无人物流车上市即交付，佑驾创新开拓增长新曲线

Core Viewpoint - Youjia Innovation (2431.HK) has launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle," marking a significant evolution from L1 to L4 autonomous driving technology, aimed at providing advanced logistics solutions in complex scenarios [1][2]. Group 1: Product Launch and Features - The launch event showcased two models, T5 and T8, with T5 offering a cargo space of 5.5m³, a maximum load of 1000kg, and a range of 180km, targeting express delivery and retail sectors [1][2]. - The T8 model features an 8.5m³ cargo space, a maximum load of 1700kg, and a range of 240km, suitable for urban distribution and industrial logistics [2]. - Both models utilize a multi-sensor fusion approach, including 3 LiDARs and 11 cameras, ensuring 360° visibility and precise road condition recognition [2]. Group 2: Strategic Partnerships and Collaborations - The next generation of Xiaozhu unmanned vehicles will integrate advanced technologies from partners like Horizon Robotics, Sutonju, and 4D Mapping, enhancing product capabilities [3]. - The stable supply chain and procurement needs of Youjia Innovation's front-end business help reduce the BOM costs of Xiaozhu unmanned vehicles, creating a cost advantage in the market [3]. Group 3: Market Deployment and Recognition - The company has initiated "release and delivery" for the first batch of unmanned vehicles, with key cities like Shenzhen, Chengdu, and Xi'an identified for initial deployment [4]. - Youjia Innovation's L4 autonomous driving iRobo business has shown significant progress, achieving over 10 million in revenue within six months, and has successfully launched unmanned buses in multiple cities [5]. Group 4: Future Outlook and Market Position - The company aims to continue its growth trajectory by adhering to its "root down, iterate up" philosophy, collaborating with ecosystem partners to expand the application of autonomous driving [5]. - Recent positive developments have led to renewed confidence from the capital market, with Citic Lyon reaffirming a "outperform" rating for Youjia Innovation, setting a target price of HKD 32 [5].