Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is experiencing high revenue growth driven by the smart driving and robotics industry, with plans to expand into underwater distance measurement sensors for deep-sea technology [5] - In 2024, the company achieved a revenue of 617 million yuan, a year-on-year increase of 32.13%, and a net profit of 87.66 million yuan, a year-on-year increase of 13.87% [6] - The company has made significant progress in lead-free piezoelectric new material technology, with core technology and related patents in place, enabling mass production to meet future market demands [6] - The company is investing approximately 200 million yuan in the construction of a new generation smart sensor R&D and manufacturing base [6] - The sensor and actuator business revenues grew by 34% and 26% year-on-year, respectively, with domestic revenue increasing by 43% and overseas revenue by 21% [6] Financial Summary - Revenue forecast for 2023 is 467 million yuan, with a projected growth to 753 million yuan in 2025 and 1.1 billion yuan in 2027 [8] - The net profit forecast for 2023 is 77 million yuan, increasing to 106 million yuan in 2025 and 156 million yuan in 2027 [8] - The company’s earnings per share (EPS) are expected to rise from 0.55 yuan in 2023 to 1.11 yuan in 2027 [8] - The return on equity (ROE) is projected to improve from 8.32% in 2023 to 12.15% in 2027 [8] Market Expansion - The company is actively expanding its market presence in various sectors, including smart automotive, smart instruments, smart home, robotics, and consumer electronics [9] - In the automotive sector, the company has launched a tactile solid-state button solution for smart steering wheels and completed mass production verification for multi-modal ultrasonic sensors [6][9] - The smart meter market is expected to grow significantly due to supportive government policies, with the company positioned to become a key supplier in this space [7] Production Capacity - The current production capacity for sensors and actuators is 70.6 million and 81.76 million units, with utilization rates of 80% and 63%, respectively [6] - The company is expected to launch a new production capacity of 32 million units per year for multi-layer tactile and feedback micro actuators by the end of 2026 [9]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected increase of over 10% relative to the benchmark index in the next 12 months [4][9][16]. Core Insights - The company achieved a revenue of 617 million RMB in 2024, representing a year-on-year growth of 32.13%, with a net profit attributable to shareholders of 87.65 million RMB, up 13.87% year-on-year [3][4]. - The sensor and actuator businesses grew significantly, with sensor revenue increasing by 34.47% and actuator revenue by 26.43% in 2024 [4][5]. - The company is well-positioned in the intelligent driving and smart cockpit sectors, with strong growth potential driven by the increasing demand for advanced automotive technologies [5][6]. Revenue and Profitability - The company's revenue is projected to reach 753 million RMB in 2025, 925 million RMB in 2026, and 1.139 billion RMB in 2027, with year-on-year growth rates of 21.98%, 22.88%, and 23.07% respectively [10]. - The net profit attributable to shareholders is expected to be 106 million RMB in 2025, 129 million RMB in 2026, and 161 million RMB in 2027, with corresponding growth rates of 21.17%, 21.85%, and 24.72% [10]. Market Position and Growth Drivers - The company is a leader in the domestic ultrasonic sensor market, benefiting from the rise of emerging industries and the domestic substitution process [3][4]. - The intelligent driving and smart cockpit sectors are identified as key growth areas, with the company actively innovating and expanding its product offerings [5][6][8]. - The company has made significant advancements in robotics applications, enhancing its market presence in various robotic technologies [7][8]. Technological Advancements - The company has a rich reserve of forward-looking technologies and products, continuously innovating and expanding its product line across multiple sectors, including automotive electronics and smart home applications [8][9]. - New product developments, such as the next-generation AK2 vehicle-mounted ultrasonic sensor, have been successfully delivered in large quantities, meeting safety requirements for higher levels of autonomous driving [6][8]. Financial Metrics - The company's gross margin for 2024 is projected to be 34.81%, a decrease of 3.26 percentage points year-on-year, while the return on equity (ROE) is expected to improve from 8.71% in 2024 to 12.25% by 2027 [10][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with revenue reaching 617 million yuan, a year-on-year increase of 32.1%, and a net profit attributable to shareholders of 87.66 million yuan, up 13.9% year-on-year [7][10] - The company is positioned as a platform for ultrasonic sensors rather than just an automotive parts manufacturer, with strong technological advantages and a focus on expanding applications across multiple downstream sectors [10] Financial Summary - In 2024, the company achieved total revenue of 617 million yuan, with a gross profit margin of 34.81%, down 3.15 percentage points year-on-year [10][12] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 42.34 million yuan [7] - Revenue projections for the next few years are as follows: 748 million yuan in 2025, 896 million yuan in 2026, and 1,043 million yuan in 2027, with corresponding net profits of 104 million yuan, 123 million yuan, and 144 million yuan respectively [9][12] Investment Highlights - The domestic business revenue increased significantly, accounting for 53.56% of total revenue, with a year-on-year growth of 43% [10] - The automotive electronics demand is expected to grow due to the increasing adoption of advanced driver-assistance systems, with the company being a Tier-2 supplier for major domestic manufacturers [10] - The company is expanding into new fields such as robotics, low-altitude applications, and deep-sea technologies, with significant market potential in underwater sensor technology [10]

