千里科技（601777）：智驱未来，千里之行始于当下

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is undergoing a significant transformation from traditional manufacturing to smart mobility, with a focus on AI-driven technologies and strategic partnerships [12][15]. - Financial indicators are gradually improving, with a forecasted revenue increase and a positive cash flow outlook, indicating a recovery from previous financial difficulties [6][27]. - The strategic partnership with Geely and the introduction of new technologies are expected to enhance the company's competitive position in the smart driving sector [70][80]. Summary by Sections 1. Business Transformation and Financial Analysis - The company has shifted from a motorcycle-centric business to a focus on smart vehicles, with significant investments in AI technology and strategic partnerships [12][15]. - Revenue is projected to grow from 7.04 billion yuan in 2024 to 10.64 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 19.8% [1]. - The net profit is expected to increase significantly, from 40 million yuan in 2024 to 160 million yuan in 2026, reflecting a strong recovery trajectory [1]. 2. Business Segments Performance - The motorcycle business remains stable, with a focus on high-displacement models and a gradual recovery in revenue and profitability [43][44]. - The automotive segment, particularly through the joint venture with Geely, is expected to contribute significantly to revenue, with a projected 59.96% share of total revenue by 2024 [53][54]. - The technology segment is expanding, with a focus on AI-driven solutions and smart driving technologies, aiming to establish a comprehensive ecosystem [70][80]. 3. Strategic Partnerships and Market Position - The company has formed a robust partnership with Geely and other tech firms, enhancing its capabilities in AI and smart driving [70][80]. - The introduction of the "千里浩瀚" smart driving solution is expected to position the company as a key player in the autonomous driving market [89]. - The company plans to leverage its partnerships to enhance its product offerings and expand its market reach, particularly in the smart mobility sector [70][80].