Macquarie: For the first time, the ATAAs business covering the Easy Control Smart Driving (07687) target price of HK$98.50 became the company's main source of revenue

The Zhitong Finance App learned that Macquarie released a research report saying that the revenue compound annual growth rate of Easy Control Smart Driving (07687) is expected to reach 31.5% from 2025 to 2028, and is expected to reverse losses in 2027. For the first coverage, the market sales ratio (P/S) was used for valuation, and the company was given 5.5 times the predicted market sales rate for 2027, corresponding to the target price of HK$98.50. In terms of valuation. As the ATaaS business penetration rate continues to increase, the company's profit margin and revenue quality are expected to improve, so the valuation level is 5.6 times higher than the average market sales rate of comparable companies.

According to the report, the mining scene is gradually becoming one of the most viable and large-scale application areas for commercialization of L4 level autonomous driving. It is expected that from 2025 to 2030, the Chinese and global mining driverless solution markets will grow at CAGR of 42.5% and 47.4%, respectively.

As the largest provider of driverless mining solutions in China, Easy Control Smart Driving is the first company in the world to deploy 3,400 driverless mining cards. The company's fleet size and revenue market share were 55.5% and 37.6%, respectively. In the early days, the company mainly adopted the Transportation as a Service (TaaS) model, and has now gradually transitioned to an Autonomous Driving as a Service (ATaaS) model. In 2025, the revenue contribution of ATAaS business reached 56.8%, surpassing TaaS business for the first time and becoming the company's main source of revenue.

The company has gradually moved from technology verification to commercial deployment, and has successfully expanded into Australia, the world's fastest growing and second-largest mining market. The bank expects the Australian mine driverless market to grow at a compound annual growth rate of 57.4% from 2025 to 2030, making it the fastest growing market in the world, and the company's overseas business expansion is expected to further open up room for growth.

Subsequent major catalytic factors include: 1. Continued increase in the penetration rate of driverless mining cards; 2. Further expansion into non-coal mining scenarios; 3. Continued expansion of overseas markets.