Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company is expected to benefit from the upgrade of automotive intelligent driving and the accelerated penetration of automatic parking, with significant mass delivery of its AKII product [5][6] - The revenue for 2024 is projected to be 617 million yuan, representing a year-on-year growth of 32.13%, while the net profit attributable to the parent company is expected to be 88 million yuan, up 13.87% [5] - The company has adjusted its profit forecasts for 2025-2026 due to the impact of declining downstream customer demand, with new profit forecasts for 2027 introduced [5] Financial Summary - The company’s revenue is projected to grow from 467 million yuan in 2023 to 1.116 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.3% [8] - The net profit attributable to the parent company is expected to increase from 77 million yuan in 2023 to 142 million yuan in 2027, with a CAGR of about 10.6% [8] - The gross margin is expected to decline slightly from 38.0% in 2023 to 33.1% in 2027 [11] - The earnings per share (EPS) are projected to rise from 0.55 yuan in 2023 to 1.00 yuan in 2027 [8] Market Trends - The automatic parking delivery in the Chinese market is expected to reach 4.8975 million units in 2024, a year-on-year increase of 39.74%, with the penetration rate expected to rise to 25% by 2028 [6] - The company is actively expanding its applications in the robotics sensor market, with the industrial robot market in China projected to grow to 72.642 billion yuan in 2024 [7]
奥迪威（832491）：汽车智能驾驶升级+自动泊车渗透加速，公司AKII实现大批量交付