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]
奥迪威（832491）：智驾与机器人行业带动收入高增，布局水下测距传感器进军深海科技