中信里昂看好无人物流商业化，维持佑驾创新“优于大市”评级

Core Viewpoint - CITIC Lyon maintains an "outperform" rating for Youjia Innovation with a target price of 23 HKD, highlighting the robust growth of its pre-installed intelligent driving business and the potential of its unmanned logistics vehicle business as a new growth engine for medium to long-term performance release [1] Group 1: Business Growth - The unmanned logistics vehicle is seen as a key application scenario for achieving commercial closure in L4-level autonomous driving, with the current industry penetration rate still low, indicating significant room for expansion [1] - Youjia Innovation has accumulated technology in L2+ pre-installed mass production, L4 algorithms, vehicle control, and scenario implementation, positioning itself to gain a first-mover advantage as the industry enters a scaling phase [1] - The management expects unmanned logistics vehicle sales to reach 10,000 units by 2026 [1] Group 2: Market Expansion - Youjia Innovation is advancing unmanned vehicle deliveries in multiple domestic locations and beginning to expand into overseas markets, indicating a strategic shift from a single pre-installed business to a dual focus on "smart mobility + smart logistics" [1] - Recent actions such as share buybacks and management increases in holdings have been taken to boost market confidence and provide supportive signals [1]