Vedi Co., Ltd. (603023) Limit-Up Analysis and Trend Forecast

Vedi Co., Ltd. (603023) hit the limit-up on December 16 mainly due to the sector linkage effect driven by external policies. The core catalyst is the announcement of China’s first batch of L3-level conditional autonomous driving vehicle access permits by the Ministry of Industry and Information Technology on December 15, marking the key stage of domestic L3-level autonomous driving from the testing phase to commercial application [3]. As an auto parts company, Vedi Co., Ltd. belongs to the unmanned driving industry chain. Affected by the linkage of multiple stocks in the sector such as Wanji Technology and Zhejiang Shibao hitting the limit-up, it closed at the limit-up price of 5.17 yuan on the same day [4].

From the market performance perspective, the company’s trading volume on the day was 748,800 lots, with a turnover of 383 million yuan and a turnover rate of 13.42%, which was significantly higher than the average turnover rate of the previous 5 trading days (about 8%) [0]. At the same time, the main funds had a net buying of 70.8138 million yuan [1][2], indicating positive short-term market sentiment. However, from the fundamental analysis, the company’s P/E ratio is as high as 1303.87x, far higher than the industry average. The net profit margin is only 1.72%, the operating profit margin is negative, and the net profit in the first three quarters of 2025 is almost zero. The limit-up is mainly driven by concepts and lacks substantial performance support [0].

1. Sector Transmission Effect of Policy Events
   : The industry-level policy event of L3-level autonomous driving access permits directly benefits the entire unmanned driving industry chain. Vedi Co., Ltd., as a target in the sector, can achieve significant growth even with average fundamentals, reflecting the short-term catalytic effect of policies on concept sectors.
2. Asymmetry of Risks and Opportunities
   : Although the short-term stock price may continue to rise driven by sector热度, the dual pressure of high valuation and weak fundamentals makes the correction risk higher. Investors need to pay attention to changes in trading volume and resistance levels (around 5.50 yuan) [0].

• Risks
  : Overvaluation (1303.87x PE) leads to bubble risks [0]; insufficient fundamental support, low net profit margin and negative operating profit [0]; large proportion of concept speculation, lack of substantial performance support; high turnover rate (13.42%) may bring short-term selling pressure [0].
• Opportunities
  : If the unmanned driving sector remains active, the company’s stock price may continue to rise in the short term; pay attention to the breakthrough of the 5.50 yuan resistance level. If it can break through effectively, it may open up further upward space.

Vedi Co., Ltd.'s limit-up is the result of concept sector speculation triggered by the landing of L3-level autonomous driving policies. The short-term market sentiment is optimistic, and capital inflows are obvious. However, the company’s valuation is too high and its fundamentals are average, so we need to be cautious about the risks brought by concept speculation. Investors should pay attention to the sustainability of the sector, changes in trading volume, and the breakthrough of key prices (resistance level 5.50 yuan, support level 4.80 yuan).