领先的智能驾驶舱玩家，全栈软硬云和AI差异化

Company – Initiate CoverageChina Monday, 13 July 2026 Pateo Connect Technology(Shanghai) Corporation (2889 HK) BUYShare PriceHK$122.10Target PriceHK$350.00Upside186.7% Leading Smart Cockpit Player With Full-Stack Soft-Hard-Cloud And AI Differentiation Analyst(s)Ken Leeken.lee@uobkh.com+852 2236 6760 HighlightsPateois an integrated software, hardware, and cloud leader whose Qing series enables customisable, AI-driven services.Its strategic partnerships with Qualcomm and Huawei ensure dual-ecosystem reach while effectively reducing vendor risk.Pateo’s share of high-end controllers will rise from 50% in 2025 to over 70%in 2028, boosting ASP, and recent design wins will secure future growth.We expect revenue to grow at a three-year CAGR of 74% in 2026-28, withnet profit turning positive to Rmb299m in 2027 and tripling to Rmb1,048m in2028.We initiate coverage on Pateo with BUY and target price of HK$350.00. Analysis Leading full-stack smart cockpit provider,integrating software,hardware, and cloud to serve over 50 OEMs and more than 200 models.Pateo Connect Technology (Shanghai) Corporation’s (Pateo)Qing series ‒OS,Core,and Cloud‒offers a closed-loop architecture for rapidcustomisation and AI-driven services, creating a strong technological moat. Deep partnerships with Qualcomm and Huawei position Pateo as a firstadopterof flagship Snapdragon platforms while expanding itscooperationwith Huawei.This dual-ecosystem strategy serves bothAndroid and HarmonyOS vehicles, broadening Pateo’s market reach. Product mix optimisation.High-end domaincontrollers (eg 8295P) surgedto over 50% of shipments in 1H25, boosting ASP from Rmb990 (2023) toRmb2,400 (2025). Recent design wins with leading EV brandsand globalpremium brands ensure strong long-term visibility and further ASP growth. Monetarising in-vehicle large AI model and AI system.Pateo ismonetarising its in-vehicle large AI modelthrough insurance and lifestylepartnerships,with revenue expected to grow from Rmb95m in 2025 toRmb500m/Rmb1.5b/Rmb3.0b in 2026/27/28 respectively. Turnaround expected in 2026.We expect revenue togrow from Rmb3.51bin 2025 to Rmb18.41b in 2028. Gross margin should expand to 16.0% by2028, with net profit turning positive in 2027 and surging to Rmb1,048m in2028 as free cash flow turns strongly positive. Initiate coverage with target price of HK$350.00,pegged to 4x 2027F P/S. Source: Bloomberg Company Description PateoConnectTechnology(Shanghai)Corporationmanufactures automotiveelectronic hardware, automotiveinteractive products, and others. The company also developsautomobile software and intelligent operating systems. Contents Investment Highlights.............................................................................................................................................................. 3Valuation ................................................................................................................................................................................. 5Industry Overview .................................................................................................................................................................. 5Business Outlook .................................................................................................................................................................... 7Financial Forecasts................................................................................................................................................................. 9Risk Factors ..........................................................................................................................................................................10Financial Statements ............................................................................................................................................................ 11 Monday, 13 July 2026 Investment Highlights LeadingChina’s smart cockpit market with itsintegrated Qing series and 25.2% share Pateo stands as one of China’s leading full-stack smart cockpit solutionproviders,…Pateo’sintegrated software, hardware, and cloud capabilitiesdeliver differentiated,scalable,and continuously upgradable cockpitexperiences to over 50 OEM brands and more than 200 vehicle models.R&Dexpenses as a percentage of revenue stood at 10.8% vs peers’ 5-8%,reflectingits sustained commitment to proprietary full-stack technologydevelopment. According to Gaogong Industrial Research Institute,Pateoranked first in the mid-range to high-end smart cockpit domain controllersolution segment with a 25.2% market share in 2025. Its Qing series ‒QingOS (vehicle-grade OS), Qing Core (middleware and SOA framework), andQing Cloud (OTA and data platform) ‒ forms a closed-loop architecture thatsupports rapid customisation and AI-driven scenario services, creating aformidable technological moat. …with its smart cockpit products differenti