1月26日，佑驾创新（02431.HK）宣布，于近日新获某知名车企的项目定点通知，将为其面向国内及海 外市场的广泛车型开发并提供一系列先进的智能驾驶产品。 据悉，项目全生命周期订单总金额约为13亿元人民币，计划于2026年中正式启动量产。佑驾创新表示， 此次标志性项目定点验证了公司技术实力与产品可靠性，是公司在乘用车智能化领域的重大突破，也是 公司智能驾驶技术走向全球市场的关键一步。 据悉，该车企在中国市场拥有广泛的用户基础。官方数据显示，2025年其销量领跑市场，以超百万辆成 绩稳居行业头部阵营。佑驾创新获得行业头部车企认可，代表其产品在性能、可靠性及合规性上均达到 国际主流标准，具备服务全球市场的能力。而项目覆盖车型与市场范围广、全生命周期价值高，体现出 客户对公司创新研发与量产交付的信心。 当前，汽车智能化浪潮席卷全球，随着搭载智驾功能的车型加速推向市场，产业链上下游企业迎来新的 发展窗口。其中，具备技术、工程化与成本综合优势的头部智驾企业，将站在更广阔的国际市场，为智 能汽车产业的高质量发展贡献力量。作为产业出海浪潮的先行者，佑驾创新已在海外市场深度布局、多 点开花。 佑驾创新是国内首批助力整车厂通过 ...

Group 1 - The core viewpoint of the article is that Youjia Innovation (2431.HK) has signed a memorandum of understanding with Eda Capital to expand its L4 autonomous driving business into the Middle East, specifically focusing on Saudi Arabia's logistics and transportation needs driven by the Vision 2030 initiative [2][3]. - The collaboration aims to explore the large-scale deployment of L4 autonomous vehicles in the Middle East, with a target of deploying up to 1,000 unmanned vehicles by 2030 [2][3]. - Youjia Innovation will leverage its self-developed L4 autonomous driving technology to provide the Xiaozhu unmanned vehicle and a complete set of technical solutions tailored for the Saudi market [3][5]. Group 2 - The Xiaozhu unmanned vehicle will be optimized for Saudi Arabia's extreme high temperatures and sandstorm conditions to ensure stable operation in diverse environmental scenarios [4]. - Eda Capital, as the first institution focusing on cross-border investment between Saudi Arabia and China, will utilize its local resources and insights to facilitate the deployment of unmanned vehicle solutions [4][5]. - The partnership is seen as a significant breakthrough in introducing advanced intelligent driving technology to the Middle East logistics sector, marking an important milestone in Youjia Innovation's international expansion [4][5]. Group 3 - Prior to this collaboration, Youjia Innovation had already exported its intelligent driving and cockpit products to various regions, including the EU, Australia, Mexico, Singapore, South Korea, Dubai, and Turkey, establishing a solid foundation for global compliance operations [4][5]. - Youjia Innovation is advancing its "Going Global 2.0" strategy, transitioning from a product export model to a localized and scalable commercial operation model in overseas markets [5]. - The signing of the memorandum signifies a deep integration of Youjia Innovation's full-stack technical capabilities in L4 autonomous driving with Eda Capital's cross-border resource integration and local operational experience [5].

近日，佑驾创新（2431.HK）与易达资本（ewpartners）于香港正式签署谅解备忘录。双方将聚焦中东 地区智能物流与出行升级需求，推进佑驾创新自主研发的无人物流车（Robovan）在沙特阿拉伯的落地 应用。 易达资本是一家专注于推动亚洲与中东之间跨境投资的国际领先投资机构，也是首家在沙特与中国之间 搭建跨境投资平台的机构。在沙特2030愿景推动经济多元化、智慧交通与物流体系升级的背景下，中东 市场正加速释放对自动化与智能化解决方案的结构性需求。基于这一长期趋势，双方计划在中长期内， 探索L4级自动驾驶无人车在中东地区的规模化部署路径，并将在2030年前完成多达1000辆无人车的部 署任务。此次合作亦标志着佑驾创新正式进军中东市场，并实现其L4级自动驾驶业务的首次海外拓 展。 相关合作将聚焦多元化的物流与出行应用场景，结合区域实际运营需求，探索自动化技术在不同环境条 件下的落地方式，以提升整体运行效率与服务能力。 "与佑驾创新的合作，为中东物流行业引入了全球领先的智能驾驶技术与成熟商业化解决方案，是区域 物流智能化升级进程中的重要突破。"易达资本合伙人邵民桦表示。 "与易达资本的合作助力我们成功切入中东市 ...

