Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve stable development in Q3 2025, with plans for H-share financing to strengthen overseas expansion and diversify into server cooling and robotics applications [5][7] - The company’s main products are smart sensors and actuators, and it is well-positioned to capitalize on opportunities in automotive intelligence, consumer electronics, robotics, and healthcare, which is anticipated to drive steady revenue growth [6][7] Financial Summary - The company’s projected net profits for 2025-2027 are estimated at 98 million, 124 million, and 147 million yuan respectively, with corresponding P/E ratios of 43, 34, and 29 times [6] - Revenue for 2025 is forecasted to be 753 million yuan, reflecting a year-on-year growth rate of 21.99% [6][8] - The company achieved revenue of 502 million yuan in Q1-Q3 2025, a year-on-year increase of 12%, with a net profit of 71.47 million yuan, up 6% year-on-year [7] Market Performance - The closing price of the company’s stock is 30.10 yuan, with a market capitalization of approximately 4.25 billion yuan [3][4] - The stock has fluctuated between a high of 42.88 yuan and a low of 19.56 yuan over the past year [3] Business Development - The company is benefiting from the upgrade of intelligent assisted driving systems, with increasing demand for sensor performance and quantity as the industry moves from L2 to L3/L4 levels [7] - The company is also expanding its non-automotive business, with rapid progress in robotics and server cooling applications, which are expected to accelerate commercialization [7] Financial Projections - The company’s revenue is projected to grow from 617 million yuan in 2024 to 1.10 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16.44% [6][8] - The gross profit margin is expected to remain stable around 34.73% to 35.26% from 2025 to 2027 [8]
奥迪威（920491）：2025Q3稳定发展，拟H股融资强化海外拓展+服务器散热、机器人等场景多元布局