据知行汽车科技（苏州）股份有限公司（01274.HK）所发布公告，其 2024 年度财报全面展示了公司在 过去一年的经营状况、财务表现以及未来发展战略。这份财报不仅反映了知行汽车在自动驾驶领域的发 展成果，也凸显了其在竞争激烈的市场环境中面临的挑战。 知行汽车也面临着诸多挑战。从过往公告和行业研究报告来看，公司对部分大客户和特定供应商存在较 高依赖。过去，吉利集团一直是公司的最大客户，报告期内来自吉利集团的收入占总收入的 83.7%。此 外，公司依赖 Mobileye 供应自动驾驶域控制器的基础版本及授权软件，若这一供应出现问题，公司将 面临收入大幅减少的风险。行业竞争日益激烈，部分车企对自动驾驶自主研发的持续投入，对外部第三 方供应商产生了一定的竞争关系。知行汽车基于 Mobileye 提供的自动驾驶域控制器 SuperVision™供给 极氪 001 车型部分中国境内版本的收入在 2024 年有所下降，这表明公司在市场竞争中面临着严峻的挑 战。 互联网上，行业专家对知行汽车的发展也持有不同观点。部分专家认为，知行汽车在技术研发上的持续 投入和取得的成果值得肯定，其在低算力芯片 BEV 模型部署上的突破，有 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[15]. - The company's revenue for the year ended December 31, 2024, was RMB 1,247.72 million, an increase of 2.58% compared to the same period in 2023[16]. - Total revenue for the year ended December 31, 2024, was RMB 1,247.72 million, an increase of 2.58% from RMB 1,216.29 million in 2023[41]. - Revenue from autonomous driving solutions and products reached RMB 1,192.58 million in 2024, up 5.50% from RMB 1,130.44 million in 2023, accounting for approximately 95.58% of total revenue[31]. - The company reported a net loss of RMB 288.34 million for the year, a 47.78% increase from RMB 195.11 million in 2023[56]. - The gross profit for the year ended December 31, 2024, was RMB 90.83 million, a decrease of 24.91% from RMB 120.96 million in 2023[45]. - The gross margin for 2024 was 7.28%, down from 9.94% in 2023[46]. - The pre-tax loss increased by 47.78% to RMB 288.34 million (2023: RMB 195.11 million)[16]. - The company reported net losses of RMB 342.3 million, RMB 195.1 million, and RMB 288.3 million for the years 2022, 2023, and 2024 respectively[190]. Research and Development - Investment in R&D has increased by 30%, totaling RMB 300 million, focusing on advanced driving assistance systems (ADAS) and autonomous driving technologies[15]. - The R&D team expanded from 292 to 474 personnel in 2024, establishing new R&D centers in multiple cities[37]. - The company applied for 250 invention patents by the end of 2024, with 93.6% related to software and algorithms[38]. - The company has developed core algorithms and software middleware, with plans to optimize software and enhance technical barriers and cost-effectiveness[78]. - The company is focusing on the development of embodied intelligence technologies, indicating a strategic shift towards advanced technological solutions[83]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, aiming for a 10% market share by 2025[15]. - The company is committed to overseas expansion, planning to extend its products and solutions to North America, South Korea, and Japan by 2025[82]. - The company is actively exploring diversified business models, focusing on autonomous driving solutions for passenger vehicles and expanding into public transport, freight logistics, agricultural machinery, industrial and warehousing, mining, and port operations[83]. - The company aims to deepen and diversify its OEM customer base by expanding its sales and marketing teams and collaborating with strategic partners[79]. - The company is accelerating the development and deployment of cutting-edge technologies and expanding into new markets and services in 2025[23]. Product Development - New product launches are scheduled for Q3 2024, including two electric vehicle models aimed at the mid-range market[15]. - The company completed orders for 32 models and mass production delivery for 22 models of its self-developed autonomous driving product series by the end of 2024[18]. - The company achieved the world's first mass production delivery of a BEV model on a low-computing power TI TDA4 chip, accelerating the adoption of autonomous driving in passenger vehicles[20]. - The penetration rate of L2 and above assisted driving new vehicles approached 50% in 2024, with expectations for continued growth in 2025 as technology costs decrease[26]. - The company delivered over 227,000 autonomous driving solutions and products in 2024, a 75% increase compared to 2023[29]. Financial Risks and Challenges - The company faces significant risks due to its reliance on a limited number of customers and suppliers, which could adversely affect its financial performance[187]. - The company is reliant on third-party suppliers, particularly Mobileye, for key components, which poses risks of supply chain disruptions[191]. - The company may experience significant component shortages and price volatility, which could hinder its ability to fulfill customer orders[194]. - The company faces credit risk due to revenue concentration among a few customers, which may impact cash flow and profitability if trade receivables are not collected on time[199]. - Changes in international relations and trade policies may adversely affect the company's business and financial performance, particularly regarding U.S. government restrictions on sensitive technologies[198]. Corporate Governance - The company has adopted corporate governance codes to enhance shareholder rights and corporate accountability[111]. - The board consists of three independent non-executive directors, ensuring over one-third