Core Viewpoint - The company Boreton (01333) announced the launch of a new unmanned mining truck product at a ceremony in its Wuhan factory on November 21, 2025, aimed at enhancing its product portfolio and strategic layout in the fields of mining, new energy, and intelligence [1] Product Features - The new unmanned mining truck is based on an advanced electric chassis architecture and a fully self-developed technology system, enabling high-level unmanned operations in complex open-pit mining conditions [1] - The vehicle is equipped with a multi-modal large model scheduling system and an end-to-end (E2E) intelligent driving system, integrating multi-spectral perception models and dual-redundant path planning to create comprehensive perception-decision capabilities [1] - The design features a cabin-less structure, reducing overall weight and height, thus improving passability [1] - The truck's frame is made of Q550E high-strength steel, featuring a full box-type beam structure combined with an oil-gas suspension and A-type frame [1] - It is powered by a 1056-degree battery, supporting long-lasting endurance and fast charging, suitable for high-intensity continuous operations [1] - The vehicle employs a fully hydraulic steering and disc hydraulic braking system, equipped with a large energy storage device for shorter braking distances [1] - The system includes an emergency manual steering mechanism and dual-lifting hydraulic cylinders for maintaining stability during lifting operations, with multiple safety measures in perception, decision-making, and execution [1] Industry Trends - The launch of the unmanned mining truck aligns with industry trends towards intelligence, unmanned operations, and low-carbon development, promising to provide customers with safer, more efficient, and environmentally friendly transportation solutions [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Viewpoints - The company is a pioneer in the non-road wide-body dump truck sector, focusing on large-scale, electric, and unmanned vehicles, which are driving the demand for mining trucks [6][14]. - The company has a strong market position and is expected to benefit from the trends of large-scale, electrification, and automation in the mining industry, with significant growth in revenue and net profit projected for the coming years [6][7][22]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 6,145 in 2024, with a year-on-year growth rate of 4.9%. For 2025, the revenue is expected to reach 6,961, reflecting a growth rate of 13.3% [2]. - The net profit attributable to the parent company is forecasted to be 793 million yuan in 2024, with a year-on-year growth of 29.0%. By 2025, it is expected to increase to 868 million yuan, a growth of 9.4% [2]. - Earnings per share are projected to be 1.79 yuan in 2024 and 1.88 yuan in 2025 [2]. - The gross profit margin is expected to improve from 21.4% in 2024 to 23.1% in 2027 [2]. Market Data - As of August 13, 2025, the closing price of the company's stock is 23.20 yuan, with a market capitalization of 8,064 million yuan [3]. - The company has a price-to-book ratio of 3.3 and a dividend yield of 3.02% [3]. Industry Trends - The demand for non-road wide-body dump trucks is expected to grow significantly, with the market size for electric wide-body dump trucks projected to increase from 1.7 billion yuan in 2023 to 11.2 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 45.7% [6][9]. - The report highlights that the transition to electric and unmanned mining trucks is becoming a necessity due to economic benefits and policy support, with the market for unmanned mining trucks expected to grow significantly in the coming years [6][9][49]. Company Overview - The company was established in 2005 and is recognized as the first in China to develop and manufacture non-road wide-body dump trucks, with a strong focus on research and development [6][14]. - The company has established partnerships with key players in the industry, such as Yikong Zhijia, to enhance its product offerings and market reach [6][14].