佑驾创新(2431.HK)2025年中期业绩点评：舱驾客户生态持续扩容 L4业务商业化实现突破

Core Insights - The company reported a revenue of 346 million RMB in the first half of 2025, representing a year-on-year growth of 46.1% [1] - Gross profit reached 52 million RMB, with a year-on-year increase of 54.8%, and a gross margin of 15%, up by 0.9 percentage points [1] - The net loss for the period was 162 million RMB, widening from a loss of 112 million RMB in the same period last year, primarily due to increased investments in advanced driver assistance and L4 autonomous driving technologies, with R&D spending rising by 50.2% [1] Intelligent Driving Solutions - Revenue from intelligent driving solutions was 241 million RMB, a year-on-year increase of 32.4%, accounting for 69.8% of total revenue [1] - The company is expected to benefit from the implementation of new industry standards, with commercial vehicles required to install Automatic Emergency Braking Systems (AEBS) starting next year [1] - The number of L2+ business projects is continuously expanding, with a 134.68% year-on-year growth in the installation of NOA in the Chinese market for passenger vehicles from January to April 2025 [1] High-Level Driver Assistance Projects - In the first half of 2025, the company added four new high-level driver assistance project designations, including projects for a new energy vehicle manufacturer and leading luxury SUV brands [2] - A strategic cooperation agreement was signed with Horizon to develop domain controller products based on the Horizon J6E/M chips, with deliveries expected within 2025 [2] - The company achieved a key commercial breakthrough in L4 business with the first commercial deployment of an unmanned minibus project in Suzhou, and has secured over 10 unmanned minibus projects [2] Smart Cockpit and Vehicle-Road Collaboration - Revenue from smart cockpit solutions reached 61 million RMB, a 99.0% year-on-year increase, accounting for 17.6% of total revenue [2] - The company’s Driver Monitoring System (DMS) successfully passed the ASPICE V4.0 CL3 international assessment, the highest level of ASPICE certification in the domestic automotive industry [2] - Revenue from vehicle-road collaboration solutions was 38.6 million RMB, growing by 63.4% year-on-year, representing 11.2% of total revenue [2] Revenue and Profit Forecast - The company maintains revenue and net profit forecasts for 2025-2027, projecting revenues of 1.01 billion, 1.48 billion, and 2.01 billion RMB, with year-on-year growth rates of 54%, 47%, and 36% respectively [3] - Forecasted net losses are expected to decrease from 320 million RMB in 2025 to 130 million RMB in 2027 [3] - The company is anticipated to benefit from the ongoing trend of automotive intelligence, with increasing demand for smart cockpit products and high-performance domain controllers [3]