Investment Rating - The report gives a "Buy" rating for the company, Audiwei, indicating a positive outlook for its stock performance in the coming months [71][184]. Core Insights - Audiwei is positioned as a leading domestic precision intelligent ultrasonic sensor manufacturer, focusing on core technologies such as transducer chips and expanding its product range to include various sensors and actuators [71][181]. - The company has achieved significant revenue growth, with a reported revenue of 467.08 million yuan in 2023, representing a year-on-year increase of 23.6% [36][130]. - The automotive electronics sector is the largest application area for the company's products, accounting for approximately 40% of its revenue, driven by the increasing demand for advanced driver-assistance systems (ADAS) and the integration of parking and driving functions [71][181]. Summary by Sections Company Overview - Audiwei has over 20 years of experience in the sensor and actuator field, transitioning from import substitution to becoming a key supplier in the automotive sector [71][108]. - The company was listed on the Beijing Stock Exchange in June 2022 and was recognized as a "Little Giant" enterprise by the state in July 2023 [71][108]. Market Analysis - The global sensor market is projected to reach approximately $200.3 billion in 2023, with the intelligent sensor market growing at a rate of 12% [9][9]. - The domestic sensor market is expected to grow to 5,128 billion yuan by 2025, with a compound annual growth rate (CAGR) of 14.9% [158]. Financial Performance - The company reported a net profit of 76.98 million yuan in 2023, reflecting a 45.3% increase compared to the previous year [36][130]. - The gross margin for 2023 was 38.1%, with a return on equity (ROE) of 8.3% [36][152]. Product Development - Audiwei is expanding its production capacity, with plans to increase ultrasonic sensor output by 61.6 million units annually by 2027 [24][173]. - The company has developed a new generation of ultrasonic sensors that enhance parking efficiency and improve measurement accuracy [17][173]. Investment Recommendations - The report forecasts that the company will achieve revenues of 581.23 million yuan in 2024, 712.54 million yuan in 2025, and 853.67 million yuan in 2026, with corresponding net profits of 92.81 million yuan, 115.24 million yuan, and 139.07 million yuan respectively [60][74]. - The estimated fair value per share is projected to be between 13.94 and 16.40 yuan, supporting the "Buy" recommendation [182][184].
奥迪威：公司深度报告：国内超声波传感器龙头，产品技术性能优异