2025年12月19日，希迪智驾完成港交所主板挂牌，成为"商用车智能驾驶第一股"，也是第七家通过港交所18C章规则 上市的特专科技企业，市值突破百亿关口。 从估值来看，目前希迪智驾PS（市销率）约在20倍左右，明显低于自动驾驶领域其他公司，这决定了投资者押注公司 估值提升具备足够的性价比。 对于一家高速增长，尚在投入期且将要迎接商业化拐点的科技企业，基本面是影响估值的重要催化剂，下文将探讨希 迪智驾的商业模式和估值逻辑，展望公司估值潜力。 高毛利+轻资产+落地快，差异化的成长路径 在矿山无人驾驶领域，商业模型可划分为运营服务与产品销售这两类，对应重资产和轻资产两条路径。 运营服务模式为无人驾驶企业持有车辆资产，提供"车辆+运营+技术"全包服务；产品销售模式由下游客户自购车辆， 无人驾驶企业提供"车辆+技术"解决方案。 长期来看，基于成熟的自动驾驶技术和高认可度的解决方案，希迪智驾能够更好地渗透进矿山项目，加上轻资产模式 更加适合大规模推广，公司将进一步释放规模效应，毛利率有望持续提升。 同时在成本端，得益于智能汽车产业链的技术创新与产品迭代，激光雷达、计算平台等自动驾驶的核心硬件成本呈现 出持续下降趋势，加上 ...

成立八年，希迪智驾终于迎来敲钟上市时刻。 12月19日，商用车智能驾驶公司在港交所挂牌上市，股票代码为"3881"，开盘价263港元/股，和发行价持平，开盘市值111.6亿港元，成为港股首家专注于 商用车智能驾驶的上市公司，同时也是第七家通过港交所18C章规则上市的特专科技企业。 本次IPO，希迪智驾全球发售540.8万股，每股最终发售价为263港元，募资总额为14.22亿港元，扣除上市开支后净额约13.09亿港元。 早前的12月16日中午，希迪智驾即完成港股IPO认购，公开发售部分录得14.1倍超购，孖展金额达11亿港元。此次招股触发回拨机制，公开发售比例由5% 上调至20%。基石投资者包含湘江智骋等五家机构，合计认购5.5亿港元。 希迪智驾登陆港交所 作为一家业务涵盖矿山自动驾驶、车路协同，还有轨道交通感知方案等领域的企业，希迪智驾在行业略显低调。但其无论是创始人，还是背后资本在业内 都是响当当的存在。 创始人兼董事长李泽湘曾任大疆董事长，大疆无人机创始人汪滔是其门生，被誉为"大疆教父"。招股书显示，截至最后实际可行日期，李泽湘间接持有希 迪智驾16750130股股份，约占已发行股本总额的43.64%，为 ...

Core Viewpoint - The article discusses the upcoming IPO of Xidi Zhijia, a company founded by Li Zexiang, known as the "father of DJI," focusing on autonomous mining trucks, highlighting both the potential and challenges faced by the company in the competitive landscape of autonomous driving [4][5][21]. Group 1: Company Background - Li Zexiang, a prominent figure in the tech industry, has a history of nurturing successful startups, including DJI, which dominates over 70% of the global drone market [10][11]. - Xidi Zhijia aims to become the first publicly listed company in the autonomous mining truck sector, leveraging Li's entrepreneurial legacy and expertise [4][14]. - The company has developed China's first fully autonomous electric mining truck fleet and has achieved significant operational milestones, including a revenue increase from 31.06 million yuan in 2022 to 410 million yuan in 2024 [14][15]. Group 2: Financial Performance - Despite impressive growth, Xidi Zhijia has faced cumulative losses exceeding 1.1 billion yuan over three years, with losses of 263 million yuan, 255 million yuan, and 581 million yuan in 2022, 2023, and 2024, respectively [18][19]. - The company has raised a total of 1.546 billion yuan across eight funding rounds, with a valuation of 9 billion yuan following the C+ round in 2024 [15][16]. - As of the end of 2024, Xidi Zhijia had cash reserves of only 306 million yuan against total liabilities exceeding 1 billion yuan, indicating a tight cash flow situation [19]. Group 3: Market Position and Challenges - Xidi Zhijia holds a 16.8% market share in the commercial autonomous vehicle sector, positioning itself as a leader in the autonomous mining truck market [14][15]. - The company faces significant competition from established players and new entrants, including Huawei, which has also entered the autonomous mining solutions market [20][21]. - The impending IPO is critical for Xidi Zhijia to secure necessary funding for continued operations and to meet a contractual obligation to go public by February 5, 2026, or face potential buyback demands from investors [18][19][21].

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of shares for Xidi Intelligent Driving Technology Co., Ltd., allowing the company to issue up to 7,789,150 overseas listed ordinary shares and convert 37,035,912 domestic unlisted shares into overseas listed shares for trading on the Hong Kong Stock Exchange [1][3]. Company Overview - Xidi Intelligent Driving is a supplier of autonomous driving products and solutions for commercial vehicles, focusing on the development of autonomous mining trucks, logistics vehicles, V2X technology, and intelligent perception solutions [3]. - The company is recognized as the largest commercial vehicle autonomous driving company in China, holding a market share of 16.8% based on projected product sales revenue for 2024 [3]. - Xidi Intelligent Driving ranks first in the Chinese autonomous mining truck solutions market based on projected product sales revenue for 2024 and is one of the first companies in China to launch commercial V2X products [3]. Shareholder Information - A total of 51 shareholders are involved in the conversion of domestic unlisted shares to overseas listed shares, with the largest shareholder, New Drive Hong Kong Limited Partnership, holding 11,443,151 shares [4][5]. - The total number of shares being converted by all shareholders amounts to 37,035,912 shares [6].