中信里昂：首次覆盖佑驾创新给予"优大于市"评级，目标价32.00港元

Core Viewpoint - CITIC Securities initiated coverage on Youjia Innovation (2431.HK) with an "Outperform" rating, projecting a compound annual growth rate (CAGR) of 49% in total revenue from FY2024 to FY2027, driven by mandatory installation of Automatic Emergency Braking (AEB) in passenger and commercial vehicles [1][2] Group 1: Market Opportunities - The mandatory AEB policy for commercial vehicles will take effect in 2026, with all passenger cars and light trucks required to have AEB and Driver Monitoring Systems (DMS) by 2028, creating a market opportunity for approximately 10 million additional passenger vehicles to install AEB systems [2] - The potential market size for Advanced Driver Assistance Systems (ADAS) and Intelligent Mobility Solutions (IMS) is estimated at RMB 7.7 billion and RMB 7 billion, respectively, indicating significant growth potential for Youjia Innovation [1] Group 2: Competitive Advantages - Youjia Innovation possesses a strong customer base and a diverse range of products, which positions the company to benefit from the growing demand for AEB systems [1][2] - The company has established relationships with major OEM clients, including Dongfeng Group for commercial vehicles and Chery, Changan, SAIC, and Volkswagen for passenger vehicles, with a projected growth opportunity exceeding RMB 1 billion for mid-term L2+ products [2] Group 3: Strategic Positioning - Youjia Innovation's capabilities in full-stack independent research and integrated hardware-software development allow it to offer technologically advanced and cost-effective solutions, making it an attractive alternative for international OEMs seeking to reduce costs and enhance their offerings [1]