Soochow Securities has published a research report initiating coverage on CIDI (03881) with a "Buy" rating. The company's subsequent revenue growth is primarily expected to come from the continuous volume increase in unmanned mining truck orders. The firm is optimistic about CIDI's rapid revenue growth and a turnaround to profit for attributable net income. It is projected that the company's total operating revenue for 2025-2027 will be RMB 1.078 billion, RMB 2.000 billion, and RMB 4.050 billion, representing year-on-year increases of 162.90%, 85.53%, and 102.47%, respectively. Attributable net profit is forecasted to be -RMB 269 million, RMB 103 million, and RMB 627 million for the same periods. CIDI is a smart driving technology platform company deeply entrenched in the unmanned mining truck industry, with its prospects buoyed by order volume expansion and accelerated delivery, leading to continuously improving profitability and growth rates that outpace the industry.

CIDI is a globally leading hard-tech product company in smart driving and a platform supplier for unmanned truck technology in confined scenarios. Founded in 2017 and led by Professor Li Zexiang, known as the "Godfather of DJI," the company is dedicated to hard-tech innovation. It leverages autonomous driving and vehicle-to-everything (V2X) technologies to specialize in unmanned trucks for confined environments, enabling autonomous operations in mining areas and enclosed parks. By deeply focusing on autonomous driving and V2X technology, and integrating the two, CIDI's solutions demonstrate particularly prominent advantages in confined scenarios while ensuring operational efficiency and safety.

The company is deeply engaged in unmanned trucks for confined scenes, with its solutions accelerating deployment in mining scenarios. CIDI's integrated mine solution, which combines smart driving and V2X among other technologies, is a platform product scalable to other application scenarios. Following the open-pit mine accident in Alxa, Inner Mongolia, in 2023, national policy has been comprehensively promoting mine unmanned/reduced-personnel operations, setting a bottom line for the industry's intelligentization rate—such as having no less than 60% of national coal mine production capacity be smart by 2026. As a leading supplier of intelligent coal mine solutions, CIDI stands to benefit from this policy push, facilitating continued product implementation. According to China Insights Consultancy predictions, the market size for smart driving commercial vehicles in China reached RMB 4.8 billion in 2024. Benefiting from favorable policies and ongoing advancements in smart driving technology, this market is expected to grow rapidly, reaching RMB 774.3 billion by 2030.

CIDI is a leading domestic provider of V2X intelligent transportation solutions. The company's intelligent transportation V2X products and solutions integrate advanced perception technologies, sensor fusion algorithms, V2X communication functions, and traffic optimization algorithms. These are used to exchange information between traffic participants—including pedestrians, non-motorized vehicles, and connected cars—and roadside infrastructure at urban intersections or roads. Furthermore, by connecting infrastructure within a city, V2X solutions can enable intelligent prediction and decision-making for urban and highway traffic. The V2X market in China has reached an inflection point. In 2024, the market size for China's vehicle-road-cloud integrated system reached RMB 2 billion; China Insights Consultancy forecasts that the domestic market will experience rapid growth in the coming years, reaching RMB 23.8 billion by 2030, with a compound annual growth rate of 50.9% from 2024 to 2030.

Risk warnings include the potential mismatch between the company's product and solution R&D and industry changes; risks associated with customer expansion falling short of expectations; and risks related to the company's commercial deployment not meeting anticipated timelines.