营收毛利齐升、L4业务"落子成势"，佑驾创新(2431.HK)战略升维推动价值重估

Core Insights - The gradual players in the intelligent driving industry are experiencing a slowdown in losses, while the aggressive players continue to burn cash significantly [1] - Youjia Innovation's recent mid-year performance for 2025 confirms the trend of improving operational quality with a net loss rate of 46.82%, down from 47.26% in the same period of 2024 [1][3] Financial Performance - In the first half of the year, Youjia Innovation achieved total revenue of 346 million yuan, a substantial increase of 46.1% year-on-year [1] - The gross profit reached 52 million yuan, reflecting a year-on-year growth of 54.8%, with a gross margin of 15%, up by 0.9 percentage points [1] Business Development - The commercialization of unmanned minibuses has led to a significant revenue breakthrough in the L4 business for Youjia Innovation [3] - The company has expanded its product matrix with the release of iPilot 4 Plus and iPilot 4 Pro, securing four mid-to-high-end assisted driving projects and adding six platform projects from four new OEMs [5] Inventory and Production Efficiency - The inventory turnover rate for the first half of 2025 was approximately 4.78 times, an increase from 4.09 times in 2024, indicating improved production efficiency [5] Strategic Initiatives - Youjia Innovation is deepening its differentiated "cockpit integration" business and global strategy, broadening its business boundaries and building scale barriers [6] - The company has launched new solutions like the "Smart Butler BamBam" and the iCabin Lite, catering to the needs of automotive manufacturers for improved efficiency and cost control [6] Market Positioning - The company is well-positioned to benefit from favorable policies that encourage the intelligent driving sector, potentially leading to valuation premiums due to its alignment with industry trends [12] - Youjia Innovation's business model aligns with policy directions, enhancing its long-term competitiveness and growth potential [12] Growth Potential - The company is exploring commercial opportunities in unmanned logistics and specific scenarios, with the first generation of unmanned logistics vehicles expected to be delivered in Q4 of this year [13][14] - The focus on specific scenarios for L4 automation enhances the feasibility of commercialization, with potential for significant market growth [14] Long-term Outlook - Youjia Innovation is building a "technology-scenario-business" flywheel, establishing itself as a growth-oriented company with strong technical barriers [15] - The ongoing development of L4 business is expected to reshape the valuation model for leading players in the intelligent driving industry [15]