Core Viewpoint - Audiwei is focusing on increasing R&D investment and expanding into new application areas, demonstrating strong revenue and profit growth in its 2024 annual report. Group 1: Financial Performance - In 2024, the company expects total revenue of 617 million yuan, a year-on-year increase of 32.13% [1] - The net profit attributable to shareholders is projected to be 87.6553 million yuan, up 13.87% year-on-year [1] - The basic earnings per share is expected to be 0.62 yuan, reflecting an 8.77% increase [1] Group 2: R&D Investment and Innovation - The total R&D investment for 2024 is 51.4173 million yuan, accounting for 8.33% of total revenue [2] - The company holds 301 patents, including 69 invention patents, and has been recognized as a "National Intellectual Property Advantage Enterprise" [2] - Key technologies such as multilayer chip low-temperature co-firing technology and ultrasonic beam control technology have been applied in main business operations [2] Group 3: Market Position and Product Development - Audiwei has established itself as a major supplier of automotive ultrasonic sensors and core suppliers for international smart water meter and gas meter manufacturers [3] - The company provides components or modules tailored to customer application scenarios and product functionality needs, ensuring stable and reliable supply [3] - New products launched during the reporting period include various sensors and modules for automotive and industrial applications [2]

广东奥迪威传感科技股份有限公司（合并） 2024年度审计报告及财务报表 信会师报字[2025]第ZC10168号 广东奥迪威传感科技股份有限公司 我们审计了广东奥迪威传感科技股份有限公司（以下简称奥迪威） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了奥迪威 2024 年 12 月 31 日的合并及母公司财 务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、 形成审计意见的基础 | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1 ...

民生证券股份有限公司 关于广东奥迪威传感科技股份有限公司 新增2025年日常性关联交易的核查意见 民生证券股份有限公司（以下简称"民生证券"、"保荐机构"）作为广东奥迪威 传感科技股份有限公司（以下简称"奥迪威"、"发行人"或"公司"）向不特定合格投 资者公开发行股票并在北京证券交易所上市的保荐机构，根据《证券发行上市 保荐业务管理办法》《北京证券交易所上市公司持续监管办法（试行）》《北 京证券交易所证券发行上市保荐业务管理细则》《北京证券交易所股票上市规则 （试行）》等相关法律、法规和规范性文件的规定，对奥迪威新增2025年日常 性关联交易的事项进行核查，具体核查情况如下： | 其他 | 物业租赁 | 200,000.00 | 31,183.27 | - | 200,000.00 | 81,916.84 | - | | --- | --- | --- | --- | --- | --- | --- | --- | | 合计 | | 24,300,000.00 | 2,057,693.73 | 2,000,000.00 | 26,300,000.00 | 15,784,202.18 | | 一、日常性关联交易 ...

