IAT(SZ:300825) Huaxin Securities·2024-03-18 16:00Investment Rating - The report assigns a rating of "Accumulate" for the company, marking its first coverage [1]. Core Insights - The company has established an AI Robotics Division to engage in cutting-edge research and innovation in the robotics field, including the development of flying cars [1]. - The company is the only independent automotive R&D firm in China capable of providing comprehensive vehicle development services, having successfully developed over 500 models for more than 80 clients [1]. - The company is advancing its overseas strategy, having signed a memorandum of understanding with Malaysia's Zhengyang Group to establish an automotive design and innovation center, and a procurement contract with YAMATO for electric system kits worth a total of 5.383 billion yuan [1]. - The company has formed a deep strategic partnership with NVIDIA, integrating AI into automotive R&D and production, and is the first in the industry to procure NVIDIA's complete OVX system [1][3]. Summary by Sections Company Overview - The company has a total market capitalization of 7.2 billion yuan and a current stock price of 14.49 yuan, with a total share capital of 498 million shares [1]. - The company has a significant advantage in automotive data elements, having accumulated a high-quality knowledge base over 20 years of development [1]. Financial Forecast - Revenue projections for 2023, 2024, and 2025 are 852 million yuan, 1.51 billion yuan, and 2.486 billion yuan, respectively, with corresponding EPS of 0.05 yuan, 0.32 yuan, and 0.50 yuan [4][6]. - The company is expected to experience substantial growth, with a projected revenue growth rate of 77.2% in 2024 and 64.6% in 2025 [6]. Strategic Initiatives - The company is actively building a top-tier computing power foundation, having reserved 2000P of NVIDIA hardware and planning to expand to over 10,000P [3]. - The AI-enabled automotive development strategy is viewed positively, leading to the initial "Accumulate" rating [4].