Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has significant growth potential in the commercial vehicle information technology sector, with room for increased penetration. Continuous technological iterations are expected to enhance the value of individual products. Compared to its US counterpart Samsara, the company's valuation is significantly lower, indicating potential for upward adjustment in valuation [2][6]. Financial Performance - In H1 2025, the company achieved revenue of 1.156 billion yuan, a year-on-year increase of 0.29%, and a net profit attributable to shareholders of 203 million yuan, a year-on-year increase of 64.21%. In Q2 2025, revenue was 641 million yuan, a year-on-year decrease of 1.43%, with a net profit of 102 million yuan, a year-on-year increase of 45.09% [6]. - The company recorded a gross margin of 47.92% in H1 2025, an increase of 7.18 percentage points year-on-year, and a net margin of 17.79%, an increase of 6.92 percentage points year-on-year. This improvement is attributed to the divestiture of a non-core subsidiary, which is no longer included in the consolidated financial statements [12]. Business Growth - The company’s pre-installation business has shown significant growth, with revenue reaching 107 million yuan, a year-on-year increase of 198.50%. The company is actively expanding its European pre-installation customer base, aiming to penetrate the market with high-end products based on artificial intelligence [12]. - The overseas market generated revenue of 769 million yuan, a year-on-year increase of 27.84%, while the domestic market revenue was 387 million yuan, a year-on-year decrease of 29.77%. The decline in the domestic market is primarily due to the divestiture of a low-margin subsidiary [12]. Future Outlook - The company is expected to benefit from the ongoing recovery in industry demand and the implementation of European standards, with multiple business lines anticipated to continue high growth. Projections for net profit attributable to shareholders for 2025-2027 are 406 million, 526 million, and 717 million yuan, representing year-on-year growth rates of 40%, 30%, and 36%, respectively [6]. - The company plans to continue its global strategy, enhancing production efficiency and quality control at its smart factory in Vietnam, which has gained recognition from clients in various regions. Future plans include expanding overseas production capacity and establishing new smart manufacturing centers to meet growing demand [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has significant growth potential in the commercial vehicle information technology sector, with a notable increase in product value due to continuous technological iterations. Compared to its US counterpart, Samsara, the company's valuation is significantly lower, indicating potential for upward valuation adjustments in the future [1][3]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit attributable to shareholders of 290 million yuan, up 184.50%. In Q1 2025, the company reported revenue of 515 million yuan, a year-on-year increase of 2.53%, and a net profit of 101 million yuan, up 89.60% [3][8]. - The company's domestic revenue in 2024 was 693 million yuan, a year-on-year increase of 14.80%, while overseas revenue reached 1.281 billion yuan, up 44.99%. Revenue from commercial vehicle information technology products was 1.671 billion yuan, an increase of 25.99% [8]. Market Expansion and Strategy - The company has established a localized marketing network and a dual-brand strategy, particularly making strides in the European commercial vehicle market, which has enhanced its competitiveness in international markets. Plans are in place to establish subsidiaries in more countries and regions to deepen its global business network [8]. - The company is committed to a global strategy, with significant improvements in production efficiency and quality control at its smart factory in Vietnam, which has gained recognition from clients in various regions [8]. Research and Development - The company continues to invest in R&D, with R&D expenses amounting to 284 million yuan in 2024, a year-on-year increase of 15.14%. The R&D expense ratio decreased from 16.57% in 2023 to 14.37% in 2024, indicating improved efficiency [8]. - The company has integrated AI algorithms with 5G and vehicle networking technologies, transitioning its products from "passive monitoring" to "active warning" and "active intervention," aligning better with industry demands for safety and efficiency [8]. Profitability Forecast - The company is expected to achieve net profits of 406 million yuan, 526 million yuan, and 717 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40%, 30%, and 36%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 12 times [8].