independence in board composition[119]. - The company emphasizes a strong corporate culture to manage business risks and deliver sustainable returns to shareholders[112]. - The company has established a risk management and internal control system, which is reviewed at least annually for effectiveness[161]. - The company has implemented various procedures to manage financial reporting risks and provides regular training to finance department staff on accounting policies[163]. Environmental Commitment - The company has been recognized for its environmental management system, certified to ISO 14001:2015 standards[183]. - The company is committed to reducing its environmental impact through various measures, including waste management and compliance with environmental regulations[183]. - The company has initiated a sustainability program, targeting a 50% reduction in carbon emissions by 2030[15]. Management and Workforce - The company has a diverse and experienced management team, including a CEO, CTO, and Vice President, all appointed in 2017 and 2018[105]. - The management team has extensive experience in the automotive industry, with key executives having over 21 years of experience in senior leadership roles[84][85][87]. - The company had 575 employees as of December 31, 2024, an increase from 380 employees as of December 31, 2023[71]. - The company employs a total of 99 female employees, which constitutes 17.22% of the entire workforce[135]. - The company plans to provide comprehensive training to female employees to prepare them for potential board positions in the future[135].

技术升级驱动知行科技产品、业务与市场的全面革新。 4月23日，知行科技(01274.HK)亮相上海国际汽车展览会，带来8TOPS辅助泊车、13TOPS高速领航等已 量产上车的极致性价比方案，基于瑞萨V4H、地平线J6E/M系列的行泊一体高级组合辅助驾驶方案，以 及复用组合辅助驾驶软硬件技术的具身智能、智慧交通系统等面向量产和实际应用场景的系列化解决方 案。 车展上，知行科技与字节跳动旗下云服务平台火山科技签署合作协议，双方将在大数据、云计算、AI 大模型、业务出海等多方面展开合作，共同进行产品、方案深度整合、定制开发，整合合作领域解决方 案。 车展期间，知行科技展台吸引到中国、国际的多家主流车企负责人到访，与知行在技术、业务和市场等 多层面展开深入讨论，探讨合作潜力。 通过技术迭代和工程量产双线并行，知行科技已自研形成平台化的上层应用算法体系，而经过量产验证 的工程化能力，则有效支撑知行科技高级行泊算法在不同硬件平台的部署量产，和平台间的快速移植。 2025年下半年和2026年，知行科技将推出基于地平线J6E/M的高级行泊一体解决方案，支持无图高速领 航、记忆行车等高频驾驶辅助场景，还可通过搭载知行科技自研端 ...

Summary of Conference Call on Zhongtai Automotive and Military Team's Recent Developments and 2025 Business Outlook Company and Industry Overview - The conference call focused on Zhongtai Automotive, a leading player in the autonomous driving sector, specifically in the Hong Kong stock market as the first company in this field [2][3][4]. Core Points and Arguments 1. **Business Lines**: Zhongtai Automotive operates primarily in two business lines: - Collaboration with Supervision, providing pre-control systems for the Chinese market [2]. - Full self-developed product lines, delivering both software and hardware solutions, including OTA services [3][4]. 2. **Acquisition of Talent**: In 2024, the company integrated a well-known autonomous driving team from He Duo Technology, which previously faced financial difficulties. This acquisition involved around 130 skilled professionals and incurred a one-time cost of approximately 30 million RMB [4][5]. 3. **Financial Impact**: The integration of the new team is expected to increase R&D expenses by about 100 million RMB in 2024, leading to a corresponding increase in losses for that year [4][5]. 4. **Revenue Projections**: For 2025, Zhongtai anticipates revenues between 1.8 billion to 2 billion RMB, with a significant shift in revenue structure as self-developed products gain traction [6][7]. 5. **Loss Reduction**: The company expects to narrow its losses in 2025 due to substantial revenue growth and improved margins from self-developed products, which are projected to have higher gross margins compared to previous collaborations [6][7]. 6. **Client Structure**: The client base is diversifying, with significant projects for Chery and other manufacturers, which are expected to contribute to revenue growth [9][10]. 7. **Export Potential**: The company estimates that exports could contribute approximately 25% to its revenue in 2025, although tracking specific export data remains challenging [12][14]. 8. **Product Launches**: New models, including the G6 series, are set to launch in 2024, with expectations of strong market performance [17][18]. 9. **Market Positioning**: Zhongtai aims to leverage its strategic partnerships, particularly with Horizon Robotics, to enhance its competitive edge in the autonomous driving market [21][22]. 10. **Upcoming Events**: The company will hold major release events in Shanghai and Beijing at the end of March, inviting investors to participate [26][27]. Other Important Insights - The company is navigating a complex market landscape, with competitors like FreeTech and DJI also vying for market share in the autonomous driving sector [21][25]. - There is a clear focus on self-research and development, with a commitment to delivering integrated software and hardware solutions to improve profit margins [19][24]. - The management emphasized the importance of understanding the company's business structure and growth potential, encouraging deeper investor engagement [28].

Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expectation of relative performance exceeding the market benchmark by over 10% within six months following the report's release [5][19]. Core Insights - The company, Zhixing Technology, is a leading provider of autonomous driving solutions in China, leveraging advanced systems in software, hardware, and AI algorithms to deliver innovative products [6][7]. - The company is experiencing rapid growth in its autonomous driving business, with a significant increase in new orders and deliveries, reflecting a growing consumer acceptance of autonomous vehicles [6][8]. - The report highlights the company's strategic focus on AI-driven autonomous driving and its potential to create a closed-loop system that integrates AI development with hardware sales [7][9]. Financial Performance and Forecast - Revenue projections for Zhixing Technology are as follows: 2023: 1,216 million CNY, 2024: 1,248 million CNY, 2025E: 2,071 million CNY, 2026E: 3,220 million CNY, and 2027E: 4,182 million CNY, with year-on-year growth rates of -8%, 3%, 66%, 56%, and 30% respectively [6][12]. - The net profit forecast indicates losses in the initial years, with estimates of -195 million CNY in 2023, -288 million CNY in 2024, and a return to profitability with 23 million CNY in 2026 and 164 million CNY in 2027 [6][12]. - The report anticipates a significant increase in the gross margin from 7.28% in 2024 to 21.55% in 2027, driven by economies of scale as revenue grows [12][14]. Market Position and Competitive Advantage - Zhixing Technology has established a strong market presence with over 227,000 autonomous driving solutions delivered in 2024, marking a 75% increase from the previous year [6][8]. - The company has secured contracts with major OEMs, including Geely, Polestar, and Chery, enhancing its market credibility and expanding its operational footprint [6][8]. - The report emphasizes the company's technological edge, particularly in deploying advanced algorithms on low-power chips, positioning it as a pioneer in the industry [6][8]. Valuation and Investment Recommendation - The report employs a price-to-sales (P/S) valuation method, suggesting a valuation range of 18.60 to 24.18 HKD for 2025, based on a P/S ratio of 2.0 to 2.6 [6][12]. - The recommendation to "Outperform" is based on the anticipated growth trajectory of the autonomous driving market and the company's strategic initiatives to enhance its product offerings and market share [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.248 billion yuan for 2024, a year-on-year increase of 2.57%, while the net loss expanded to 288.34 million yuan, a year-on-year increase of 47.78%, which was in line with expectations [7] - The self-developed domain controller revenue experienced rapid growth, with sales from the iDC series increasing significantly, driven by orders from Chery Automobile [7] - The company completed a placement of 11.19 million shares, raising 228 million HKD, with 60% of the funds allocated for advanced driving research and development [7] - The company is optimistic about its long-term investment value due to the rapid growth cycle of its self-developed domain controllers and significant optimization in product and customer structure [7] Financial Summary - Total revenue forecast for 2024 is 1.248 billion yuan, with projections of 1.768 billion yuan for 2025 and 2.783 billion yuan for 2026, reflecting year-on-year growth rates of 41.70% and 57.42% respectively [1][8] - The net profit forecast for 2024 is a loss of 288.34 million yuan, with expected losses of 222.35 million yuan in 2025 and 16.47 million yuan in 2026, before turning profitable in 2027 with a net profit of 140.11 million yuan [1][8] - The company's research and development expenses reached 280.65 million yuan in 2024, accounting for 22.49% of total revenue, indicating a strong commitment to advancing its technology [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.248 billion yuan for 2024, a year-on-year increase of 2.57%, while the net loss expanded to 288.34 million yuan, a year-on-year increase of 47.78%, which was in line with expectations [7] - The self-developed domain controller revenue experienced rapid growth, with the iDC series products showing explosive growth, driven by orders from Chery Automobile [7] - The company completed a placement of 11.19 million shares, raising 228 million HKD, with 60% of the funds allocated for advanced driving research and development [7] - The company is optimistic about its long-term investment value due to the rapid growth cycle of its self-developed domain controllers and significant optimization in product and customer structure [7] Financial Summary - Total revenue forecast for 2024 is 1.248 billion yuan, with projections of 1.768 billion yuan for 2025 and 2.783 billion yuan for 2026, reflecting year-on-year growth rates of 41.70% and 57.42% respectively [1][8] - The net profit forecast for 2025 is a loss of 222.35 million yuan, improving to a profit of 140.11 million yuan by 2027 [1][8] - The company's R&D expenses reached 281 million yuan in 2024, accounting for 22.49% of total revenue, indicating a strong commitment to advancing autonomous driving technology [7]

