Group 1 - The core viewpoint of the report is that Youjia Innovation (02431) is a leading Chinese autonomous driving technology company with a target price of HKD 31.4 and a "Buy" rating, expecting significant revenue growth from 2025 to 2027 [1] - Youjia is recognized for its comprehensive self-research capabilities in autonomous driving solutions, with projected revenues of CNY 10.3 billion, CNY 15.0 billion, and CNY 21.0 billion for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 56.6%, 46.4%, and 40.0% [1] - The company has established a product matrix covering L0 to L2+ level solutions and aims to deliver L4 level autonomous driving solutions by 2025, serving major clients such as SAIC, Chery, Dongfeng, Geely, Changan, and BYD [1][2] Group 2 - Youjia has strategically developed three main business lines: intelligent driving solutions, intelligent cockpit solutions, and vehicle-road collaboration, focusing on a production-backed research and development strategy [2] - By the end of 2024, Youjia's intelligent driving solutions will have been mass-produced for 67 models across 22 automakers, with sales exceeding 900,000 units [2] - The intelligent cockpit solutions have also been mass-produced in collaboration with 9 automakers for 30 models [2]
国证国际：首予佑驾创新(02431)目标价31.4港元 评级“买入”