Everbright Securities has released a research report forecasting that CIDI (03881) will post a Non-IFRS net loss attributable to shareholders of RMB 76 million in 2025E, representing a year-on-year reduction of 39.8%. For 2026E-2027E, the company is projected to achieve Non-IFRS net profits of RMB 75 million and RMB 357 million, respectively. The firm is optimistic about CIDI's accelerating volume growth in its core autonomous mining truck business and its ability to maintain a leading industry position through technological, scenario, and commercial advantages. Everbright Securities has initiated coverage on CIDI with a "Buy" rating. Key points from the report are as follows:

CIDI, established in 2017, is positioned as a provider of autonomous driving technology and solutions for commercial vehicles, focusing on the implementation of smart technologies in scenarios such as mining trucks and logistics vehicles. It is one of the earliest companies in China to achieve "regular unattended operation" of autonomous commercial vehicles like mining and logistics trucks without safety drivers. Everbright Securities anticipates that: 1) As the commercial scale of autonomous mining trucks gradually expands, CIDI's autonomous driving business revenue and profits are expected to increase further; 2) V2X and intelligent perception businesses, as technological extensions, are likely to see revenue growth in tandem with the release of demand in related scenarios.

According to assumptions and estimates from CIDI's prospectus, the market size for autonomous mining truck solutions in China reached RMB 1.9 billion in 2024, with a total potential market size of RMB 550 billion. The industry's market size is projected to grow to RMB 39.6 billion by 2030, representing a compound annual growth rate of 65.3% from 2024 to 2030. Everbright Securities believes that: 1) With the release of intelligent mining demand and the maturation of technology, the penetration rate of autonomous mining trucks in mining transportation scenarios will continue to rise, further upgrading the industry's market size and commercialization level; 2) Autonomous mining truck systems require adaptation to complex operational environments, presenting high technical barriers in areas such as mixed fleet operations and perception accuracy. Companies like CIDI that master core technologies are expected to hold advantageous positions in the industry chain due to their technical capabilities.

Everbright Securities views CIDI as an innovative product-driven supplier with core strengths in technology, scenario adaptation, and commercialization: 1) Technological differentiation: CIDI supports large-scale mixed fleet operations, with superior performance in obstacle perception and positioning accuracy compared to peers; 2) Strong integrated scenario adaptation capability: The company offers six core functions covering the entire process, demonstrating robust integrated adaptation abilities; 3) Rapid commercialization: CIDI enters the market with a pure product sales model, enabling quick transformation of technology into commercial outcomes. Rapid commercialization is expected to further consolidate the company's competitive advantages and rapidly expand its business footprint.

Risk factors include potential delays in the progress of the autonomous mining truck business, risks associated with technological iteration and intensified industry competition, policy and regulatory adaptation risks, technical safety and scenario adaptation risks, and volatility risks typical of newly listed stocks.