On March 31, Everbright Securities released a new research report, maintaining a "Buy" rating on PATEO (02889). This reaffirmation, following the initial "Buy" rating assigned in December 2025, is based on the company's latest operational progress and industry trends. In the initial coverage report, Everbright Securities highlighted PATEO's uniqueness as a leading supplier of smart cockpit solutions in China, noting it is one of the few companies with integrated hardware and software capabilities, experience in deploying large-scale AI models on the edge, and the capacity for mass production and delivery of high-end computing platforms.

The core Smart Cockpit Domain Controller business performed particularly strongly in 2025, with annual revenue reaching RMB 3.023 billion, a significant year-on-year increase of 54.3%. This segment accounted for 86.1% of the company's total revenue, solidifying its role as the primary growth driver. This robust growth validates the assessment made during the initial coverage. The company is firmly executing its high-end strategy, focusing on the Qualcomm Snapdragon 8295/8397 and Huawei Kirin 9610A core platforms. It has become the sole supplier achieving mass production and delivery on both major mainstream AI cockpit computing platforms. Products based on the 8295 platform are steadily ramping up volume, while products for the 8397 platform have also secured projects from leading domestic OEMs and emerging electric vehicle makers, laying a solid foundation for future growth.

Global expansion is also making substantial progress. The company's collaboration with a European luxury car OEM continues to deepen, with related smart cockpit products scheduled for delivery in 2026. Furthermore, cooperation with another internationally renowned OEM is progressing smoothly. These developments mark PATEO's successful entry into the international high-end supply chain, turning the earlier expectation that "overseas revenue could become a second growth curve" into reality.

The Everbright Securities report asserts that PATEO possesses the capability to provide highly customized, full-stack smart cockpit solutions integrating hardware and software. The average value per vehicle for its subsequent AI cockpit solutions is expected to continue rising, coupled with increasing penetration rates for AI smart cockpits, which will drive high-speed growth in the company's core business revenue. Consequently, Everbright Securities issued a "Maintain Buy" rating just three months after initial coverage, demonstrating strong confidence in PATEO's development prospects.