2024 年 5 月 23 日 星期四 李京霖 852-25321539 行业 股价 68.00 港元 2024 年 Q1 公司实现营收 3.6 亿元人民币，同比增加 149.1%，其中 ADAS 产品收入 3.1 亿元，同比增长 327%。公司毛利率提升达到 12.3%，同比改善 16.4 个百分 点,ADAS 产品毛利率达到 10.6%，同比大幅改善 69.1%。经调整后净亏损约 0.8 亿 元，同比收窄 11.5%。 2024 年 Q1 公司激光雷达产品总销量约 120,400 台，同比增长 457.4%，接近 2023 年一半销量，应用于 ADAS 领域的激光雷达产品销量约为 116,200 台，同比增长 542.0%。24 年第一季度公司激光雷达产品装机量超 11.6 万台，市场份额 51.6%占 据榜首。 /33.00 港元 股价表现 截至 24 年 5 月 17 日，公司已取得 22 家汽车整车厂及 Tier1 的 71 款车型量产定 点订单，今年公司已与智己汽车、小鹏汽车全新车型定点。截至第一季度末，已 有 12 家客户的 25 款车型实现大规模量产交付。 公司于北京车展期间发布新一代中长距激 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of HK$48.26 [52][68]. Core Insights - The company is positioned as a leader in the global LiDAR and perception solutions market, benefiting from the growing demand for LiDAR technology driven by advancements in autonomous driving and ADAS [53][64]. - The company has established a strong customer base, having secured 63 mass production models from 22 automotive manufacturers and tier-one suppliers as of February 29, 2024 [89]. - The report anticipates significant growth in LiDAR shipments, projecting 950,790 units in 2024, 1,431,663 units in 2025, and 2,027,610 units in 2026, representing year-on-year growth rates of 266.3%, 50.6%, and 41.6% respectively [67]. Summary by Sections Investment Overview - The report highlights the rapid transition of the automotive industry towards electrification and automation, with LiDAR technology being a critical component for advanced industrial products like cars and robots [88][94]. Competitive Advantages - The company has a robust production capacity supported by its expertise in product validation, design, and manufacturing, which enhances its scalability in production and logistics [90]. - The integration of self-developed hardware and AI perception software into LiDAR solutions provides a significant competitive edge, allowing the company to cater to diverse customer needs [66][65]. Financial Analysis - Revenue projections for 2024, 2025, and 2026 are estimated at RMB 29.05 billion, RMB 45.14 billion, and RMB 74.70 billion, respectively, with year-on-year growth rates of 159.4%, 55.4%, and 65.4% [67][54]. - The company is expected to achieve a NON-GAAP net profit of -RMB 2.9 billion in 2024, -RMB 0.29 billion in 2025, and RMB 4.1 billion in 2026, indicating a significant turnaround in profitability [67][54]. Market Outlook - The global LiDAR market is projected to reach approximately RMB 1.3 trillion by 2030, with an average annual growth rate of 78.8% from 2022 to 2030, driven by the increasing adoption of autonomous vehicles [44][64].

