新动作！佑驾创新(2431.HK)调整业务，聚焦单车智能

Core Insights - The company announced the sale of a 51% stake in its subsidiary focused on V2X business, aiming to concentrate resources on core areas such as intelligent driving and smart cockpit exploration [1] - This strategic adjustment reflects a commitment to the "single vehicle intelligence" future, emphasizing a shift towards more profitable and mature business segments [1][2] - In 2024, the company reported revenue of 654 million yuan, a 37.4% year-on-year increase, with intelligent driving solutions contributing 484 million yuan, accounting for 73.9% of total revenue [1] Business Strategy - The company is in a critical phase of expanding market share, reallocating resources to the more mature and clearer business model of "single vehicle intelligence" [2] - It has established L1-L4 level intelligent driving capabilities and has delivered products to 35 automakers, including major brands like Changan Automobile [2] - The L4 autonomous driving business is entering a commercialization phase, with successful project deliveries such as the first unmanned bus in Suzhou [2] Market Potential - The company aims to support the scalable development of unmanned vehicles in logistics and other fields, capitalizing on the growing market potential of unmanned logistics vehicles [3] - The unmanned logistics vehicle market in China is projected to exceed 20 billion yuan by 2025, presenting significant opportunities for solution providers [3] - The company possesses a mature unmanned minibus solution, allowing for a seamless transition from passenger to cargo applications, leveraging existing technology [3] Market Reaction - The company's stock price has increased by over 50% this year, with a market capitalization surpassing 10 billion yuan, receiving "buy" and "hold" ratings from major securities firms [4] - The market recognizes the company's clear commercialization path and expected market expansion capabilities, driven by strong core business performance and rapid L4 production scaling [4] - The strategic focus on the more certain and clearer return path of "single vehicle intelligence" is seen as a wise move for long-term sustainability [4]