Group 1 - The core viewpoint is that Botai Carlink (02889) is a leading player in the domestic intelligent cockpit domain control industry, with a stable increase in the proportion of high-end domain control products and continuous improvement in profitability, outperforming the industry. The initial coverage gives a "Buy" rating [1] - The company, established in 2009, initially focused on the development of vehicle networking systems but shifted its focus in 2018 to integrated software, hardware, and cloud services for intelligent cockpit solutions, consolidating its leading position in the industry. It has six R&D centers and three manufacturing bases, serving over 50 brands, with Li Auto as a core customer driving rapid revenue growth since 2024 [1] Group 2 - The penetration rate of intelligent cockpits in domestic and global passenger vehicles is steadily increasing, with China's market penetration rising from 35.3% in 2019 to an expected 75.9% by 2025, and the global market from 38.4% to 59.4% in the same period. The market size for intelligent cockpit solutions in China is projected to grow from 129 billion RMB in 2024 to 299.5 billion RMB by 2029 [2] - The company has deepened its collaboration with Qualcomm, co-developing a new generation of intelligent cockpit solutions based on the Snapdragon cockpit platform. The partnership with Huawei has also strengthened, with intentions for cooperation on intelligent vehicle control modules by 2025. The company's core technology stack, including Qiang OS, Qiang Core, and Qiang Cloud, supports the scalability and customization of its intelligent cockpit solutions [3] - Revenue growth is expected to be driven by the increasing orders for high-end domain control products, with projected total revenues of 5.452 billion RMB and 7.839 billion RMB for 2026 and 2027, respectively, and net profits of 0.1 billion RMB and 1.002 billion RMB [3]