Everbright Securities recently released its full-year 2025 performance review for MINIEYE (02431), highlighting the company's steady revenue growth and continuous improvement in gross profit. With multiple business segments—including smart driving, smart cockpit, and L4 autonomous vehicles—showing strong performance, MINIEYE's strategic framework of "dual-engine growth driven by L2+ and L4 technologies" has officially taken shape. Everbright Securities maintains an "Overweight" rating on the company, citing ample medium- to long-term growth momentum.
The report indicates that in 2025, MINIEYE achieved total revenue of RMB 759 million, representing a 16.0% year-on-year increase. Gross profit rose by 35% to RMB 141 million, with gross margin reaching 18.6%, up 2.6 percentage points from 2024. Revenue from smart components and solutions amounted to RMB 649 million, growing 10.4% year-on-year and accounting for 85.5% of total revenue, primarily driven by increased shipments of mid-to-high-level smart driving and smart cockpit products.
At the business level, the iSafety segment has benefited from the implementation of industry standards. MINIEYE has secured AEBS project designations from several mainstream commercial vehicle manufacturers in China. With mandatory AEBS installation for commercial vehicles set to take effect in 2026, the company's order pipeline is expected to expand further. The iPilot business has entered a phase of mass production, with customers including leading independent brands, state-owned automakers, premium SUV startups, and off-road vehicle brands. The iPilot 4 series has begun volume delivery and is set to sustain earnings growth.
In the smart cockpit segment, MINIEYE's Driver Monitoring System (DMS) has passed the ASPICE V4.0 CL3 international assessment and has expanded into joint venture and luxury vehicle brands. The company also launched BamBam, an AI-powered cockpit model focused on high-level human-vehicle interaction, further strengthening its product competitiveness.
In 2025, MINIEYE's autonomous vehicle and operation services business achieved a historic breakthrough, generating approximately RMB 65 million in revenue during its first year of commercialization. This segment now represents 8.6% of total revenue. The company's unmanned logistics vehicles, branded "Xiao Zhu," are deployed in 18 cities including Guangzhou, Changsha, and Chongqing, serving diverse scenarios such as express delivery, cold chain logistics, and auto parts transportation, with over 6,000 vehicles in operation. Autonomous shuttles have been deployed in parks, commuter routes, and airport settings in Shanghai, Suzhou, and Hangzhou. The company also won a bid for autonomous shuttle services at Ezhou Huahu International Airport, marking a significant milestone in airport applications.
Everbright Securities forecasts MINIEYE's revenue for 2026–2028 to reach RMB 1.345 billion, RMB 2.203 billion, and RMB 2.943 billion, respectively. The brokerage believes that, supported by AEBS and DMS regulatory tailwinds, penetration rates for advanced driver-assistance systems and smart cockpits still have considerable room for growth over the medium to long term. Coupled with the expanding application scenarios for L4 autonomous driving, the company is well-positioned to maintain strong earnings growth, justifying the "Overweight" rating.
Alongside stable performance growth, MINIEYE recently announced another share repurchase program, having already bought back approximately HKD 120 million worth of shares in the open market. This move underscores management's confidence in the company's long-term value and future prospects. Everbright Securities' continued endorsement of MINIEYE's fundamentals and growth trajectory further enhances its visibility and credibility in the capital markets, strengthening its industry influence and paving the way for upward valuation reassessment.
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