大行评级｜浦银国际：首次覆盖佑驾创新并予“买入”评级，估值弹性有望进一步释放

Core Viewpoint - Ping An International has initiated coverage on Youjia Innovation (2431.HK) with a "Buy" rating and a target price of HKD 19.3, indicating a potential upside of 30% based on a projected 2026 price-to-sales ratio of 4.2 [1] Group 1: Business Strategy and Growth - Youjia's strategic focus is on two business lines: intelligent driving and cockpit solutions, with progressive iterations through its iSafety and iPilot solutions in the intelligent driving domain [1] - The company's DMS products are evolving, and with the implementation of mandatory regulations, there is potential for an expanded customer base and increased order volume [1] - The introduction of the intelligent assistant BamBam, leveraging large model capabilities, is expected to enhance the value of the cockpit business [1] Group 2: Revenue Projections - Youjia's revenue from intelligent components and solutions is anticipated to maintain rapid growth through 2026 [1] Group 3: Autonomous Driving Innovations - The company is advancing its L4-level autonomous driving solution, iRobo, through innovative applications across diverse scenarios, supported by its self-developed capabilities and experience in large-scale production [1] - Youjia's unmanned minibus project, which completed its first deployment in February 2025, is expected to contribute significantly to revenue due to its accumulated project experience [1] - The company is also entering the unmanned delivery sector with the Xiaozhu unmanned vehicle, which is expected to leverage supply chain resources from its front-end production projects, enhancing its cost-performance advantage [1] - Since its launch, the Xiaozhu unmanned vehicle has received numerous orders, with expectations to reach a delivery scale of 10,000 units in 2026, becoming a significant revenue source for the company [1] - If the business model for unmanned vehicles continues to be validated, Youjia's valuation flexibility is likely to increase further [1]