Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company has received a project designation from a leading intelligent driving system integrator, with a total contract value of RMB 176 million, expected to start mass production in December 2026 and last for three years [5] - The approval of China's first L3 level autonomous driving permits marks a significant step towards commercial application, enhancing the growth potential for the company in the intelligent automotive sector [6] - The company's new generation AKII ultrasonic sensors have achieved mass delivery, supporting the transition from L2 to L3 autonomous driving technologies [7] Financial Summary - Revenue projections for 2025-2027 are RMB 744 million, RMB 920 million, and RMB 1,116 million, respectively, with year-over-year growth rates of 20.6%, 23.6%, and 21.3% [9] - Net profit forecasts for the same period are RMB 104 million, RMB 128 million, and RMB 142 million, with corresponding year-over-year growth rates of 18.5%, 23.4%, and 10.5% [9] - The company's earnings per share (EPS) are projected to be RMB 0.74, RMB 0.91, and RMB 1.00 for 2025, 2026, and 2027, respectively, with price-to-earnings (P/E) ratios of 38.5, 31.2, and 28.2 [5][9]
奥迪威（920491）：头部智驾客户定点合同1.76亿元，我国首批L3级智驾准入获批打开增长空间