民生证券股份有限公司 关于广东奥迪威传感科技股份有限公司 使用闲置募集资金进行现金管理的核査意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为广东奥 迪威传感科技股份有限公司（以下简称"奥迪威"或"公司"）向不特定合格投资者 公开发行并在北交所上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《北京证券交易所股票上市规则（试行）》《北京证券交易所上市公司持续监管 办法（试行）》《北京证券交易所证券发行上市保荐业务管理细则》《北京证券 交易所上市公司持续监管指引第 9 号——募集资金管理》等有关法律、行政法规、 部门规章及业务规则的要求，对奥迪威使用闲置募集资金进行现金管理事项进行 了核查，具体情况如下： 一、募集资金基本概况 经中国证券监督管理委员会于 2022 年 5 月 12 日出具的《关于同意广东奥迪 威传感科技股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监 许可﹝2022﹞979 号），公司向不特定合格投资者公开发行人民币普通股（A 股） 3,130.4348 万股，发行价格为人民币 11.00 元/股，发行募集资金总额为人民币 344,347,828.00 元，扣 ...

证券代码：832491 证券简称：奥迪威 公告编号：2025-013 广东奥迪威传感科技股份有限公司 2024 年度独立董事述职报告（韩培刚） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 2024 年度，本人作为广东奥迪威传感科技股份有限公司（以下简称"公司" 或"奥迪威"）的独立董事，严格按照《公司法》《证券法》《上市公司独立董事管 理办法》《北京证券交易所股票上市规则（试行）》《北京证券交易所上市公司持 续监管指引第 1 号——独立董事》等法律法规和《公司章程》《独立董事工作制 度》《独立董事专门会议工作制度》有关规定，勤勉尽责，积极认真地履行独立 董事职责，维护公司整体利益和全体股东的利益。现将 2024 年度履行独立董事 职责的工作情况汇报如下： 一、 独立董事的基本情况 本人韩培刚，汉族，1964 年 2 月出生，中国国籍，拥有中国香港永久居留 权，博士学历，特聘教授。1985 年 7 月至 1987 年 8 月，任兰州大学物理系助教、 系团总支书记；1990 年 9 月至 1994 年 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 2024 年度，本人作为广东奥迪威传感科技股份有限公司（以下简称"公司" 或"奥迪威"）的独立董事，严格按照《公司法》《证券法》《上市公司独立董事管 理办法》《北京证券交易所股票上市规则（试行）》《北京证券交易所上市公司持 续监管指引第 1 号——独立董事》等法律法规和《公司章程》《独立董事工作制 度》《独立董事专门会议工作制度》有关规定，勤勉尽责，忠实认真地履行独立 董事职责，充分发挥独立董事作用，维护公司整体利益和全体股东的利益。现将 2024 年度履行独立董事职责的工作情况汇报如下： 证券代码：832491 证券简称：奥迪威 公告编号：2025-012 广东奥迪威传感科技股份有限公司 2024 年度独立董事述职报告（龙朝晖） 一、 独立董事的基本情况 本人龙朝晖，苗族，1968 年 10 月出生，中国国籍，无境外永久居留权，博 士学历，副教授。1990 年 7 月至 2016 年 9 月，历任中山大学岭南学院原经济系 团总支书记、原国贸金系团总支书记 ...

证券代码：832491 证券简称：奥迪威 公告编号：2025-014 广东奥迪威传感科技股份有限公司 2024 年度独立董事述职报告（王仁曾） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 2024 年度，本人作为广东奥迪威传感科技股份有限公司（以下简称"公司" 或"奥迪威"）的独立董事，严格按照《公司法》《证券法》《上市公司独立董事管 理办法》《北京证券交易所股票上市规则（试行）》《北京证券交易所上市公司持 续监管指引第 1 号——独立董事》等法律法规和《公司章程》《独立董事工作制 度》《独立董事专门会议工作制度》有关规定，勤勉尽责，忠实认真地履行独立 董事职责，充分发挥独立董事作用，维护公司整体利益和全体股东的利益。现将 2024 年度履行独立董事职责的工作情况汇报如下： 一、 独立董事的基本情况 本人王仁曾，藏族，1964 年 9 月出生，中国国籍，无境外永久居留权，博 士研究生学历，大学教授、博士生导师。1987 年 7 月至 2008 年 8 月，在兰州商 学院（今兰州财经大学）工作，历任助 ...