虹软科技：业绩超预期，智能驾驶高速增长

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 58.71 RMB [8][9]. Core Views - The company is expected to achieve revenue of approximately 815 million RMB in 2024, representing a year-over-year growth of 21.6%, and a net profit of around 178 million RMB, reflecting a year-over-year increase of 101.16% [1]. - The strong performance is attributed to the high growth in the intelligent driving business and rapid growth in the smartphone business, indicating potential for future earnings elasticity [1]. - The intelligent driving business is projected to maintain high growth in 2024, driven by the continuous mass production and shipment of intelligent cockpit algorithms, with the company being a leading player in the domestic DMS market [3]. - The intelligent terminal business is also expected to grow rapidly in 2025, with new products such as AI smartphones and AI glasses anticipated to contribute to revenue growth [4]. Summary by Sections Revenue and Profit Forecast - The company forecasts revenue growth from 670.25 million RMB in 2023 to 815.32 million RMB in 2024, and further to 1,020 million RMB in 2025, with corresponding net profits expected to rise from 88.49 million RMB in 2023 to 178 million RMB in 2024 and 283.77 million RMB in 2025 [7]. - The EPS is projected to increase from 0.22 RMB in 2023 to 0.44 RMB in 2024 and 0.71 RMB in 2025 [5]. Business Segments - The intelligent driving segment is expected to see accelerated growth in 2024, with a focus on achieving mass production for external ADAS clients by 2025 [3]. - The intelligent terminal segment is anticipated to maintain high profitability and growth, with the introduction of more integrated solutions and the application of large models in smartphones [4]. Valuation - The company’s target price is set at 58.71 RMB, based on a target PE of 83 times for 2025, reflecting its leading position in intelligent driving and commercial photography sectors [5].