"与易达资本的合作助力我们成功切入中东市场，是我们国际化扩张进程中的重要里程碑，使我们得以 在全球最具活力的物流市场之一部署L4级自动驾驶解决方案。"佑驾创新创始人兼董事长刘国清博士表 示。 近日，佑驾创新(2431.HK)与易达资本(ewpartners)于香港正式签署谅解备忘录。双方将聚焦中东地区智 能物流与出行升级需求，推进佑驾创新自主研发的无人物流车(Robovan)在沙特阿拉伯的落地应用。 值得关注的是，在此次合作之前，佑驾创新的智能驾驶及智能座舱产品已经搭载多款出口车型销往海 外，包括欧盟、澳大利亚、墨西哥、新加坡、韩国、迪拜、土耳其等多个地区，完成出海1.0阶段的全 球化布局，并积累了欧盟GSR法规、E-NCAP认证等国际合规经验，为全球化合规运营筑牢坚实基础。 在沙特2030愿景推动经济多元化、智慧交通与物流体系升级的背景下，中东市场正加速释放对自动化与 智能化解决方案的结构性需求。基于这一长期趋势，双方计划在中长期内，探索L4级自动驾驶无人车 在中东地区的规模化部署路径，并将在2030年前完成多达1000辆无人车的部署任务。此次合作亦标志着 佑驾创新正式进军中东市场，并实现其L4级自动驾驶业 ...

浦银国际发布研报称，首次覆盖佑驾创新(02431)，给予"买入"评级，目标价19.3港元，潜在升幅30%， 对应2026E目标市销率4.2x。中国本土智驾Tier 1在2025年前三季度合计占据智驾域控市场过半份额。未 来在中国市场，本土厂商将继续充分竞争，关键点在于大规模商业化落地的能力。 浦银国际主要观点如下： 首次覆盖智驾Tier 1行业，给予"超配"评级 智驾域控作为智能驾驶功能实现的核心部件，市场呈快速扩张态势。根据Frost&Sullivan，全球乘用车 智驾域控市场规模将在2029年达人民币4,284亿元，其中中国占据近40%份额，其中佑驾创新是该行在 智驾Tier1行业的首选。展望未来，能够迭代算法保障方案性能、洞察客户需求持续获得定点、以综合 服务推动项目持续量产的 Tier 1，更有机会成长为头部玩家。中国本土 Tier 1 也有望凭借技术积累、研 发效率和规模化生产的成本优势进入更广阔的国际市场。 舱驾两域业务布局，全方位赋能汽车智能化，政策驱动功能标配+自主车企"智驾平权"助力佑驾高速成 长 佑驾战略布局智驾和座舱两条业务线，在智驾域，公司通过前装量产的iSafety和iPilot方案 ...

Core Viewpoint - Ping An International initiates coverage on Youjia Innovation (02431) with a "Buy" rating and a target price of HKD 19.3, indicating a potential upside of 30% and a projected price-to-sales ratio of 4.2x for 2026E [1] Group 1: Industry Overview - The global passenger car intelligent driving domain control market is expected to reach RMB 428.4 billion by 2029, with China accounting for nearly 40% of the market share [2] - Domestic Tier 1 players in China are anticipated to leverage technological accumulation, R&D efficiency, and cost advantages in large-scale production to enter broader international markets [2] Group 2: Company Strategy and Growth - Youjia has strategically positioned itself in both intelligent driving and cabin domains, with progressive iterations through its iSafety and iPilot solutions [3] - The implementation of mandatory AEB features is expected to drive growth in iSafety shipments, while the iPilot solution meets the "intelligent driving equality" needs of domestic automakers [3] - The company's DMS products are evolving, and the introduction of the intelligent assistant BamBam is expected to enhance the value of its cabin business [3] Group 3: Autonomous Vehicle Development - Youjia is advancing its L4-level autonomous driving solution, iRobo, with rapid commercialization in various scenarios, including a successful project launch for its autonomous minibus [4] - The company is also entering the unmanned delivery sector with the Xiaozhu autonomous vehicle, which is expected to achieve significant delivery volumes by 2026, becoming a key revenue source [4] - If the business model for unmanned vehicles continues to be validated, Youjia's valuation flexibility is likely to increase [4]

Core Viewpoint - Ping An International has initiated coverage on Youjia Innovation (2431.HK) with a "Buy" rating and a target price of HKD 19.3, indicating a potential upside of 30% based on a projected 2026 price-to-sales ratio of 4.2 [1] Group 1: Business Strategy and Growth - Youjia's strategic focus is on two business lines: intelligent driving and cockpit solutions, with progressive iterations through its iSafety and iPilot solutions in the intelligent driving domain [1] - The company's DMS products are evolving, and with the implementation of mandatory regulations, there is potential for an expanded customer base and increased order volume [1] - The introduction of the intelligent assistant BamBam, leveraging large model capabilities, is expected to enhance the value of the cockpit business [1] Group 2: Revenue Projections - Youjia's revenue from intelligent components and solutions is anticipated to maintain rapid growth through 2026 [1] Group 3: Autonomous Driving Innovations - The company is advancing its L4-level autonomous driving solution, iRobo, through innovative applications across diverse scenarios, supported by its self-developed capabilities and experience in large-scale production [1] - Youjia's unmanned minibus project, which completed its first deployment in February 2025, is expected to contribute significantly to revenue due to its accumulated project experience [1] - The company is also entering the unmanned delivery sector with the Xiaozhu unmanned vehicle, which is expected to leverage supply chain resources from its front-end production projects, enhancing its cost-performance advantage [1] - Since its launch, the Xiaozhu unmanned vehicle has received numerous orders, with expectations to reach a delivery scale of 10,000 units in 2026, becoming a significant revenue source for the company [1] - If the business model for unmanned vehicles continues to be validated, Youjia's valuation flexibility is likely to increase further [1]

