Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of approximately 6.048 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.3%. However, the net profit attributable to shareholders decreased by 20.3% year-on-year to 198 million yuan, and the net profit after deducting non-recurring items fell by 37.0% year-on-year to 132 million yuan, slightly below expectations [5][7] - The company experienced a quarter-on-quarter revenue increase of 13.9% in Q3 2025, reaching 2.098 billion yuan, while the net profit attributable to shareholders was 63 million yuan, showing a significant quarter-on-quarter improvement of 60.0% [7] - The company is expected to see further growth in its air suspension business in Q4, driven by strong orders from models such as NIO ES8 and Li Auto L90, which are anticipated to lead to record-high revenue in this segment [7] - The company has slightly adjusted its profit forecast for 2025-2027, now projecting net profits of 354 million yuan, 493 million yuan, and 624 million yuan respectively, with corresponding year-on-year growth rates of 17.0%, 39.4%, and 26.5% [7] Financial Data and Profit Forecast - For 2025, the total revenue is estimated at 8.661 billion yuan, with a year-on-year growth rate of 23.3%. The net profit attributable to shareholders is projected to be 354 million yuan, reflecting a year-on-year increase of 17.0% [6] - The gross profit margin for Q3 2025 was reported at 21.3%, with a slight quarter-on-quarter improvement of 0.9 percentage points [7] - The company’s return on equity (ROE) for 2025 is projected to be 10.6%, with a price-to-earnings (PE) ratio of 23 [6][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 3.95 billion yuan in the first half of 2025, representing a year-on-year increase of 24.06%, while the net profit attributable to shareholders decreased by 9.15% to 135 million yuan [7] - The gross margin has slightly declined, while the expense ratios have decreased: the gross margin for the first half of 2025 was 21.8%, down by 5.1 percentage points; the sales expense ratio was 3.1%, down by 0.4 percentage points; the management expense ratio was 5.3%, down by 1.7 percentage points; and the R&D expense ratio was 7.4%, down by 1.1 percentage points [7] - Significant revenue growth was observed in the intelligent suspension business, with a 50.22% increase to 637 million yuan; the TPMS & accessories and tools business revenue rose by 22.69% to 1.209 billion yuan; while the automotive metal pipe business revenue decreased by 0.94% to 743 million yuan [7] - The company has entered into strategic partnerships to expand its market presence, including collaborations with Weifu High Technology and JAC Motors [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 509 million, 725 million, and 887 million yuan, respectively, with corresponding PE ratios of 15.9, 11.1, and 9.1 [7] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 5.897 billion yuan, 2024A: 7.025 billion yuan, 2025E: 8.651 billion yuan, 2026E: 10.723 billion yuan, 2027E: 13.321 billion yuan, with growth rates of 23.4%, 19.1%, 23.2%, 23.9%, and 24.2% respectively [6][8] - The net profit attributable to shareholders is projected to grow significantly in 2025, with a forecast of 509 million yuan, reflecting a growth rate of 68.3% [6][8] - The company's EPS is expected to increase from 1.82 yuan in 2023 to 4.15 yuan in 2027, indicating a strong upward trend [6][8] - The company's ROE is projected to improve from 12.8% in 2023 to 17.8% in 2027, showcasing enhanced profitability [6][8]

Core Viewpoint - The Chinese intelligent suspension industry is undergoing a historic transformation with the launch of the magnetic rheological damper (MRD) and magnetic rheological fluid (MRF) production line by Huiding Technology, marking a significant step towards breaking the long-standing foreign monopoly in high-end damping technology [4][6][12]. Group 1: Technological Breakthroughs - Huiding Technology's production line has an annual capacity of 2 million sets, achieving the domestic mass production of two core technologies, which supports the breakthrough of the Chinese automotive industry in the high-end intelligent chassis sector [4][6]. - The magnetic rheological technology, referred to as the "brain of intelligent suspension," allows for real-time adjustment of damping characteristics through changes in magnetic field strength, enabling adaptive regulation of vehicles under different road conditions [4][12]. - The company has developed a fully autonomous technology system, overcoming six major technical challenges, including the stability of magnetic rheological fluid and adaptability to extreme temperatures [12][19]. Group 2: Market Dynamics - The cost of a magnetic rheological suspension system is approximately 12,000 yuan, significantly higher than the 1,200-3,000 yuan cost of comparable CDC systems, which limits its mainstream market penetration [20][23]. - Despite the high costs, the domestic production of magnetic rheological technology is expected to reduce prices to below 8,000 yuan, making it more accessible to a broader consumer base [23][30]. - The market for vehicles equipped with magnetic rheological suspension systems is currently concentrated in the high-end segment, with less than 3% of domestic models featuring this technology as of 2024 [15][18]. Group 3: Future Trends - The anticipated reduction in costs and the increasing consumer awareness of intelligent driving technologies are expected to accelerate the adoption of magnetic rheological systems in the automotive market [30][31]. - A hybrid system combining CDC and magnetic rheological technology is under development, which aims to optimize costs while retaining performance advantages, potentially revolutionizing the market landscape [31][32]. - The intersection of cost curves and demand curves is projected to mark a pivotal moment for magnetic rheological technology, transitioning it from a "technical benchmark" to a "market mainstream" [30][32].

时驾科技创始人乌伟民表示，本轮融资将主要用于第三代全主动悬架关键技术研发，以及年产能50万套 的先进智能制造中心建设。公司致力于在未来10年成为全球百强供应链中的中国悬架代表企业，面对行 业变革带来的机遇与挑战，团队将朝着这一目标奋力前行。 《商道创投网》创投家会员·本轮投资原因是什么？ 吉利星源相关负责人表示，时驾科技在智能悬架领域展现出强大的技术实力和创新能力，其核心团队拥 有丰富的行业经验，且公司已具备全栈开发与量产能力。投资时驾科技不仅符合汽车产业智能化发展趋 势，也契合吉利星源对前沿科技的战略布局。此外，时驾科技的市场潜力巨大，有望在智能悬架领域占 据重要地位。 《商道创投网》创投生态圈·本轮投融观点是什么？ 商道创投网创始人王帥表示，智能悬架作为汽车智能化的重要组成部分，受到了政府和行业的高度重 视。近年来，国家出台多项政策支持汽车零部件企业的创新发展，地方政府也积极为企业提供落地支 持。时驾科技的本轮融资不仅体现了其在技术实力和市场潜力方面的优势，也反映了创投机构对其未来 发展的信心。从创投生态角度来看，本轮投资将推动智能悬架技术的进一步发展，助力汽车产业升级。 同时，这也为其他创业者和投资机构 ...