Everbright Securities Maintains Youjia Innovation's "Overweight" Rating: L2+ and L4 Dual-Track Development, Steady and High Growth in Performance

Recently, Everbright Securities released a performance review for Youjia Innovation (2431.HK)2025 for the full year of 2025. The company’s revenue continued to grow steadily, gross profit kept improving, intelligent driving, smart cockpits, and L4 unmanned-vehicle business all showed strong momentum, and the strategic pattern of “dual-wheel drive by L2+ and L4” has officially taken shape. Everbright Securities maintains a “Buy” rating for the company, indicating sufficient growth momentum in the medium and long term.

The report points out that in 2025, Youjia Innovation achieved full-year operating revenue of 759 million yuan, up 16.0% year over year; gross profit of 141 million yuan, up 35% year over year, with a gross profit margin of 18.6%, an increase of 2.6 percentage points versus 2024. Among these, revenue from intelligent components and solutions was 649 million yuan, up 10.4%, accounting for 85.5% of total revenue, mainly benefiting from an increase in shipments of mid-to-high-end intelligent driving and smart cockpits.

In terms of business segments, the iSafety business benefited from the rollout of industry standards, and Youjia Innovation has already secured designations for AEBS projects from multiple mainstream domestic commercial vehicle manufacturers. With the requirement for mandatory AEBS installation on commercial vehicles taking effect in 2026, the number of projects the company has on hand is expected to further expand. The iPilot business has entered a scale-up and mass expansion stage. Its customers cover leading independent brands, vehicle makers backed by central state-owned enterprises, high-end SUV new car-building forces, and rugged off-road brands. The iPilot 4 series products have achieved mass production and deliveries and will continue to drive performance growth. In the smart cockpit segment, Youjia Innovation’s DMS product has passed the ASPICE V4.0 CL3 international assessment, and the business is expanding into joint-venture brands and luxury vehicle brands. At the same time, the company launched the BamBam AI cockpit large model, focusing on intelligent interaction for high-end cockpits, further strengthening product competitiveness.

In 2025, Youjia Innovation’s unmanned-vehicle and operation services business achieved a historic breakthrough from zero to one. In its first year of commercialization, the business generated approximately 65 million yuan in revenue, and the proportion of total revenue quickly rose to 8.6%. Unmanned logistics focuses on urban end-of-line transportation and short-haul cross-docking and warehousing distribution scenarios. The “Xiaozhu” unmanned logistics vehicle has been deployed in 18 cities including Guangzhou, Changsha, and Chongqing, covering diverse scenarios such as express delivery, cold chain, and auto parts, with more than 6,000 cooperative vehicles. Unmanned minibuses have been operating in park, commuting, and airport scenarios in places such as Shanghai, Suzhou, and Hangzhou, and the company also won the bid for the autonomous shuttle bus project at Ezhou Huahu International Airport, achieving an important breakthrough in airport scenarios.

Everbright Securities forecasts that Youjia Innovation’s revenue for 2026–2028 will be 1.345 billion yuan, 2.203 billion yuan, and 2.943 billion yuan, respectively. The firm believes that benefiting from the rollout of AEBS and DMS policies, the penetration rate of advanced driver assistance and smart cockpit solutions still has substantial room for improvement over the medium and long term. Combined with the continuous expansion of application scenarios for L4 autonomous driving, the company’s performance is expected to maintain a relatively high growth rate, and the “Buy” rating will be maintained.

While maintaining stable growth, Youjia Innovation has recently issued another share repurchase announcement. It has already repurchased shares in the amount of approximately HKD 120 million through the open market, and with practical action it has strengthened the foundation of long-term value, fully demonstrating management’s firm confidence in the company’s future development prospects. Meanwhile, Everbright Securities’ continuing recognition of the company’s fundamentals and growth logic further increases the company’s attention and recognition in the capital market, strengthens its industry influence, and opens up upward space for a revaluation of the company’s value.

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