Core Viewpoint - The company aims to deliver over 10,000 units of its unmanned logistics vehicles by 2026 and anticipates achieving single-quarter profitability earlier than 2027 [1][2]. Group 1: Company Development and Strategy - Since entering the unmanned logistics sector with the "Xiao Zhu Unmanned Vehicle" brand, the company has received over 1,000 orders within three months, targeting diverse applications such as express logistics and urban distribution [2][22]. - The founder, Liu Guoqing, emphasizes a cautious approach to new business ventures, preferring to enter markets at the onset of their growth phases, which has allowed the company to build a solid foundation in technology and resources [4][14]. - The company reported a 46.01% year-on-year increase in revenue and a 54.8% increase in gross profit from its core passenger vehicle business in the first half of 2025, indicating strong operational performance [4]. Group 2: Market Position and Competition - The unmanned logistics market is competitive, with established players like Nine Senses and New Stone leveraging first-mover advantages and partnerships with industry giants [2]. - The company has identified that the unmanned vehicle market is not short of opportunities but lacks reliable business models, focusing on filtering genuine customer needs from mere market hype [10][12]. Group 3: Product Development and Challenges - The company has transitioned from developing unmanned buses to unmanned vehicles, believing that specific scenarios for Level 4 (L4) automation can achieve commercial viability in a relatively short timeframe [7][21]. - The company is committed to ensuring that its unmanned vehicles meet high standards of quality and reliability, leveraging its experience in passenger vehicle production to enhance operational efficiency [24][15]. - Challenges in the unmanned vehicle sector include operational integration with human workers and ensuring safety during loading and unloading processes [11][28]. Group 4: Future Outlook and Goals - The company anticipates that achieving a delivery scale of around 10,000 units will signify a mature market, with profitability expected to be realized sooner than 2027 due to the standardized nature of the products [29][30]. - The company is optimistic about the future of the unmanned logistics market, viewing it as a potential key revenue driver and exploring opportunities for international expansion in regions with high labor costs [35].

Core Viewpoint - The company, Youjia Innovation, is experiencing increased confidence from industry capital, as evidenced by significant share buybacks and management's commitment to holding shares longer, indicating strong belief in the long-term commercial value of its "smart driving + unmanned logistics" dual-track strategy [2][3] Group 1: Capital Movements - Horizon Together Holding Ltd., a cornerstone investor and subsidiary of Horizon Robotics, purchased a total of 688,200 shares of Youjia Innovation's H-shares in the open market [2] - Youjia Innovation announced a share buyback plan of up to HKD 200 million and management extended the lock-up period for their shares, with four executive directors holding a combined 18.42% of shares locking in until December 27, 2026 [3] - Chairman Liu Guoqing purchased 50,000 shares at an average price of approximately HKD 12.60 per share [3] Group 2: Business Developments - Youjia Innovation's L2 assisted driving domain controller products, developed based on Horizon's "Journey" series chips, have achieved large-scale production, delivering to 42 vehicle manufacturers with a total order value of HKD 320 million [3] - The partnership with Horizon has expanded into the L4 unmanned logistics sector, with Youjia Innovation's "Xiaozhu unmanned vehicle" receiving over 1,000 bulk orders for applications in express logistics and urban warehousing [2]

Core Viewpoint - The company, Youjia Innovation (2431.HK), is actively boosting market confidence through multiple strategic actions, including share buybacks and insider purchases, amidst a critical valuation recovery period for the Hong Kong tech sector [1][2]. Group 1: Company Actions - The founder and chairman, Liu Guoqing, has purchased a total of 150,000 shares over three consecutive trading days, with an average price of approximately 14.7889 HKD per share [1]. - The company has announced a voluntary extension of the lock-up period for core shareholders and plans to repurchase up to 200 million HKD of H-shares, creating a strong confidence signal in the market [1]. - These combined actions are seen as a direct response to market concerns, reinforcing the company's solid fundamentals and long-term growth prospects [1]. Group 2: Market Performance - The company's stock price surged by 11% on January 6, closing at 14.45 HKD per share, and continued to rise on January 7, reaching a closing price of 15.15 HKD per share, marking a single-day increase of 4.84% [1]. - Over two trading days, the stock price has increased by a cumulative 13.91%, positioning the company as a leading representative in the valuation recovery of the Hong Kong tech sector [1]. Group 3: Industry Positioning - Youjia Innovation is one of the few companies in China with full-stack self-research capabilities from L1 to L4, making it a rare player in the unmanned logistics sector and the first of its kind listed in Hong Kong [2]. - The company has accelerated its L4 commercialization process, securing over 1,000 bulk orders for its "Xiaozhu" unmanned vehicle and winning bids for key projects, indicating a significant leap from technology validation to large-scale commercialization [2]. - The chairman's consistent share purchases reflect a deep alignment of personal interests with the company's long-term development, reinforcing confidence in the industry's growth potential [2].