Core Insights - The intelligent driving industry is experiencing structural growth driven by the wave of "intelligent driving equity," with 2025 being identified as the "year of intelligent driving equity" [1] - The decline in costs of core hardware such as lidar and high-performance chips, along with breakthroughs in end-to-end algorithms and large model technologies, is facilitating the penetration of advanced driving functions into the mainstream market [1][2] - Policies and consumer demand are resonating to catalyze industry growth, with the overall scale of the intelligent driving industry expected to exceed 105.6 billion RMB by 2025 [2] Company Performance - In 2024, the company reported revenues of 1.248 billion RMB, a year-on-year increase of 2.58%, while net losses amounted to 288 million RMB [3] - The core business of autonomous driving solutions generated revenues of 1.193 billion RMB, reflecting a growth of 5.5%, with the autonomous driving domain controller solutions contributing 1.135 billion RMB, up 1.7% [3] - Research and development (R&D) investment reached 281 million RMB, a 29.5% increase year-on-year, with R&D expenses accounting for 22.45% of total revenue [3][4] Market Positioning - The company has expanded its project acquisitions significantly, securing 35 new contracts with major automakers in 2024, bringing the total to 65 contracts [4] - The company is positioned to leverage the trend of "intelligent driving equity" by offering diverse and cost-effective solutions to OEMs [4] - The company has developed core algorithms, software middleware, and cloud platforms, enhancing its competitive edge in the market [4][6] Technological Advancements - The company is focusing on end-to-end and multi-modal large model research, with products and services expected to be mass-produced by 2025 [5] - A new generation of computing frameworks compatible with algorithm iterations is being developed to ensure seamless integration of hardware and software [6] - The company is enhancing its overseas market penetration through a German R&D center, providing localized services and technical support to Chinese automakers [6] Industry Outlook - The intelligent driving industry is undergoing a critical transition from technological breakthroughs to large-scale accessibility, creating new value coordinates [7] - Companies that invest in R&D to build technological moats and leverage mass production capabilities are likely to achieve significant value elevation [7] - The global demand for intelligent solutions is expected to drive participants with both technological depth and commercial resilience to transform from local innovators to global enablers [7]

Group 1 - The core viewpoint of the articles highlights the significant advancements and achievements of Zhixing Technology (01274) in the autonomous driving sector, including project acquisitions and technological breakthroughs [1][2] - In 2024, the company secured 35 project designations, with the next-generation autonomous driving domain controller based on Horizon Journey 6 chip receiving mass production project designations from leading automotive companies [1] - The total revenue for the year reached 1.248 billion RMB, reflecting a year-on-year growth of 2.58%, with over 227,000 sets of autonomous driving solutions and products delivered to customers [1] Group 2 - The company expanded its R&D capabilities by establishing new research centers in Beijing, Shanghai, Guangzhou, and Wuhan, increasing the R&D team size from 292 to 474 personnel [2] - In 2024, the company obtained 61 new authorized invention patents and 52 software copyrights, with 57 of these related to software and algorithms [2] - Significant technological breakthroughs were achieved, including the successful deployment of the BEV model on the low-power TI TDA4 chip, making the company the first globally to deliver a low-power chip BEV model for autonomous driving solutions [1]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,247.72 million, an increase of 2.58% compared to the same period in 2023[2] - Gross profit for the year was RMB 90.83 million, a decrease of 24.91% from RMB 120.95 million in 2023, resulting in a gross margin of 7.28% (2023: 9.94%) [2] - Loss before tax increased by 47.78% to RMB 288.34 million, compared