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光大證券:首予佑駕創新"增持"評級,智駕+智艙業務有望發揮規模效應

近日光大證券發佈研報稱,首次覆蓋佑駕創新(02431)給予"增持"評級。其認爲,公司成長性相對行業均值較高,同時佈局智能駕駛和智能座艙業務,且能實現域控制器的軟硬一體交付,具有一定稀缺性與溢價空間。

隨着汽車智能化進程加速,智能座艙產品需求持續提升;高階智駕下沉,OEM對搭載中高算力SoC的域控制器需求持續提升,該行預測公司2025-2027年營收分別爲10.1億/14.8億/20.1億元人民幣,同比增長54%/47%/36%。預計公司將加大研發投入以應對中高階智駕需求,隨着公司智能座艙+智能駕駛產品出貨量持續增長,有望發揮規模效應。

受益於國內高階智駕加速滲透,報告表示,2025-2027年,佑駕創新智駕產品(iSafety 一體機和iPilot域控制器)出貨量將持續提升。智能座艙方面,由於公司智能座艙產品已量產成熟,預計價格趨於平穩,該行預測2025-2027年公司智能座艙解決方案收入分別爲2.0億/3.3億/4.9億元人民幣,同比增長97%/60%/50%。

報告稱,佑駕創新自研算法覆蓋感知、融合、建圖定位及規控四大模塊,構建完整智能駕駛算法棧,可實現從底層硬件到高階應用的深度優化。自研中間件隔離上層軟件與計算平臺,使解決方案兼容多種SoC,提升平臺適配性,降低硬件依賴,提高成本效益。其自研算法在低算力環境下高效運行,例如僅8TOPS即可實現行泊一體功能,而行業同類方案通常需10TOPS以上,充分展現算法優化能力。依託自研能力,公司能快速響應市場需求,靈活定製方案,確保硬件性能最大化。

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