Group 1 - The company focuses on expanding from intelligent driving perception to intelligent driving domain control, actively entering the robotics business, with a core competency in automotive intelligent driving perception for over a decade, covering major automakers like Nissan, Volkswagen, and Geely. The main perception products include onboard camera systems, onboard video driving recorders, and ultrasonic radar, with revenue contributions of 55%, 20%, and 25% respectively in 2022 [1] - The company has expanded from the perception layer to the decision layer, achieving mass production of low-computing power domain control products such as APS and AVP, and is gradually breaking through to high-computing power platform development, with domain control revenue expected to increase to 9% by 2024 [1] - The company is simultaneously developing in the robotics field, forming an integrated layout of "perception + decision," which is expected to open a new growth curve [1] Group 2 - The intelligent driving product market is experiencing increased volume and price due to the intelligentization wave, with sufficient orders supporting growth. The Ministry of Industry and Information Technology has announced the first batch of L3 conditional autonomous driving vehicle access permits, marking the transition of L3 testing into commercial application, which accelerates the development of intelligent driving [2] - The penetration rate of intelligent driving is significantly increasing, driving demand for intelligent driving perception products. The company benefits from this trend, with a market share of 27% for its ultrasonic radar products, leading among domestic suppliers. The unit value per vehicle has increased from hundreds to 3000-4000 yuan, and new products like domain control, lidar, and thermal imaging are expected to further enhance the average selling price per vehicle [2] - As of September 2025, the company has approximately 20.9 billion yuan in confirmed orders, indicating strong demand certainty [2] Group 3 - The company is positioning itself within the Nvidia Thor ecosystem and is entering the robotics sector as a perception system supplier, collaborating with Nvidia to develop a robotic brain based on its Jetson platform, forming an integrated layout of "perception + decision" in the robotics field [3] - The company is one of the first partners for Nvidia's Jetson Thor, establishing a critical ecological position and creating technical barriers and product added value at a high level within the industry chain, with expected value amounts ranging from thousands to tens of thousands of yuan [3] - The domain control system equipped with Jetson Thor is expected to be launched subsequently, solidifying the company's competitive advantage in the robotics decision-making field and opening a new growth curve [3] Group 4 - The company's intelligent driving business foundation is solid, and its layout in the robotics sector is expected to initiate a new growth curve. The projected net profits for 2025-2027 are 99 million, 131 million, and 176 million yuan respectively, with year-on-year growth rates of -2%, +32%, and +34%, corresponding to PE ratios of 135, 102, and 76 times [4]