Hopechart(SH:688288) Haitong Securities·2025-03-31 07:09Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company is expected to benefit significantly from the upcoming implementation of the vehicle-mounted emergency call system (AECS) regulations, which is projected to create a new wave of product demand [9][12]. - The company has shown strong revenue growth in its main product lines, particularly in smart connected products and controllers, indicating a positive trend in its business operations [9][12]. Financial Performance and Forecast - The company's revenue is projected to grow from 409 million yuan in 2023 to 1,027 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35.3% [8][12]. - Net profit is expected to turn positive by 2025, with estimates of 84 million yuan in 2025 and 178 million yuan in 2026, following a significant reduction in losses in 2024 [8][12]. - The earnings per share (EPS) is forecasted to improve from -0.04 yuan in 2024 to 1.77 yuan in 2026 [8][12]. Business Segmentation - The company operates in four main business segments: smart connected products, smart cockpit products, controller products, and software platform development [9][11]. - In 2023, the revenue from smart connected products accounted for 69% of total revenue, highlighting its importance in the company's portfolio [9][11]. - The growth rates for various segments are projected to be robust, with smart cockpit products expected to grow by 160% in 2024 and controller products by 180% in the same year [11][12]. Market Position and Competitive Advantage - The company has established itself as a key supplier for major commercial vehicle manufacturers and is expanding its presence in the passenger vehicle and two-wheeler markets [9][12]. - The focus on innovative technologies such as 5G, V2X, and advanced driver assistance systems (ADAS) positions the company favorably within the intelligent connected vehicle industry [9][12].