机构：光大证券 研究员：付天姿 2025 上半年，智能座舱解决方案收入0.61 亿元，同比增长99.0%，收入占比17.6%，多个定点项目进入 量产交付阶段。公司DMS（驾驶员监测系统）成功通过ASPICE V4.0 CL3 国际评估（国内汽车行业 ASPICE 认证最高等级）。根据欧盟法规，24 年7 月起所有新上市商用车和乘用车强制配备DDAW（驾 驶员嗜睡和注意力警告系统）；另外国内相关法规的持续完善有望推动DMS 渗透率持续提升。2）车路 协同：2025 上半年，车路协同收入38.6 百万元，同比增长63.4%，收入占比11.2%。 维持"增持"评级：我们维持对公司2025-2027 年营收和归母净利润预测，营收分别为10.1 亿/14.8 亿/20.1 亿元人民币，同比增长54%/47%/36%；归母净利润分别为-3.2 亿/-2.1 亿/-1.3 亿元人民币。基于1）汽车 智能化进程持续推进，对智能座舱产品需求持续提升；2）高阶智驾下沉，OEM 对搭载中高算力SoC的 域控制器需求持续提升；3）L4 商业化落地加速，有望持续贡献营收；公司有望持续受益于汽车智能化 浪潮，维持"增持"评级。 事件：2 ...

Core Viewpoint - The article highlights the recent achievements and growth prospects of Shenzhen Youjia Innovation Technology Co., Ltd. (Youjia Innovation), particularly in the fields of intelligent assisted driving and smart cockpit solutions, emphasizing its strong market position and technological capabilities [2][8]. Group 1: Business Developments - Youjia Innovation has secured a contract with a leading domestic brand to provide the iPilot 4, an integrated soft and hardware assisted driving domain controller, for mid-to-large luxury SUVs [2]. - In February, Youjia Innovation was selected by a new energy vehicle company to supply mid-to-high-end intelligent driving domain control products for high-end models priced around 300,000 RMB, with delivery expected within the year [2]. - In March, Youjia Innovation received multiple contracts to provide Driver Monitoring Systems (DMS) and Occupant Monitoring Systems (OMS) for a globally recognized automotive brand [3]. - In June, Youjia Innovation announced a significant partnership with Changan Automobile to supply high-performance assisted driving domain controllers for its new energy brand [4]. Group 2: Market Position and Future Outlook - Youjia Innovation has established a solid foundation with various clients, creating an efficient R&D system and scalable delivery experience, focusing on breakthroughs in mid-to-high-end products and expanding international market reach [8]. - Research reports from CITIC Lyon, Everbright Securities, and Guozheng International have rated Youjia Innovation positively, citing its comprehensive self-research capabilities in autonomous driving solutions and strong product lineup [8]. - CITIC Lyon predicts a compound annual growth rate of 49% for Youjia Innovation's total revenue from fiscal years 2024 to 2027, with a target price of 32.00 HKD [8]. - The current penetration rate for L0-L2 level assisted driving is approximately 20%, while only 7% of traditional vehicles in China are equipped with in-vehicle monitoring systems (IMS), indicating significant growth potential in these markets [8]. - According to McKinsey, the global intelligent driving market is expected to exceed $600 billion by 2027, with China's L2 intelligent driving new car coverage surpassing 57%, supported by favorable policies [9].