佑驾创新成立于2014年，是中国智能驾驶和智能座舱解决方案供应商。致力于通过全栈自研的软硬一体技术，渐进式实现L0-L2+级别自动驾驶技术的量产落地，同时还一直积极开发更先进的自动驾驶。解决方案包含智能驾驶、智能座舱和车路协同，覆盖领航、泊车和舱内功能在内的驾驶体验关键环节，逐步开发从L0级到L4级自动化程度不断提高的智能驾驶解决方案。On December 24, Futu News reported that China’s supplier of intelligent driving and smart cockpit solutions was co-sponsored by CITIC and CICC. $MINIEYE (02431.HK)$ The dark market opened high today, currently up 5.88%, quoted at 18 Hong Kong dollars, with a trading volume of 0.3225 million Hong Kong dollars, and a total market value of 7.058 billion Hong Kong dollars.
Market source: Futu Securities.
Company Overview.
Youjia Innovation, established in 2014, is a supplier of intelligent driving and smart cockpit solutions in China. It is committed to gradually achieving mass production of L0-L2+ level autonomous driving technology through its fully self-developed integrated hardware and software technology, while also actively developing more advanced autonomous driving solutions. The solutions include intelligent driving, smart cockpit, and vehicle-road collaboration, covering key aspects of the driving experience, including navigation, parking, and cabin functions, gradually developing intelligent driving solutions with increasing levels of automation from L0 to L4.
As of June 30, 2024, Youjia Innovation has engaged in mass production with 29 vehicle manufacturers for 94 models, including seven of the top ten domestic vehicle manufacturers by sales, achieving SOP for 21 export models for four vehicle manufacturers; as of December 10, 2024, Youjia Innovation has accumulated mass production for 35 vehicle manufacturers.
According to data from Zhaoshang Consulting, based on the revenue from L0 to L2+ solutions in 2023, Youjia Innovation ranks fourth among all emerging technology companies in China. In addition, Youjia Innovation is also developing and testing L4 autonomous driving capabilities, with the iRobo solution expected to be delivered in the first quarter of 2025.
Financial Overview
In terms of financial data. From 2021 to 2023, Youjia Innovation's revenue was 0.175 billion yuan, 0.279 billion yuan, and 4.76 billion yuan, with a compound annual growth rate of 64.9%. In the first half of this year, Youjia Innovation's revenue increased by 44.5% to 0.237 billion yuan from 0.164 billion yuan in the same period of 2023. From 2021 to 2023, Youjia Innovation's gross margin was 9.7%, 12.0%, and 14.3% respectively.
Cornerstone Investors
Youjia Innovation introduced two cornerstone investors, Kangchengheng International Investment Co., Ltd. and Horizon Together Holding Ltd., in this issuance, with a total subscription of over 0.54 billion Hong Kong dollars. Among them, Horizon Together Holding Ltd. is $HORIZONROBOT-W (09660.HK)$ wholly owned.
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Editor/Jamie
