Industrial Securities Co.,Ltd. has issued a research report initiating coverage on CIDI-NEW (03881) with an 'Add' rating. The brokerage forecasts the company will achieve revenues of RMB 1.866 billion, RMB 3.513 billion, and RMB 5.606 billion for the years 2026 to 2028, representing year-on-year growth of 110.9%, 88.2%, and 59.6%, respectively. It also projects non-IFRS net profits of RMB 107 million, RMB 341 million, and RMB 729 million for the same period. The firm believes CIDI-NEW has established a significant first-mover advantage and a foundation for scaled deployments in the unmanned mining vehicle sector. With the rapid penetration of mine intelligence and automation in the domestic market and gradual expansion overseas, the company is seen as having substantial growth potential.
High Growth in Unmanned Mining Truck Sector
Unmanned mining trucks represent one of the fastest commercializing scenarios for Level 4 autonomous driving, driven by the essential needs for safety, efficiency, and cost reduction. According to the company's prospectus, propelled by strong policy support and economic validation, the total shipment volume of autonomous mining trucks in China is projected to reach approximately 5,500 units by 2026, further increasing to over 16,000 units by 2030. The Chinese market for autonomous mining truck solutions is expanding rapidly, with its scale expected to surge to RMB 39.6 billion by 2030, representing a compound annual growth rate of 65.3% from 2024 to 2030. The industry is currently in a golden development phase characterized by rapidly increasing penetration. Overseas markets, where labor costs are higher, offer even broader potential growth space for unmanned mining trucks.
Deep Focus on Mine Intelligence Drives Rapid Commercial Deployment
CIDI-NEW is a leading supplier of intelligent driving products and technology solutions for commercial transport. It focuses on R&D for autonomous driving and intelligent solutions in mining scenarios, autonomous logistics vehicle solutions, V2X technology, and intelligent perception products, providing supporting products and integrated solutions based on its proprietary patented technology. In 2025, the company's delivery volume for autonomous mining truck solutions reached 630 units/sets, a year-on-year increase of 317.2%, while it also advanced commercial deployment across multiple commercial intelligent driving scenarios. As of February 28, 2026, the total sales volume of delivered and pending delivery autonomous mining trucks exceeded 1,500 units. The cumulative unmanned driving mileage has surpassed 16 million kilometers, with total transported coal and ore exceeding 140 million tonnes.
Leading Technology and Business Model with Strong Client Ties
The company employs a light-asset 'product sales' model, focusing on providing autonomous driving solutions without directly engaging in mine operations. This approach avoids heavy capital investment and direct competition with clients, resulting in relatively high gross margins. Technologically, the company not only possesses advantages in single-vehicle intelligent algorithms but has also built deep scenario-specific technical barriers in areas like multi-agent cluster scheduling and mixed human-machine operations. It operates the world's largest mixed fleet of 56 unmanned and 500 manned mining trucks, achieving mining efficiency higher than manual operations. Its primary clients include mine owners, mining area operation contractors, commercial vehicle manufacturers, and government entities. It has established deep cooperative relationships with industry leaders such as Taiwan Cement, China National Building Material Group, Guangna Group, and Hongmao Group. Among these, Taiwan Cement, as an early benchmark client, has deployed the company's pure electric unmanned mining trucks across multiple mining areas and completed five repeat purchases, demonstrating high customer stickiness. Recently, the company signed a procurement agreement for 500 pure electric unmanned mining trucks with the large Inner Mongolia-based energy enterprise, Guangna Group.
Accelerating Overseas Expansion Through Strategic Partnerships
The company is actively accelerating its expansion into overseas markets. Through a multi-dimensional overseas strategy, it is steadily building a global business network, with a focus on key strategic regions including Australia, South America, the UK, Africa, and the Middle East, opening up new growth avenues. Currently, it is rapidly advancing compliance and market access work in target regions, conducting comprehensive product adaptation and qualification certification applications. The company has signed a deep strategic cooperation agreement with global mining services giant Sinoma International (a subsidiary of China National Building Material Group), covering its global mining projects, laying a solid foundation for overseas market expansion. Furthermore, the company has also reached a strategic cooperation with UK-based mining equipment leader MMD Group to jointly develop unmanned mining trucks and leverage its global channels for promotion.
Key Risk Factors
Potential risks include weaker-than-expected demand and penetration rates for unmanned mining trucks, intensifying industry competition, and slower-than-anticipated overseas expansion.