Group 1 - The core viewpoint is that Siwei Zhiliang, a subsidiary of Siwei Tuxin, has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, aiming to raise funds to establish independent production capacity and enhance R&D capabilities [2] - Siwei Zhiliang was established in 2018 and specializes in providing full-stack solutions for intelligent cockpit software and hardware, including AI assistants and interactive systems [2] - The company ranks tenth among domestic first-tier suppliers in 2024 with a market share of 0.1%, while its integrated cockpit solution service volume ranks second nationwide [2] Group 2 - Siwei Zhiliang's financial performance has been under pressure, with revenues of 539 million yuan, 477 million yuan, and 479 million yuan from 2022 to 2024, accumulating losses of 847 million yuan over three years [2] - The net loss is expected to widen to 378 million yuan in 2024, primarily due to an increase in R&D expenditure from 21% to 43.8% and high outsourcing costs for hardware [2] - The top five customers contributed 92.2% of Siwei Zhiliang's revenue in 2024, with Siwei Tuxin and Didi being the largest contributors [2] Group 3 - Industry analysts believe that Siwei Zhiliang is facing three pressures: ongoing operational losses, upstream chip monopolies, and excessive reliance on major customers [3] - Balancing high R&D investment with the exploration of profitable pathways is seen as crucial for Siwei Zhiliang's potential success in its IPO [3]

今年凭借智能辅助驾驶与智能座舱两大业务已斩获多家定点。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 公告显示，根据配售协议的条款及条件，公司配售代理已按配售价每股配售股份 23.26港元向不少 于6名承配人成功配售合共680万股，占经扩大后已发行股份数目的约1.67%。各承配人及其最终实 益拥有人均为机构及企业投资者（均为独立第三方），无承配人于紧随配售事项完成后成为公司的主 要股东。 公告显示，此次配售事项的所得款项总额合共约为 1.58亿港元，而配售事项的所得款项净额（经扣 除佣金、其他相关开支及专业费用后）约为1.55亿港元。每股配售股份的净价格约为22.81港元。 本次配售完成后， 佑驾创新将以约 40%的所得款项净额用于提升智能驾驶解决方案功能表现，满足 快速增长的中高阶辅助驾驶项目规模化落地需求; 约30%用作L4级自动驾驶解决方案的技术升级， 支持载人载货自动驾驶场景的商业化落地 ; 还将投入约20%用作探索潜在的策略伙伴、联盟及收购 机会; 以及约10%的所得款项净额用作营运资金和一般企业用途。 ● 佐驾创新 2431.HK 据 IPO早知道消息， ...

2025年7月9日，中国领先的智能驾驶及智能座舱解决方案供应商佑驾创新(02431)发布公告称，已于当 日完成680万新H股的配售事项，所得款项净额为1.55亿港元。将加大中高阶辅助驾驶与L4自动驾驶的 投入。本轮配售于7月2日开启。 公告显示，根据配售协议的条款及条件，公司配售代理已按配售价每股配售股份23.26港元向不少于6名 承配人成功配售合共680万股，占经扩大后已发行股份数目的约1.67%。各承配人及其最终实益拥有人 均为机构及企业投资者(均为独立第三方)，无承配人于紧随配售事项完成后成为公司的主要股东。 公告显示，此次配售事项的所得款项总额合共约为1.58亿港元，而配售事项的所得款项净额(经扣除佣 金、其他相关开支及专业费用后)约为1.55亿港元。每股配售股份的净价格约为22.81港元。 据悉，佑驾创新今年凭借智能辅助驾驶与智能座舱两大业务已斩获多家定点。其中在中高阶辅助驾驶项 目方面，目前公司最新推出的中高阶辅助驾驶域控制器iPilot4plus，可支持城市领航辅助驾驶、车位到 车位、哨兵模式等功能，应用场景覆盖城区、高速、停车场，产品将搭载于30万元级别的高端车型上， 于年内完成量产交付；面向 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Viewpoints - The company is a leading player in the automotive lighting control sector, with a solid foundation and strong product expansion capabilities. It has diversified into four major business areas: lighting control, motor control, energy management, and automotive electronics [1][14]. - The company is expected to achieve a revenue of 6 billion yuan in 2024, representing a 29% year-on-year increase, and a net profit of 770 million yuan, reflecting a 27% increase [1][3]. - The company is expanding its client base, which includes major global automotive manufacturers such as Volkswagen, Daimler, BMW, and Ford, enhancing its market position [1][2]. Summary by Sections 1. Company Overview - The company has established itself as a global leader in automotive lighting control, continuously expanding its business boundaries since its inception in 2003 [14]. - It has developed a range of products including LED lighting controllers, atmosphere lights, and motor control systems, integrating into the global high-end automotive electronic supply chain [14][18]. 2. Lighting Control Business - The lighting control segment is robust, with the company supplying major automotive manufacturers and maintaining strong customer loyalty [2][18]. - The company is actively developing new products, including next-generation headlight controllers for Volkswagen and BMW, which are expected to ramp up production in 2025-2026 [2]. 3. New Product Development - The company is expanding into domain controllers and Efuse products, which are expected to drive a second growth curve as the automotive E/E architecture shifts from distributed to centralized systems [3][4]. - The domain control products are projected to account for 86% of the energy management system revenue by 2024 [3][18]. 4. Financial Projections - The company forecasts net profits of 1 billion yuan in 2025, 1.3 billion yuan in 2026, and 1.5 billion yuan in 2027, with corresponding growth rates of 30%, 26%, and 22% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 22x, 18x, and 15x respectively, indicating a favorable valuation outlook [3][5]. 5. Market Position and Client Base - The company has a strong client base that includes both domestic and international automotive manufacturers, positioning it well for future growth [18][19]. - It has become a tier-one supplier for several major automotive brands, enhancing its competitive advantage in the market [18][19].

