Investment Rating - The report initiates coverage on Xidi Zhijia (3881.HK) with a "Buy" rating [3][13]. Core Insights - Xidi Zhijia is positioned as a leading provider of autonomous driving technology and solutions for commercial vehicles, focusing on mining trucks and logistics vehicles. The company is one of the first in China to achieve "no safety personnel normal operation" for autonomous mining trucks and logistics vehicles [1][20]. - The market for autonomous mining truck solutions in China is projected to reach CNY 1.9 billion by 2024, with a total potential market size of CNY 550 billion. The market is expected to grow to CNY 39.6 billion by 2030, with a CAGR of 65.3% from 2024 to 2030 [2][39]. - Xidi Zhijia has three core advantages: technological differentiation, strong scene integration capabilities, and rapid commercialization, which are expected to solidify its leading position in the industry [3][34]. Summary by Sections Company Overview - Established in 2017, Xidi Zhijia focuses on autonomous driving technology for commercial vehicles, particularly in mining and logistics. The company has developed the world's largest mixed fleet of autonomous mining trucks without safety personnel [1][20]. Market Potential - The autonomous mining truck market is anticipated to expand significantly, driven by increasing demand for intelligent mining solutions and the maturity of technology. The penetration rate of autonomous mining trucks in mining transportation is expected to rise, enhancing market size and commercialization [2][39]. Business Model and Revenue - Xidi Zhijia's core business includes three segments: autonomous driving, V2X solutions, and intelligent perception. The autonomous driving segment accounted for 92.7% of revenue in the first half of 2025, primarily due to the commercialization of mining trucks [33][34]. Financial Projections - Revenue forecasts indicate a significant increase, with expected revenues of CNY 978 million in 2025, CNY 1.98 billion in 2026, and CNY 3.46 billion in 2027. The company is projected to achieve Non-IFRS net profits of CNY 0.75 million in 2026 and CNY 3.57 million in 2027 [4][13]. Competitive Landscape - Xidi Zhijia is distinguished from competitors by its product-driven model, which mitigates operational risks and enhances product development efficiency. The company is expected to maintain a competitive edge through superior technology and integration capabilities [10][11]. Catalysts for Growth - Short-term catalysts include the company's inclusion in the Hong Kong Stock Connect, acquisition of new orders for autonomous mining trucks, and progress in partnerships with OEMs. Long-term catalysts involve increased penetration of autonomous mining trucks and expansion into overseas markets [12][13].
希迪智驾（03881）：投资价值分析报告：深耕矿野无人境，智启商用车新征程