.07%, with digital energy business growing by 77.77% [28]. - The net profit attributable to shareholders for the same period was 5.41 billion yuan, up 103.08% year-on-year [28]. Business Segments 1. **Digital Maintenance Business** - The company is a leading player in the automotive aftermarket diagnostic sector, offering a complete ecosystem of solutions including digital diagnostics and battery testing [22]. - AI technology is utilized to enhance user experience and operational efficiency in the maintenance sector [22][42]. 2. **Digital Energy Business** - The company is advancing its AI-driven energy charging solutions, focusing on various core scenarios such as on-the-go and home charging [24]. - New product lines, including the MaxiCharger series, are designed to optimize charging efficiency and customer revenue [52]. 3. **AI Robotics Business** - The company is developing integrated smart inspection solutions for energy and transportation sectors, utilizing AI technology for enhanced operational efficiency [27][38]. Valuation and Market Potential - The projected net profits for 2024-2026 are 6.47 billion, 7.80 billion, and 11.10 billion yuan, respectively, with corresponding PE ratios of 32.27, 26.77, and 18.81 [4][8]. - The estimated market value for 2025 is projected to be between 249.60 billion and 273.00 billion yuan, with a target stock price of 55.24 to 60.42 yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 180-200 million yuan in Q1 2025, representing a year-on-year increase of 44.3% to 60.3%, with a median of 190 million yuan corresponding to a year-on-year increase of 52.3% [2] - The company is actively promoting the application of AI robots in the energy and transportation sectors, enhancing its team capabilities, solutions, customer expansion, and ecosystem development [3] - The company is deeply engaged in the charging pile sector, benefiting from overseas growth, particularly in the North American market, where the potential for charging pile expansion remains significant [4] - The digital maintenance sector is a stronghold for the company, which has established a solid position in the North American and European automotive aftermarket, leveraging AI to enhance market share [5] Financial Forecasts and Valuation - The company's projected net profits for 2024, 2025, and 2026 have been adjusted to 640 million, 790 million, and 950 million yuan respectively, with the P/E ratios for March 18, 2025, being 33.1, 26.7, and 22.2 times [5]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company is projected to achieve revenue of 39.9 billion, 49.9 billion, and 63.7 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of +22.6%, +25.1%, and +27.7% [3][4]. - The forecasted net profit attributable to shareholders is expected to be 6.5 billion, 8.0 billion, and 9.7 billion yuan for the same years, reflecting significant growth of +260.4%, +23.8%, and +21.7% [3][4]. - The current stock price corresponds to price-to-earnings ratios of 32, 26, and 21 for the years 2024, 2025, and 2026, respectively, suggesting a favorable valuation as the company expands internationally and leverages AI for growth [3][4]. Summary by Sections Performance Forecast - The company reported a net profit of 1.8 billion to 2.0 billion yuan for Q1 2025, representing a year-on-year increase of 44.29% to 60.32% [1]. - The company is focusing on AI technology to enhance its operational capabilities, particularly in the energy and transportation sectors, through strategic partnerships and innovative solutions [1][2]. Business Segments - The digital energy segment is committed to high-end solutions, offering comprehensive smart charging network solutions and energy management systems, with new products like the MaxiCharger DC series [2]. - The digital maintenance business is experiencing steady growth, with advanced technology and strong customer relationships, supporting over 220 vehicle brands and 1500 models in the electric vehicle sector [2]. Financial Projections - The company’s revenue and net profit forecasts indicate robust growth, with significant increases in earnings per share projected to rise from 0.40 yuan in 2023 to 2.15 yuan by 2026 [4][9]. - The financial metrics suggest improving profitability, with net profit margins expected to stabilize around 15% to 16% in the coming years [9].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Views - The company is projected to achieve a revenue of 39.9 billion, 49.9 billion, and 63.7 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of +22.6%, +25.1%, and +27.7% [3][4]. - The forecasted net profit attributable to the parent company is expected to be 6.5 billion, 8.0 billion, and 9.7 billion yuan for the same years, reflecting significant growth of +260.4%, +23.8%, and +21.7% [3][4]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 32, 26, and 21 for the years 2024, 2025, and 2026, respectively, suggesting a favorable valuation as the company expands internationally and leverages AI for growth [3][4]. Summary by Sections Performance Forecast - The company reported a net profit of 1.8 billion to 2.0 billion yuan for Q1 2025, representing a year-on-year increase of 44.29% to 60.32% [1]. - The company is focusing on AI technology to enhance its operational capabilities, particularly in the energy and transportation sectors, through strategic partnerships and innovative solutions [1][2]. Business Segments - The digital energy business is committed to high-end solutions, offering comprehensive smart charging network solutions and energy management systems, with new products like the MaxiCharger DC series [2]. - The digital maintenance business is experiencing steady growth, with advanced technology and strong customer relationships, supporting over 220 vehicle brands and 1500 models in the electric vehicle sector [2]. Financial Metrics - The company’s revenue and net profit forecasts indicate robust growth, with significant increases in both metrics over the next three years [4][9]. - Key financial ratios such as gross margin and net profit margin are projected to remain strong, reflecting the company's operational efficiency and profitability [9].