Core Insights - The strategic position and application value of piezoelectric devices are increasingly prominent in the context of the booming development of strategic emerging industries such as 5G communication, new energy vehicles, smart grids, and artificial intelligence. The market size of China's piezoelectric device industry is expected to reach approximately 523.4 billion yuan in 2024, representing a year-on-year growth of 5.06% [1][8]. Industry Overview - Piezoelectric devices are electronic components that operate based on the piezoelectric effect, widely used in sensing, driving, energy conversion, and signal processing, making them critical components in electronic devices such as mobile phones, medical equipment, and aerospace [2][4]. Market Size - The piezoelectric device industry in China is projected to reach a market size of approximately 523.4 billion yuan in 2024, with a year-on-year growth rate of 5.06% [1][8]. Key Companies - The competitive landscape of the piezoelectric device industry in China features a "technology stratification and scenario differentiation" characteristic. Key players include: - **SanHuan Group**: Dominates in optical fiber ceramic inserts and ceramic packaging bases, achieving a revenue of 6.508 billion yuan in the first three quarters of 2025, a year-on-year increase of 20.96% [9][10]. - **Unisoc**: Focuses on piezoelectric quartz crystal frequency devices, with a revenue of 4.904 billion yuan in the first three quarters of 2025, a year-on-year increase of 15.05% [10]. - **Audiwei**: Leads in the domestic market share of automotive ultrasonic sensors [9]. - **Guangdong Huilun Crystal Technology**: Specializes in miniaturized resonators to meet high-frequency demands in IoT [9]. Industry Development Trends 1. **Accelerated Technological Innovation**: The industry is moving towards lead-free and high-performance developments, with breakthroughs in lead-free piezoelectric ceramics such as KNN, enhancing piezoelectric strain by 200% [11]. 2. **Surging Market Demand**: The demand for piezoelectric devices is driven by 5G, new energy vehicles, and medical ultrasound applications, with each new energy vehicle incorporating 15-20 piezoelectric sensors [12]. 3. **Industry Chain Integration**: The industry is enhancing competitiveness through vertical integration and cross-industry fusion, with companies optimizing processes to improve mechanical quality factors [13].

证券代码：920491 证券简称：奥迪威 公告编号：2026-001 广东奥迪威传感科技股份有限公司 关于发行境外上市外资股（H 股）备案申请材料 获中国证监会接收的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 广东奥迪威传感科技股份有限公司（以下简称"公司"）已于2025年11月27 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市 外资股（H股）并在香港联交所主板挂牌上市（以下简称"本次发行并上市"） 的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请资料。具体内 容详见公司于2025年11月28日在北京证券交易所信息披露平台（www.bse.cn）披 露的《关于向香港联交所递交境外上市外资股（H股）发行并上市的申请并刊发 申请资料的公告》（公告编号：2025-124）。 公司已根据相关规定向中国证券监督管理委员会（以下简称"中国证监 会"）报送了本次发行并上市的备案申请材料，并于近日获中国证监会接收。 公司本次发行并上市尚需取得中国证监会、香港证券及期货事务监 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has secured a 176 million yuan project for automotive-grade smart sensors from a leading intelligent driving system integrator, expected to start mass production in December 2026, which will enhance its influence in the smart automotive sensor sector [6] - The company plans to invest 54.8 million USD in a new factory in Malaysia to optimize global capacity and supply chain resilience, which is a key step in its globalization strategy [6] - The company is diversifying into liquid cooling for servers and industrial robots, with new products expected to enhance growth potential [6] - The projected net profits for 2025-2027 are 98 million, 124 million, and 147 million yuan respectively, with corresponding P/E ratios of 42.1, 33.3, and 28.0 times [6][8] Financial Summary - As of December 29, 2025, the closing price is 29.20 yuan, with a market capitalization of 4,121.38 million yuan and a circulating market value of 3,374.79 million yuan [3] - The company’s total assets are projected to reach 1,376 million yuan by 2026, with a debt ratio of 12.54% [9] - Revenue is expected to grow from 617 million yuan in 2024 to 1,104 million yuan in 2027, with a compound annual growth rate of 16.44% [8][9]

