The first coverage gave an “increase in holdings” rating. It is estimated that the 2015-2016 EPS will be 0.19/0.29 yuan respectively. Combined with the valuations of relevant companies, a target price of 23 yuan will be given.

Unlike market understanding, we think the company is not only laying out ADAS andNew energyInstead, it has built a complete driverless driverless industry chain. ADAS, wireless charging, and shared cars will all converge in a wave of driverless development. The synergies of all aspects of the company will be fully demonstrated, driving the company's performance to continue to grow.

The company is the leader in autonomous braking systems. Its main products are the core components of the actuator end of the AEB system for automatic emergency braking, which are based on braking system upgrades. The company is deeply involved in commercial vehicles. Expectations for mandatory installation of active safety systems in this field are high, the product landing cycle is short, and certainty is high.

Catalysts: Advances in driverless products, accelerated extension of new energy vehicles, etc.

Risk warning: Product development and driverless driving progress fall short of expectations