Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Views - The company is recognized as a "little giant" specializing in sensors, with strong downstream demand driving steady growth. It holds approximately 30% market share in the domestic automotive ultrasonic sensor market and has achieved import substitution against international competitors [5][9]. - The company has a robust capability in ultrasonic sensor solutions, with diverse applications across multiple downstream sectors, including automotive electronics, industrial manufacturing, and consumer electronics [5][26]. - The automotive electronics sector is experiencing increased demand due to advancements in intelligent driving, with the number of ultrasonic sensors per vehicle expected to rise from 8 to 12 by 2025 [5][9]. - The consumer electronics segment is poised for growth, driven by innovations in touch sensors and actuators, with a projected global market size of 17.59 billion yuan by 2028 [5][9]. - The company is also expanding into emerging fields such as smart home and robotics, ensuring stable performance in its instrumentation and security businesses [5][9]. Summary by Sections Company Overview - The company has been deeply engaged in the sensor and actuator field for over 20 years, recognized as a leader in the domestic ultrasonic sensor and actuator market [15][16]. - It has established a comprehensive R&D capability, with 257 authorized patents, including 44 invention patents [15][19]. Financial Performance - In 2023, the company achieved revenue of 467 million yuan and a net profit of 77 million yuan, marking year-on-year growth of 23.58% and 46.31%, respectively [5][21]. - The gross margin improved from 32.58% in 2020 to 38.07% in 2023, reflecting enhanced product competitiveness [24]. Market Position and Strategy - The company is positioned as a comprehensive ultrasonic sensor manufacturer, capable of customizing products for various applications, distinguishing itself from competitors focused on single downstream markets [27]. - The report anticipates the company's net profit to reach 97 million yuan, 116 million yuan, and 136 million yuan from 2024 to 2026, respectively, with a target market capitalization of 2.4 billion yuan based on a 24x PE ratio [7][8].
奥迪威：传感器专精特新“小巨人”，多下游需求驱动成长可期