奥迪威 20250916 摘要 奥迪威拟发行 H 股并在香港上市，旨在加速海外市场拓展并拓宽境外融 资渠道，同时公司积极参与行业标准制定，并与华南理工大学共建创新 实验室，深化产学研融合。 奥迪威推出割草机器人超声波测距避障方案、新型家电敲击开关以及无 线微型家电射流风扇和无铅触觉反馈执行器等创新产品，多元化品类布 局有望带动业绩增长。 奥迪威深耕汽车领域，核心技术包括智能方向盘触觉固态按钮和多模态 行波复用车载超声波传感器，已完成量产验证，受益于泊车系统装配率 提升，未来增长点在于智能驾驶系统合作。 奥迪威在智能仪表领域，超声波智能水表和燃气表国内外市场渗透率提 升，具有较高毛利和盈利能力，双轮驱动战略成效显著。 奥迪威在机器人及家居应用领域快速增长，尤其在扫地机器人、水下机 器人和服务机器人领域，为行业领先者，提供避障、材质识别、液位监 测等技术，并加速电子皮肤技术应用。 Q&A 今年（2025 年）华源证券北交所研究团队的会议安排和主题是什么？ 从今年 8 月 18 日到 9 月 19 日，华源证券北交所研究团队组织了一系列名为 "北证夜谈"的会议，重点围绕高端制造、新材料、泛科技和大消费等领域进 行深 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 330 million yuan in H1 2025, representing a year-on-year growth of 16.26%, and a net profit attributable to the parent company of 50 million yuan, up 7.81% year-on-year [4] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 104 million, 128 million, and 142 million yuan respectively, and corresponding EPS of 0.74, 0.91, and 1.00 yuan [4] - The current stock price corresponds to P/E ratios of 42.8, 34.7, and 31.4 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook due to the expected volume increase of new products [4] Financial Summary - In H1 2025, the company reported a gross margin of 35.42% [4] - The projected revenue for 2025 is 744 million yuan, with a year-on-year growth of 20.6% [7] - The projected net profit for 2025 is 104 million yuan, with a year-on-year growth of 18.5% [7] - The company’s gross margin is expected to decline slightly from 38.0% in 2023 to 33.1% in 2027 [10] - The return on equity (ROE) is projected to increase from 8.3% in 2023 to 11.1% in 2027 [10] Product Development and Market Position - The company has made significant breakthroughs in multiple technologies, including a new ultrasonic distance measurement obstacle avoidance solution for lawnmowers and a piezoelectric touch switch product [5] - The company is positioned in high-growth sectors such as liquid-cooled servers, robotics, and smart vehicles, with a focus on intelligent sensor and actuator innovations [6] - The new generation AKII ultrasonic sensor for vehicles is expected to enhance smart driving systems and is already being applied in domestic automotive brands [6]