在壁垒高企、龙头的先发优势明显的激光雷达赛道，速腾聚创作为行业龙头之一，寡头格局稳定，前景 可期。 技术迭代降本探索驱动激光雷达放量。积极打造机器人第二曲线。展望未来：1）在激光雷达产品方 面，公司通过器件架构优化、芯片自研、数据处理能力迭代及产能搭建，有望持续降本、推动放量加 速。2）在第二曲线方面，速腾聚创今年推出了机器人一系列产品：机器人视觉方案ActiveCamera、第 二代灵巧手Papert 2.0、力传感器FS-3D、高功率密度直线电机LA-8000、机器人域控制器DC-G1。我们 预计，长期公司有望在汽车和机器人赛道，成为具备感知、执行等多环节能力的机器人平台企业。 首次覆盖，给予" 买入"评级。我们预测，速腾聚创的激光雷达出货量在2025E/2026E/2027E 各达到 78/152/226 万台。基于此，我们测算，速腾聚创收入在2025E/2026E/2027E 各达到20 亿/31 亿/39 亿元， 同比增长23%/52%/28%；经调整净利润在2025E/2026E/2027E 或可达-2.8/0.8/3.9 亿元，经调整净利润率 达-14%/3%/10%。 基于5.5x 2026e ...

智能驾驶系统方面，欧菲光全面布局车载摄像头、车载镜头、激光雷达、自动泊车域控制器等产品线， 并综合先进传感器和域控制器推出环视系统、自动泊车系统解决方案，为实现智能汽车更高阶段的自动 驾驶提供助力。公司产品布局深远且矩阵丰富，以客户需求为导向打造系统级解决方案。欧菲光可定制 开发周视系统、自动泊车系统等系统级解决方案，并整合形成智能驾驶感知系统，包括前视8M双目摄 像头模组、5 颗周视后视8M摄像头、4 颗环视3M摄像头、1颗DMS ToF 摄像头、1颗前向数字式4D毫米 波雷达、5颗多模式角环绕雷达、1组纯固态激光雷达。 车身电子方面，公司在硬件、软件方面沉淀深厚，技术优势明显，公司BCM/BGM 车身域控产品技术 积累丰富，产品融合多核MCU（微控制单元）、OTA（空中下载技术）、 以太网网关、门模块等多种 功能或模块，集成化程度高，技术水平国内领先。公司秉持开放共享的原则，为客户提供高标准的软 件，同时自产硬件，从而产生成本优势，用高性价比产品吸引了广大客户群体。 智能座舱方面，公司 深度布局舱内外光学传感器、仪表中控产品。公司驾驶员监测 （DMS）、乘客监测（OMS）产品可针 对人脸识别、疲劳监测等应 ...

继吃喝玩乐产业的上市公司开展回馈股东活动后，一家汽车电子行业的公司也宣布加入其中。 7月3日盘后，豪恩汽电（301488.SZ）公告称，时值上市两周年之际，为感谢广大股东长期以来对公司的关心和支持，同时便于 广大股东深入全面了解公司生产经营情况，公司将开展股东回馈系列活动。 参与此次回馈活动的股东需要在中国结算深圳分公司登记在册，日期为7月4日至7月20日期间。其中，自然人股东仅限本人参 与，法人股东限指定不超过3名（含3名）自然人代表。 值得一提的是，院线的"赠票"活动均对股东持股有明确要求。横店影视披露的公告显示，持股500股至10000股的股东可获得观 影券4张，10000股（含）以上的股东可获得观影券8张，横店影视城1日游景区门票（任选3个景区）4份。博纳影业、万达电影 也按照上述持股数量对回馈力度有所区分。 | 证券代码 | 证券简称 | 发布时间 ⇒ | 公告标题 | | --- | --- | --- | --- | | 301488.SZ | 家四汽电 | 2025-07-03 15:44 | 蒙恩汽电：关于股东回馈活动的自愿性信息披露公告 | | 000620.SZ | 盈新发展 | 202 ...