关于 202 北京市君合 于广东奥迪 25 年第四次 合（广州） 迪威传感科技 次临时股东 律师事务所 技股份有限 东会的法律意 所 限公司 意见 致： 广东奥迪威 威传感科技股 股份有限公司 司 份有 月 2 东会 人民 意见 的法 下简 "公 北京市君合 有限公司（以 25 日在广州 会（以下简称 民共和国证券 见之目的，中 法律、法规， 简称"公司章 公司股东会议 合（广州）律 以下简称"公 市番禺区沙 称"本次股东 券法》《北京 中国现行法律 以下"法律 章程"）、《广 议事规则"） 律师事务所 公司"）的委 沙头街银平路 东会"）的现 证券交易所 律、法规不包 律、法规"）以 广东奥迪威传 的有关规定 （以下简称 委托，指派本 路 3 街 4 号公 现场会议。现 所股票上市规 包括香港特别 以及《广东奥 传感科技股份 定，就本次股 "本所"） 本所经办律 公司会议室召 现根据《中华 规则》等中国 别行政区、 奥迪威传感科 份有限公司股 股东会有关事 接受广东奥 师出席了公 召开的 2025 华人民共和国 国现行法律、 澳门特别行 科技股份有限 股东会议事规 事宜出具本法 奥迪威传感科 公司于 202 ...

证券代码：920491 证券简称：奥迪威 公告编号：2025-136 广东奥迪威传感科技股份有限公司 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 12 月 25 日 2.会议召开地点：广东省广州市番禺区沙头街银平路 3 街 4 号公司会议室 3.会议召开方式：现场投票和网络投票相结合方式召开 4.会议召集人：董事会 5.会议主持人：董事长张曙光 6.召开情况合法合规的说明： （三）公司董事、高级管理人员出席或列席股东会情况 1. 公司在任董事 8 人，出席 8 人（包括现场和通讯方式）； 2. 公司董事会秘书出席会议； 3. 公司其他高级管理人员均列席了本次会议。 二、议案审议情况 （一）审议通过《关于续聘 2025 年度会计师事务所的议案》 1.议案表决结果： 同意股数 36,878,028 股，占本次股东会有表决权股份总数的 100%；反对股 数 0 股，占本次股东会有表决权股份总数 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company has received a project designation from a leading intelligent driving system integrator, with a total contract value of RMB 176 million, expected to start mass production in December 2026 and last for three years [5] - The approval of China's first L3 level autonomous driving permits marks a significant step towards commercial application, enhancing the growth potential for the company in the intelligent automotive sector [6] - The company's new generation AKII ultrasonic sensors have achieved mass delivery, supporting the transition from L2 to L3 autonomous driving technologies [7] Financial Summary - Revenue projections for 2025-2027 are RMB 744 million, RMB 920 million, and RMB 1,116 million, respectively, with year-over-year growth rates of 20.6%, 23.6%, and 21.3% [9] - Net profit forecasts for the same period are RMB 104 million, RMB 128 million, and RMB 142 million, with corresponding year-over-year growth rates of 18.5%, 23.4%, and 10.5% [9] - The company's earnings per share (EPS) are projected to be RMB 0.74, RMB 0.91, and RMB 1.00 for 2025, 2026, and 2027, respectively, with price-to-earnings (P/E) ratios of 38.5, 31.2, and 28.2 [5][9]

Core Viewpoint - Guangdong Audiwei Sensor Technology Co., Ltd. has received a project confirmation from a leading intelligent driving system integrator to supply automotive-grade intelligent sensors, with an estimated contract value of RMB 176 million (excluding tax) over a lifecycle of approximately three years starting from December 2026 [1][2]. Group 1: Project Details - The project involves supplying automotive-grade intelligent sensors to a top-tier overseas smart automotive supply chain company, although the client's name is undisclosed due to confidentiality agreements [1]. - The expected total contract amount is RMB 176 million (excluding tax), with production set to begin in December 2026 and a project lifecycle of three years [1]. - This collaboration is seen as a recognition of Audiwei's R&D capabilities, product quality control, and supply chain assurance [1]. Group 2: Business Impact - The project is anticipated to positively impact the company's future annual revenue and profitability, enhancing brand recognition and core competitiveness in overseas markets [2]. - The company emphasizes that the project will help increase its market share in intelligent sensors and strengthen its industry influence in the smart automotive sensor segment [1][2]. - The actual procurement quantity remains uncertain as the project amount is based on client forecasts, and the final transaction amount will depend on actual orders [2].

证券代码：920491 证券简称：奥迪威 公告编号：2025-135 广东奥迪威传感科技股份有限公司 关于收到客户项目定点通知的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 一、项目定点概况 广东奥迪威传感科技股份有限公司（以下简称"公司"）近日收到某头部智 驾系统集成商（限于保密协议，无法披露其名称，以下简称"客户"）的项目定 点通知，确认公司为其供应车规级智能传感器，根据该客户的预测，本次定点项 目预计从 2026 年 12 月开始量产交付，生命周期预计为 3 年，预计合同总金额为 人民币 1.76 亿元（不含税）。 二、对公司的影响 本次海外智能汽车供应链项目定点是客户对公司研发技术、产品质量及供应 链保障能力的认可，有利于进一步提升公司智能传感器的市场份额，有利于公司 在海外智能汽车应用领域业务的拓展，也有利于巩固与提升公司在智能汽车传感 器细分领域的影响力，对公司稳健持续发展具有重要意义。本项目定点预计将对 公司未来年度的主营业务收入及盈利能力产生积极影响，有助于进一步提升公司 在海外 ...

