【行业研究报告】博泰车联-Growth Story Just Beginning, Initiate With "Buy"

WeinitiatecoverageonPATEOCONNECTTechnology(Shanghai)
Corporation("PATEOCONNECT"orthe"Company")with"Buy"
ratingandTPofHK$280.20.WebelievetheCompany'sgrowthstory
isjustbeginning.Weforecast2024-2027FrevenuetogrowataCAGR
of40.5%,andexpecttheCompanytoturnprofitablein2026F.Our
targetpriceimpliesapremium7.0x2026FP/S,reflecting1)the
Company'sstrongmarketpositioninsmartcockpitsolutions;2)
Company'sstrongmarketpositioninsmartcockpitsolutions;2)
significantgrowthpotentialfromoverseasexpansion;and3)emerging
opportunitiesinAIandcockpit-drivingintegration.
Overseasexpansionacceleratesthroughdual-trackstrategy.
Beyondthefavorabledomesticindustrytrends,ourconfidenceinthe
Company'sgrowthpotentialisunderpinnedbyitsoverseasmarket
expansion.TheCompanyisacceleratingitsoverseasexpansion
throughtwostrategicpaths:1)supportingChineseOEMs'overseas
expansion;and2)directcollaborationwithtraditionalglobal
automakers.ThestrategicpartnershipwithPorscheannouncedinSep.
2025todevelopnext-generationinfotainmentsystemsfortheChinese
marketmarksasignificantmilestoneinpenetratingtheglobalpremium
automotivesegment.Additionally,theCompanyhasestablished
partnershipswithHyundaiandKia,whichwillhelptostrengthenits
positionintheAsianmarkets,inourview.
AIandcockpit-drivingintegrationtodrivesecondgrowthcurve.
TheCompanyisactivelyadvancingitsAIcapabilitiesthroughstrategic
partnerships.TherecentcollaborationwithSenseTime(00020HK)
coversmultipleareasincludingAIcockpits,largemodels,and
cockpit-drivingintegration.Furthermore,theintroductionofHorizon
Robotics(09660HK)ascornerstoneinvestorshouldestablish
foundationforintelligentdrivingdevelopment.Bycombiningcockpit
domain,intelligentdrivingdomain,andvehiclecontroldomain,PATEO
aimstocreatecomprehensivenext-generationintelligentvehicle
solutions,potentiallydrivingitssecondgrowthcurve.
Risks:1)uncertaintyinmaintaininglong-termcooperationwithexisting
customers;2)risksassociatedwithoverseasexpansionexecution;and
3)marginpressurefromacceleratingindustryconsolidation.
Rating:Buy
Initial
6-18mTP目标价:HK$280.20
Revisedfrom原目标价:
Shareprice股价:HK$171.900