Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has been deeply engaged in the sensor field, achieving a revenue growth of 32.67% year-on-year in Q1-Q3 2024, with total revenue reaching 447 million yuan and a net profit of 67.48 million yuan [3][4] - The company is expected to maintain its profit forecasts for 2024-2026, with projected net profits of 91 million yuan, 111 million yuan, and 138 million yuan for the respective years, corresponding to EPS of 0.64, 0.79, and 0.98 yuan per share [3][4] Summary by Sections 1. Demand Enhancement from Intelligent Driving Upgrades - The company focuses on transducer chips and ultrasonic sensing, innovating product applications [17] - The automotive sensor market is a major downstream application for ultrasonic sensors, with increasing demand driven by the rise of intelligent driving technologies [37] - The company has developed the AK2 vehicle-mounted ultrasonic sensor, which meets functional safety requirements and is compatible with AVPL2 and above autonomous driving levels [4][37] 2. Diversified Development in Pressure Sensors and Humanoid Robots - Ultrasonic sensors are well-suited for humanoid robot applications due to their high precision and low cost [5] - The company has launched several new products, including underwater distance measuring sensors and precision robotic arms, to expand its growth space [5] 3. Long-term Engagement in the Sensor Field - The company has achieved a revenue of 447 million yuan in Q1-Q3 2024, reflecting a year-on-year growth of 32.67% [3] - The company has a strong R&D capability, with R&D expenses amounting to 36.44 million yuan in Q1-Q3 2024 and a total of 308 patents held as of H1 2024 [29][26] 4. Financial Summary and Valuation Indicators - The company’s revenue is projected to grow from 565 million yuan in 2024 to 843 million yuan in 2026, with a compound annual growth rate (CAGR) of 23.6% [4] - The projected P/E ratios for 2024, 2025, and 2026 are 33.8, 27.6, and 22.2 respectively, indicating a favorable valuation trend [4][5]
奥迪威：北交所公司深度报告：超声波传感器细分龙头，机器人+智能汽车新赛道突围