Core Viewpoint - The article discusses the journey of Aodiwei, a sensor company, as it aims to enter the Hong Kong stock market, highlighting both its achievements and the challenges it faces in a competitive industry [2][12]. Company Overview - Aodiwei, led by Zhang Shuguang, has transitioned from traditional actuators to smart sensors, establishing a significant market presence [3][5]. - Zhang Shuguang holds a 15.39% stake in the company, making him the largest single shareholder, while his wife holds 1.80% [3]. Market Position - In 2024, Aodiwei ranked second in China's smart home sensor market with a market share of only 0.1%, and third globally in automotive ultrasonic sensors with an 11.3% market share [5]. - The company has expanded its international presence, with over 40% of its revenue coming from markets outside mainland China by mid-2025 [7]. Financial Performance - Aodiwei's revenue for the first three quarters of 2025 reached 502 million RMB, a 12.31% increase year-on-year, while net profit grew by 5.9% to approximately 71 million RMB [9][8]. - The company has maintained steady growth, but its net profit growth has lagged behind revenue growth [8]. Challenges - Aodiwei faces pressure on its gross margin, which has declined from 25.5% in 2022 to 22.1% in the first half of 2025, primarily due to increased competition in the automotive parts supply chain [10]. - The company's overall capacity utilization was only 53.9% in the first half of 2025, with actuator utilization dropping to 36.1%, raising concerns about structural imbalances in production capacity [11]. Industry Outlook - The global sensor and actuator market is expected to grow at a compound annual growth rate of approximately 4.8% and 6.2% from 2024 to 2029, reaching about 703.6 billion USD and 1.2 trillion RMB, respectively [8]. - The article emphasizes the need for Aodiwei to convert its technological advantages into sustainable profitability while balancing capacity expansion with market demand [12].

Core Viewpoint - The company, Guangdong Aodiwei Sensor Technology Co., Ltd., is initiating a secondary listing in Hong Kong to leverage capital market opportunities in the rapidly growing smart sensor industry, which is essential for industrial intelligence driven by 5G and AIoT technologies [1]. Company Overview - Aodiwei is a provider of smart sensing and precision execution solutions, with a business focus on smart home, smart automotive, smart terminals, and smart manufacturing sectors [2]. - The company employs an IDM (Integrated Device Manufacturing) model, achieving vertical integration from sensitive materials to precision manufacturing, thereby establishing a self-controlled technology chain [2]. - Aodiwei ranks prominently in various market statistics, being the second in smart home sensor revenue in China and third globally in automotive ultrasonic sensor shipments [2]. Financial Performance - Aodiwei's revenue has shown robust growth, with figures of 378 million RMB in 2022, 467 million RMB in 2023, and projected 617 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 27.8% [2]. - The revenue breakdown indicates that smart home solutions contributed 200 million RMB in 2022, increasing to 343 million RMB by 2024, while smart automotive solutions grew from 162 million RMB to 256 million RMB in the same period [4]. - The company's gross margin fluctuated, recorded at 34.9% in 2022, 38.0% in 2023, and 34.8% in 2024, influenced by increased competition in the automotive supply chain [5]. Market Outlook - The global sensor market is projected to grow from approximately $189.1 billion in 2020 to $237.1 billion by 2024, with a CAGR of about 5.8%, while the Chinese market is expected to grow from 292.9 billion RMB to 398.3 billion RMB, with a CAGR of 8.0% [6]. - In the smart home sector, the market for sensors and actuators is anticipated to reach approximately $230 billion and $459 billion globally by 2024, with corresponding figures for China at 449 billion RMB and 865 billion RMB [8]. - The automotive sector is also significant, with the market for automotive sensors and actuators projected to reach approximately $457 billion and $406 billion globally by 2024, and 895 billion RMB and 867 billion RMB in China [9]. Competitive Landscape - The sensor market is characterized by intense competition and is highly fragmented, with the top five sensor suppliers in China holding only about 5.4% market share [9]. - Aodiwei, while ranked fifth in the industry, has a market share of only 0.1%, indicating the competitive challenges it faces [9]. Strategic Positioning - Aodiwei's secondary listing in Hong Kong is a strategic move to strengthen its market position and enhance its technological research and development capabilities, aiming to capitalize on structural opportunities presented by the AIoT wave [10]. - The company must navigate the balance between scaling operations and maintaining technological leadership to convert its accumulated technological advantages into sustainable profitability and long-term value [10].