佑驾创新(2431.HK)公司信息更新报告：L4无人车业务打开成长空间；股东增持彰显信心

Group 1 - The company has officially delivered its first batch of unmanned logistics vehicles, marking a significant entry into the unmanned logistics sector with the launch of the "Xiao Zhu Unmanned Vehicle" brand and two models, T5 and T8 [1] - The management has reported that the cumulative order volume has exceeded 1,000 units since the launch, with an expectation to deliver 10,000 unmanned logistics vehicles this year across cities like Shenzhen, Chengdu, Xi'an, and Jiangyin [1] - The introduction of the T5 and T8 models covers various logistics scenarios, including express logistics, urban distribution, and fresh cold chain, showcasing the company's ability to meet diverse market needs [1] Group 2 - The chairman and CEO, Dr. Liu Guoqing, purchased a total of 150,000 H shares in the open market, representing 0.04% of the company's issued shares, indicating confidence in the company's long-term investment value [2] - Horizon Robotics, a cornerstone investor, also increased its stake by acquiring 688,200 H shares this month, further demonstrating confidence in the company's future development [2] - The company has repurchased approximately 3 million H shares for a total amount of HKD 44.8786 million, reflecting its commitment to providing reasonable returns to shareholders [2] Group 3 - The company is accelerating its strategic layout in intelligent driving, gaining more designated projects from major manufacturers and continuing to advance its L4 business, which is expected to enhance revenue growth significantly [2] - Revenue projections for 2025 and 2026 are set at RMB 1.01 billion and RMB 1.6 billion, respectively, with anticipated year-on-year growth rates of 53.0% and 59.6% [2] - The target price is set at HKD 36.70, based on an 8x price-to-sales ratio, with a strong buy rating maintained [2]