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中信里昂:首次覆蓋佑駕創新給予"優大於市"評級,目標價32.00港元
格隆匯 06-23 17:16

6月23日,中信里昂發佈研究報吿,首次覆蓋佑駕創新(2431.HK),並給予"優大於市"評級。該行認為乘用車與商用車強制安裝自動緊急制動(AEB)政策推動以及座艙安全功能普及,佑駕創新憑藉龐大客户羣體與豐富的產品線將獲得快速增長,預計2024-2027財年總收入複合年增長率將達49%。其首次覆蓋佑駕創新,給予"優大於市"評級,目標價32.00港元。

該報吿指出,佑駕創新基於全棧自主研發與軟硬件一體化研發量產能力,可為客户提供具備技術優勢和高性價比的解決方案。在可預見的未來,國際OEM將尋求替代的ADAS和IMS供應商,以降低成本並提供更全面的解決方案,其預估ADAS和IMS的潛在市場規模分別為77億元人民幣和70億元人民幣。憑藉在ADAS和IMS兩大業務板塊的先發佈局優勢,佑駕創新將迎來快速增長。

此外,佑駕創新還將受政策利好推動。自2026年起,中國營運商用車銷售都將要求配備自動緊急制動(AEB)功能。與此同時,預計從 2028 年起,所有乘用車和輕型卡車都將配備自動緊急制動系統(AEB)和駕駛員監控系統(DMS)。報吿認為,對於佑駕創新而言,將有約1000萬輛增量乘用車安裝AEB系統的市場機會。此外,佑駕創新在商用車定製化服務方面具備主導能力,將直接受益於約400萬輛規模的商用車AEB增量市場機會。

客户覆蓋方面,佑駕創新已具備多元化的OEM客户羣,增長前景迅速。截至目前,佑駕創新已覆蓋東風集團等主要的商用車客户;在乘用車方面已獲得奇瑞、長安、上汽和大眾的訂單,該行預計其中期L2+產品的增長機會總計超過10億元人民幣。

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