研報掘金丨國盛證券:首予科博達“買入”評級,海外市場加速佈局打開成長邊界
國盛證券研報指出,科博達爲燈控細分賽道龍頭,產品拓展能力強。覆蓋大衆集團、戴姆勒、寶馬、福特、紅旗、一汽集團、上汽大衆及國內外新造車勢力頭部企業等數十家全球知名整車廠商。新產品新客戶推動業績高速增長,2024年實現營收60億元,同增29%,歸母淨利潤7.7億元,同增27%。公司拓展域控、Efuse等新產品,開啓第二增長曲線。Efuse產品獲得吉利、理想、大衆、奔馳等主機廠相關車型的項目定點,單車價值量1000-2000元,2024年已量產。公司作爲全球燈控龍頭,持續拓展新產品新客戶,預計2025-2027年歸母淨利潤分別爲10/13/15億元,同增30%/26%/22%,對應PE爲22/18/15x。考慮到域控、Efuse等新產品處於上量階段,海外市場加速佈局,打開成長邊界,首次覆蓋,給予“買入”評級。
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