IPO申购指南：佑驾创新

Investment Rating - The investment rating for the company is "Cautious Subscription" [2]. Core Viewpoints - The company, Youjia Innovation (2431.HK), is a supplier of intelligent driving and smart cockpit solutions in China, providing solutions including navigation, parking, and in-cabin functions. It offers customized L0 to L2+ level intelligent driving solutions and is actively developing advanced autonomous driving technologies. The company has achieved mass production for 35 automotive original equipment manufacturers (OEMs) [2]. - The intelligent automotive solutions industry is experiencing rapid growth, with the global intelligent driving solutions market size increasing from CNY 107.1 billion in 2019 to CNY 268.7 billion in 2023, representing a compound annual growth rate (CAGR) of 25.9%. It is expected to reach CNY 560.9 billion by 2028, with a CAGR of 13.7% from 2024 to 2028. The global smart cockpit solutions market size grew from CNY 130.2 billion in 2019 to CNY 321.3 billion in 2023, with a CAGR of 25.3%, and is projected to reach CNY 769.4 billion by 2028, with a CAGR of 17.0% from 2024 to 2028 [2]. - The company ranks seventh in the intelligent driving solutions sector and fourth among emerging technology companies in China, with a market share of 0.6%. It has established advantages in the industry through its self-research capabilities and advanced intelligent mass production capabilities. With technological advancements, policy support, and increasing market demand, the company is expected to further expand its market share and achieve sustained growth [2]. Financial Summary - The company's revenue from 2021 to the first half of 2024 is as follows: CNY 175 million, CNY 279 million, CNY 476 million, and CNY 237 million respectively. The gross profit margins during the same period were 9.7%, 12.0%, 14.3%, and 14.1%. The losses during these periods were approximately CNY 140 million, CNY 221 million, CNY 207 million, and CNY 112 million [2]. - Based on the offering price, the company's market valuation upon listing is estimated to be approximately HKD 67.9 billion to HKD 80.6 billion, which corresponds to a price-to-earnings ratio (P/E) of about 15 times for 2023 [2].