Core Viewpoint - The company, Junsheng Electronics, has achieved significant growth and global presence in the automotive parts industry, with a record order intake and plans for an IPO in Hong Kong to enhance its international capital platform [1][12]. Group 1: Business Performance - In 2024, Junsheng Electronics reported a revenue of 55.86 billion, with new orders reaching 83.9 billion, marking a 13.8% increase from 73.7 billion in 2023 [3]. - The company’s net profit attributable to shareholders increased by 27.7% to 1.28 billion, showcasing a robust performance despite market fluctuations [8]. - The gross profit margin improved by 1.8 percentage points to 16.3%, driven by the automotive safety and electronics segments [8]. Group 2: Strategic Advantages - Junsheng Electronics has a strong order reserve, with over 55% of new orders coming from the new energy sector, providing a solid performance cushion for the next 3-5 years [3]. - The company ranks fourth globally in the intelligent cockpit domain and is the second-largest supplier in automotive safety, benefiting from high technical and compliance barriers [4]. - The company is expanding into the robotics sector, leveraging its automotive technology to create a new growth avenue [5]. Group 3: Globalization and Market Position - In 2024, 76% of the company’s revenue came from overseas markets, supported by a network of 19 R&D centers and over 50 production bases worldwide [6]. - The company’s strategic restructuring in Europe aims to optimize costs and enhance long-term profitability, despite short-term impacts on net profit [9][10]. - Junsheng Electronics is positioned to capitalize on the global shift towards intelligent automotive solutions, enhancing its competitive edge [12]. Group 4: Future Prospects - The upcoming IPO in Hong Kong is expected to provide necessary capital for expanding production bases in Southeast Asia and developing cloud supply chain systems [13]. - The company aims to strengthen its brand influence and international identity through the dual listing strategy, enhancing its market position [13]. - Junsheng Electronics is transitioning from a "market for technology" model to a "technology export" strategy, reflecting the evolution of the Chinese automotive supply chain [12].

智能驾驶及智能座舱两大核心业务在今年上半年收获多个定点项目。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 佑驾创新（ 2431.HK） 于 7月3日 发布公告，拟以每股 23.26港元配售680 万股，募资约1.58亿港元。配股价较上一日收市价27.30港元折让约14.80%，配售股份相当于经扩 大化后已发行股份数目约1.67%。 公告显示，假设所有配售股份获系数配售予承配人，配售事项的所得款项净额（经扣除佣金及估计开 支后）预期合共约 1.55亿港元。其中，40%将用于提升智能驾驶解决方案的功能表现和满足中高阶 辅助驾驶项目规模化落地需求；30%用作L4级自动驾驶解决方案的技术升级，支持载人载货自动驾 驶场景的商业化落地；20%用于探索潜在的战略伙伴、联盟及收购机会；10%用作运营资金。 佑驾创新 在公告中表示，其作为一家 智能驾驶及座舱解决方案供应商，为驾驶体验的关键环节提供 包括领航、泊车和舱内功能在内的解决方案。 基于 持续迭代的创新技术和高效稳定的量产能力，佑 驾创新持续为智能汽车赋能，助力行业快速实现智能驾驶大规模商业化。 此外 ...

此外，针对随机失效，IMU3200设置了周密的安全机制进行检测、监控，并在故障发生时进入安全状 态，从而提升智能驾驶系统运行安全。在设计和认证过程中遵循的ISO 26262功能安全文档达150份，覆 盖安全测试用例超1000项。同时利用在阵列式MEMS惯性传感器方面的技术积累，在惯性系统性能方面 做了进一步提升。 据介绍，华依智造致力于成为具身智能的感知平台方案解决供应商，公司以提供高精度、高稳定性、高 安全性的具身智能类感知器件为目标，产品覆盖IMU、组合导航、域控制器等核心领域，已服务多家全 球主流车企及Tier1客户；同时也将在人形机器人、低空飞行器等新兴领域积极布局，为多元智能领域 的发展贡献力量。（厉平） 华依科技(688071)微信公众号最新消息显示，近日，子公司上海华依智造动力技术有限公司（下称：华 依智造）获得国内自主品牌销量前三的车企新项目定点。随着智能驾驶渗透率的不断提升，今年以来 IMU（惯性测量单元）需求不断爆发，华依智造跟进的多个项目，陆续开始定点。 IMU是智能驾驶系统的"神经中枢"，它通过实时监测车辆加速度、角速度等关键数据，为导航、底盘控 制及自动驾驶功能提供高精度姿态参考，是 ...