Core Viewpoint - The company has acquired a majority stake in Suzhou Xiaogongjian Robot Co., enhancing its development capabilities for robotic joint components, which are expected to be applied in scenarios such as smart charging, further promoting the industrialization of "automobile + AI + robotics" [1][2] Event - On May 12, the company invested to acquire a majority stake in Suzhou Xiaogongjian Robot Co., becoming the controlling shareholder. Xiaogongjian, established in 2018, specializes in smart integrated joints and customized robotic arms, allowing the company to gain design and development capabilities for key components such as motors, reducers, and drivers, accelerating the industrialization process of robotics [1][2] Industry Insights - The integrated joints represent a significant portion of the total cost in humanoid robots, potentially accounting for 50%, making them one of the highest value components in the robotics field. The company’s driving algorithms and robotics share commonalities, allowing for horizontal expansion of application scenarios, such as smart charging robotic arms that can autonomously charge vehicles through visual detection and positioning [2][3] Business Outlook - The company is expected to see a turning point in its main business, with the gradual phase-out of the Supervision solution and an increase in self-developed domain controllers like iFC and iDC, which will improve gross margins. Revenue from automatic driving solutions is projected to reach 1.193 billion yuan in 2024, a year-on-year increase of 5.5%, with domain controller revenue at 1.135 billion yuan and front-view integrated machine revenue at 58 million yuan [2][3] Financial Performance - The company’s comprehensive gross margin is reported at 7.28%, a decrease of 2.66 percentage points year-on-year. The increase in R&D expense ratio is attributed to the hiring of over 100 high-level algorithm and mass production delivery team members, which is expected to strengthen collaboration with Chery on smart driving projects [4][5] Future Projections - The company is anticipated to benefit significantly from the trend of democratizing smart driving, with multiple products like iFC and iDC expected to see increased volume. The operating philosophy of "Smart Mobility For Everyone" aligns with the current trend of smart driving accessibility. Revenue forecasts for 2025-2027 are projected at 1.79 billion, 2.84 billion, and 3.54 billion yuan, respectively, with corresponding net profits of -113 million, 87 million, and 221 million yuan [5][6]

Core Insights - The automotive industry is experiencing a shift towards higher standards for active and passive safety products, driven by technological advancements and regulatory requirements, with the market for Advanced Emergency Braking Systems (AEBS) expected to reach a scale of hundreds of billions [1] - Companies like Joyson Electronics, Baolong Technology, and Wan'an Technology have already secured significant orders and are poised to benefit from the mandatory installation of safety technologies in vehicles [1] Group 1: Technological Integration and Product Development - Joyson Electronics has integrated safety products with electronic technology, launching innovative safety solutions for future driving, including ADAS domain controllers and integrated hardware-software solutions [2] - The AEBS is a core system in active safety, now mandatory in EU regulations, with Joyson's latest front-view integrated machine capable of automatic emergency braking and adaptive cruise control [2] - The cost of the 8MP front-view integrated machine has decreased to around 500 yuan, making it a more viable option compared to traditional camera-module and domain controller solutions, which remain expensive [2] Group 2: Product Line Expansion and Market Position - Joyson Electronics launched its first ADAS domain controller, nDrive-H, in 2023, featuring a dual-chip architecture that supports a range of driving assistance capabilities from L2+ to Level 4 [3] - The company is continuously iterating its products, with successful mass production of various solutions for both international and domestic automotive manufacturers [3] - Joyson Electronics is enhancing its profitability through strategic partnerships and technological advancements in the smart driving sector, with new mandatory standards expected to create additional revenue streams [3] Group 3: Policy Impact and Industry Trends - The introduction of mandatory AEBS installation by the government is expected to drive the industry towards higher penetration rates of safety technologies, facilitating the integration of active safety and intelligent cockpit systems [4] - Joyson Electronics emphasizes the importance of safety in electric vehicles, positioning itself as a leading supplier of automotive safety systems with a focus on innovative solutions [4] - The company has developed a range of safety solutions tailored to different safety needs during the vehicle's perception, decision-making, and execution phases [4] Group 4: Advanced Monitoring Systems - Joyson Electronics is integrating intelligent driving and active safety features, enhancing real-time perception and dynamic adaptation capabilities [5] - The cabin monitoring system is evolving from a single-function DMS to a more valuable integrated monitoring system (IMS), with an expected penetration rate of 35% in Chinese passenger vehicles by 2026 [5] - The company has also developed advanced monitoring products using UWB technology for child detection in vehicles, showcasing its commitment to safety innovation [6]

自动驾驶产业的加速发展，带动了产业链上下游的集体转型，也孕育了一大批国产自动驾驶供应商。今 年开年以来，智能驾驶板块的热度有增无减，多家车企明确了要推动智能驾驶在平价车型上的落地，而 另外一部分车企，也在积极推动L3、L4级智能驾驶的落地，似乎都在为全自动驾驶的最终落地进行铺 垫。 在此背景下，监管部门对智能驾驶的严格分级以及宣传规范，则为产业的发展走势带来了新的指引。 王若瑜告诉证券时报记者，产业投资人的支持，也更有利于公司的产品的深化服务。据悉，针对不同整 车企业的需求，天瞳威视一方面会通过通用的软硬件服务控制成本，另一方面也会最大化考虑个性化定 位，充分满足整车企业的差异化需求。 在海外市场的探索方面，天瞳威视也是国内少有的率先将目光聚焦在全球市场的自动驾驶供应商。据 悉，天瞳威视在2018年就已启动全球化业务布局，成为首批向海外输出智能驾驶解决方案的中国企业。 2021年引入采埃孚战略投资后，双方在技术研发与供应链层面又产生了深度协作，采埃孚的全球资源网 络也加速了天瞳威视产品和服务在全球30余国家及地区的落地。 日前，证券时报专访了天瞳威视联合创始人王若瑜。王若瑜表示，市场对于自动驾驶产品的需求是明 ...