博泰车联网(02889 HK)1Q2026收入翻倍；车载AI部署加速，维持买入评级

公司报告：博泰车联网(02889 HK) BuyMaintained Company Report⚫Raise TP to HK$311.8; maintain "Buy".Our revised valuation reflects twokeyfactors:1)converging market sentiment surrounding in-vehicle AIadoption, which continues to drive re-rating of leading smart cockpit players;and 2)PATEO CONNECT's (the "Company")accelerating overseas revenueramp and AI Box on-vehicle deployment, which is likely to bring upsidesurprises tomarket consensus. We forecast 2026F-2028F revenue to reachRMB5.5bn/RMB7.1bn/RMB9.2bn.Our revised TP of HK$311.8implies7.5x 2026FP/S. 评级：买入(维持) Equity Research Report⚫Strong1Q2026 results;high-end strategy paying off.Recently,theCompany released its1Q2026results update. Revenue grew over 100%YoY, with operating profit margin improving significantly. The stellar top-lineacceleration was underpinned by three key drivers: 1) high-end intelligentcockpit solutions continued to demonstrate strong traction, with Snapdragon8295 platform products sustaining volume ramp-up among domestic OEMsand Kirin 9610A-based cockpit cooperation deepening amid rapidly growingdownstream demand;2)overseas revenue contribution kicked inmeaningfully;and 3) AI software and smart cloud services began contributingincrementally to revenue. Looking ahead, with Qualcomm's next-generation8397/8797 platforms entering mass production and new Harmony-poweredmodels hitting the market, we expectin-vehicle AI deployment toaccelerate,providing sustained "volume and pricing" tailwinds for the Company. Stock performance AutomobilesComponents证券研究报告⚫AI Box on-vehicle deployment accelerates;Tie-up withNVIDIA validatesAIstrategy.On May 29,2026,when the Company held a strategiccooperationsigning ceremony with NVIDIA in the United States,withdiscussionsspanning in-vehicle AI,autonomous driving,next-generationcomputing platforms, and optical communication. While this does not yetconstitute binding commercial commitments, we view the NVIDIA partnershipas a significant endorsement of the Company's technical capabilities and AIdevelopment roadmap.In addition, theCompany is actively deploying AI Boxon vehicles, leveraging NVIDIA's chips to develop vehicle-side large modelsand targeting frontier scenarios, such asintelligent agents.We believe theCompany's AI Box on-vehicle deployment is set to contribute meaningfully torevenue growth going forward. ⚫Risks:1)uncertainty in maintaining long-term cooperation with existingcustomers; 2) risks associated with overseas expansion execution; and 3)margin pressure from accelerating industry consolidation.[T CompanyRating Definition The Benchmark:Hong Kong Hang Seng Index Time Horizon: 6 to 18 months The Benchmark:Hong Kong Hang Seng Index Time Horizon: 6 to 18 months (1)The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2)The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3)Guotai Junan International Holdings Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report.(4)Guotai Junan and its group companies have had investment banking relationships with the issuer mentioned in this Research Reportwithin the preceding 12 months.(5)Guotai Junan and its group companies are not making a market in the securities in respect of the issuer mentioned in this ResearchReport.(6)Guotai Junan International Holdings Limited and/or its subsidiarieshave not employed an individual serving as an officer of the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGuotai JunanInternational Holdings Limited and/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by GuotaiJunan Securities(Hong Kong) Limited("GuotaiJunan"). GuotaiJunan and its group companies may do business that relates to companies covered in researchreports, including investment banking, investment services, etc.(for example, the placing agent, lead manager, sponsor, underwriter or investproprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of GuotaiJunan group of companies. Any opinions expressed in this report may differ or becontrary to opinions or investment decisions made by the asset management and investment banking groups of GuotaiJunan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, GuotaiJunan doesnot guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions with inher