智通财经APP获悉，东吴证券发布研报称，首次覆盖，给予希迪智驾(03881)"买入"评级。公司营业收入 后续增长主要来自无人矿卡订单持续放量，看好公司营收快速增长，归母净利润扭亏。预计公司2025- 2027年营业总收入分别为10.78亿元/20.00亿元/40.50亿元，同比增加162.90%/85.53%/102.47%;归母净利 润分别为-2.69亿元/1.03亿元/6.27亿元。公司是深耕无人矿卡行业的智能驾驶技术平台型公司，看好公 司无人矿卡订单放量+交付提速，盈利能力持续提升，增速优于行业。 东吴证券主要观点如下： 公司是国内领先的V2X智能交通方案提供商 公司的智能交通V2X产品及解决方案融合先进的感知技术、传感器融合算法、V2X通信功能及交通优化 算法，用以在交通参与者(包括行人、非机动车及网联汽车)与城市十字路口或道路的路侧基础设施之间 交换信息。此外，通过连接城市内的基础设施，V2X解决方案可对城市及高速公路交通进行智能预测与 决策。中国的V2X市场已经迎来爆发点。2024年，中国车路云一体化系统市场规模达20亿元；根据灼识 咨询预测，国内市场规模将在未来几年快速增长，于2030年达到人民 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a global leader in intelligent driving hard technology products, focusing on autonomous mining trucks and V2X technology [8][13]. - The company is expected to benefit from national policies promoting automation in mining, with a projected increase in revenue driven by the growth of autonomous mining truck orders [8][49]. - The report forecasts significant revenue growth, with total revenue expected to reach RMB 10.78 billion in 2025, RMB 20 billion in 2026, and RMB 40.50 billion in 2027, reflecting year-on-year increases of 162.90%, 85.53%, and 102.47% respectively [1][8]. Summary by Sections 1. Company Overview - Founded in 2017 by Professor Li Zexiang, the company is a leading provider of intelligent driving hard technology products, focusing on autonomous mining trucks and V2X technology [8][13]. - The company has a strong management team led by Li Zexiang, who has over 30 years of experience in motion control and manufacturing [15][17]. 2. Autonomous Mining Truck Solutions - The company offers a comprehensive solution for autonomous mining, integrating intelligent driving and V2X technologies, which is applicable to various scenarios [8][37]. - Following a major mining accident in Inner Mongolia, national policies are pushing for increased automation in mining, with a target of 60% smart mining capacity by 2026 [8][44]. 3. V2X Intelligent Traffic Solutions - The company is a leading provider of V2X intelligent traffic solutions, which enhance traffic safety and efficiency through advanced perception technology and communication algorithms [77][84]. - The V2X market in China is expected to grow rapidly, with a projected market size of RMB 238 billion by 2030, reflecting a compound annual growth rate of 50.9% from 2024 to 2030 [85]. 4. Financial Projections - The report anticipates a turnaround in net profit, with projections of RMB -2.69 billion in 2025, RMB 1.03 billion in 2026, and RMB 6.27 billion in 2027 [1][8]. - The company's revenue is expected to grow significantly, driven by the increasing demand for autonomous mining trucks and the expansion of its customer base [8][25].