to RMB 195.11 million in 2023[2] - Basic and diluted loss per share for the year was RMB 1.27, up from RMB 0.95 in 2023[2] - The company reported a loss attributable to equity holders of RMB 288,339,000 for the year ended December 31, 2024, compared to a loss of RMB 195,108,000 for the previous year, representing a 47.8% increase in losses[36] - The basic loss per share for 2024 was RMB 1.27, up from RMB 0.95 in 2023, indicating a 33.7% increase in loss per share[36] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,560.92 million, down from RMB 1,672.55 million in 2023[5] - Total equity decreased to RMB 903.02 million from RMB 1,123.71 million in 2023, with accumulated losses increasing to RMB 508.74 million[5] - Total liabilities increased to RMB 657.90 million from RMB 548.84 million in 2023[6] - The company’s total borrowings increased to RMB 314,898,000 in 2024 from RMB 225,657,000 in 2023, representing a 39.5% increase in total borrowings[44] Cash Flow - Cash and cash equivalents decreased significantly to RMB 181.11 million from RMB 720.45 million in 2023[5] - The net cash used in operating activities was RMB (404.98) million for 2024, compared to RMB (261.79) million in 2023, reflecting a significant increase in cash outflow[9] - The net cash used in investing activities was RMB (264.82) million, an increase from RMB (118.34) million in the previous year, indicating higher investment expenditures[9] - The net cash generated from financing activities was RMB 127.16 million, a decrease from RMB 736.48 million in 2023, showing a reduction in financing inflows[9] - The company incurred a net cash outflow of RMB 542.64 million during the year, contrasting with a net increase of RMB 356.36 million in 2023[9] Research and Development - Research and development expenses rose to RMB 280.65 million, compared to RMB 216.62 million in 2023[3] - The total research and development expenses increased from RMB 216,624,000 in 2023 to RMB 280,651,000 in 2024, an increase of approximately 29.6%[28] - The R&D team expanded from 292 to 474 personnel throughout 2024, enhancing the company's capabilities in advanced algorithms and product development[62] - The company applied for a total of 250 invention patents by the end of 2024, with 93.6% related to software and algorithms[63] Revenue Breakdown - Revenue from autonomous driving solutions and products was RMB 1,192.58 million, up from RMB 1,130.44 million in 2023, indicating a growth of about 5.5%[18] - The largest customer, Geely Group, contributed RMB 1,043.90 million to the total revenue, accounting for approximately 83.66% of total revenue, down from 93.3% in 2023[20] - The revenue from the self-developed intelligent front-view camera product iFC increased significantly to RMB 57.97 million from RMB 15.40 million in 2023, driven by orders from major automotive manufacturers[58] - Revenue from autonomous driving-related R&D services decreased to RMB 41.66 million, down RMB 21.45 million or 33.99% from 2023, representing 3.34% of total revenue[59][65] Market and Operations - The company delivered over 227,000 sets of autonomous driving solutions and products in 2024, representing a 75% increase compared to 2023[55] - The penetration rate of L2 and above assisted driving new vehicles in China approached 50% in 2024, with expectations for continued growth in 2025[53] - The production and sales of new energy vehicles reached 12.89 million and 12.87 million units respectively in 2024, marking year-on-year growth of 34.4% and 35.5%[53] - The company is actively monitoring market dynamics and enhancing product management to meet diverse customer needs in the autonomous driving sector[55] Corporate Governance and Compliance - The company has confirmed compliance with the Standard Code for Securities Transactions during the reporting period[115] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period[116] - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2024[117] - The external auditor confirmed that the financial figures in the preliminary results announcement match those in the audited consolidated financial statements for the year ending December 31, 2024[118] Future Plans and Investments - The company plans to enhance its product line and expand manufacturing capabilities while providing more cost-effective solutions through technological advancements and supply chain optimization[97] - The company aims to deepen and diversify its OEM customer base by expanding its product solutions to more vehicle models and increasing the scale of its sales and marketing teams[99] - The company is actively exploring diversified business models, particularly in sectors such as public transport, logistics, and agriculture, to enhance operational efficiency and reduce costs[102]