Financial Performance - In Q1 2024, the company's total revenue reached RMB 360.969 million, a year-on-year increase of 149.1%[6] - Total revenue for Q1 2024 reached RMB 360.969 million, a significant increase of 149.1% compared to RMB 144.899 million in Q1 2023[16] - Revenue for the three months ended March 31, 2024, was RMB 360,965 thousand, a significant increase from RMB 144,850 thousand for the same period in 2023, representing a growth of approximately 149%[53] - Revenue from product sales was RMB 345.105 million in Q1 2024, up 200.8% from RMB 114.714 million in Q1 2023, primarily driven by increased sales of ADAS applications[17] - Sales of ADAS-related LiDAR products surged to RMB 305.859 million in Q1 2024, a 327.0% increase from RMB 71.632 million in Q1 2023, with unit sales rising from approximately 18,100 to 116,200[17] - The overall net loss for Q1 2024 was RMB 130.671 million, compared to a net loss of RMB 342.840 million in Q1 2023[6] - Net loss for Q1 2024 was RMB 130.7 million, a 61.9% reduction from a net loss of RMB 342.8 million in Q1 2023[27] - Adjusted net loss (non-IFRS measure) for Q1 2024 was RMB 84.1 million, compared to RMB 95.0 million in Q1 2023[28] Product Development and Sales - The sales volume of ADAS LiDAR products reached approximately 116,200 units, representing a year-on-year growth of 542.0%[4] - The company has secured production orders for 65 vehicle models from 22 automotive manufacturers and tier-one suppliers as of March 31, 2024[4] - The newly launched M3 LiDAR product features a measurement capability of 300m@10% reflectivity, breaking industry norms with its 940nm laser technology[5] - The MX LiDAR product, released in April 2024, integrates a full-stack system chip, aiming to lead the industry into a more cost-effective era[9] - As of Q1 2024, the cumulative sales of LiDAR products exceeded 460,000 units[8] - The company aims to make LiDAR technology accessible for vehicles priced at RMB 150,000, enhancing safety and convenience for consumers[9] Cost and Expenses - The overall gross margin improved from 8.4% in 2023 to 12.3% in Q1 2024[8] - Gross profit for Q1 2024 was RMB 44.482 million, compared to a gross loss of RMB 5.877 million in Q1 2023, resulting in a gross margin improvement from -4.1% to 12.3%[19] - The gross margin for ADAS products improved significantly to 10.6% in Q1 2024 from a gross loss margin of 58.5% in Q1 2023[20] - Total sales cost for Q1 2024 was RMB 316.487 million, an increase of 109.9% from RMB 150.776 million in Q1 2023, mainly due to higher sales volumes of ADAS products[18] - R&D expenses for Q1 2024 were RMB 148.6 million, a 97.4% increase from RMB 75.3 million in Q1 2023[23] - Sales and marketing expenses for Q1 2024 were RMB 28.4 million, up 52.1% from RMB 18.7 million in Q1 2023[24] - General and administrative expenses for Q1 2024 were RMB 38.3 million, an 11.7% increase from RMB 34.3 million in Q1 2023[25] Assets and Liabilities - Current assets increased to RMB 3,670.680 million as of March 31, 2024, compared to RMB 2,826.689 million as of December 31, 2023[14] - Total assets rose to RMB 4,108.931 million as of March 31, 2024, up from RMB 3,271.453 million as of December 31, 2023[14] - The company’s total liabilities decreased significantly to RMB 875.121 million as of March 31, 2024, from RMB 12,341.292 million as of December 31, 2023[14] - The company reported a total equity of RMB 3,233,810 thousand as of March 31, 2024, recovering from a deficit of RMB 9,069,839 thousand as of December 31, 2023[37] - Trade receivables decreased to RMB 557,918 thousand from RMB 678,265 thousand, a reduction of 17.7%[35] - Trade payables as of March 31, 2024, were RMB 554,617 thousand, an increase from RMB 490,202 thousand as of December 31, 2023, reflecting a growth of approximately 13.1%[63] Cash Flow and Financial Health - As of March 31, 2024, cash and cash equivalents totaled RMB 2.5 billion, up from RMB 1.8 billion as of December 31, 2023[31] - Cash and cash equivalents rose to RMB 2,503,709 thousand as of March 31, 2024, compared to RMB 1,826,413 thousand as of December 31, 2023, reflecting a growth of 37.0%[35] - Operating cash outflow for Q1 2024 was RMB 21.98 million, compared to RMB 16.77 million in Q1 2023[31] - The company did not declare or pay any dividends for the three months ended March 31, 2024, consistent with the same period in 2023[59] Management and Governance - The board of directors includes Dr. Chiu Chun-Hsin, Mr. Liu Le-Tian, and Mr. Chiu Chun-Tao as executive directors, with Dr. Zhu Xiao-Rui as a non-executive director, and Mr. Feng Jian-Feng, Mr. Liu Min, and Mr. Wu Yu-Qiang as independent non-executive directors[68] - The announcement contains forward-looking statements based on current information and beliefs, which are subject to risks and uncertainties that may cause actual results to differ significantly[68] - Shareholders and investors are advised not to overly rely on the forward-looking statements due to the inherent risks and uncertainties involved[68]

公司评论 第一上海研究部 research@firstshanghai.com.hk 第一上海 公司评论 第一上海并不是美国一九三四年修订的证券法(「一九三四年证券法」)或其他有关的美国州政府法例 下的注册经纪-交易商。此外，第一上海亦不是美国一九四零年修订的投资顾问法(下简称为「投资顾 问法」，「投资顾问法」及「一九三四年证券法」一起简称为「有关法例」)或其他有关的美国州政府 法例下的注册投资顾问。在没有获得有关法例特别豁免的情况下，任何由第一上海提供的经纪及投资 顾问服务，包括(但不限于)在此档内陈述的内容，皆没有意图提供给美国人。此文件及其复印本均不 可传送或被带往美国、在美国分发或提供给美国人。 第一上海证券有限公司 www.mystockhk.com 免责声明 ©2024 第一上海证券有限公司 版权所有。保留一切权利。 披露事项与免责声明 披露事项 | --- | --- | --- | |--------------|---------------------------------|--------------------------------------------------------- ...

Financial Performance - In 2023, RoboSense Technology achieved a revenue of RMB 1.12 billion, representing a year-on-year growth of 111.2%[10] - Revenue for 2023 reached RMB 1,120,149,000, a significant increase from RMB 530,322,000 in 2022, representing a growth of 111%[20] - The gross profit for 2023 was RMB 93,640,000, recovering from a gross loss of RMB 39,295,000 in 2022[20] - The company reported a net loss of RMB 4,330,966,000 for 2023, compared to a net loss of RMB 2,086,113,000 in 2022, reflecting ongoing investment in growth[20] - Revenue from ADAS-related lidar products surged 384.6% year-on-year, rising from RMB 160.4 million in 2022 to RMB 777.1 million in 2023[26] - Revenue from services and others increased significantly by 437.7%, from RMB 8.7 million in 2022 to RMB 46.5 million in 2023[27] - Operating loss for 2023 was RMB 940.6 million, compared to RMB 616.1 million in 2022[32] - Net loss for 2023 was RMB 4,331.0 million, compared to RMB 2,086.1 million in 2022[32] - The fair value change of preferred shares was a negative RMB 3.5 billion in 2023, compared to a negative RMB 1.5 billion in 2022, primarily due to the company's valuation increase[50] Research and Development - In 2023, RoboSense invested approximately RMB 430 million in R&D, with total R&D expenditures reaching around RMB 510 million[15] - About 30% of the R&D budget was allocated to AI-related research, while 22% was dedicated to chip development[15] - The company has a workforce of 563 R&D professionals, including around 100 focused on chip development and nearly 150 on AI algorithms[15] - Research and development expenses increased to RMB 635,112,000 in 2023, up from RMB 305,941,000 in 2022, indicating a focus on innovation[20] - R&D expenses rose by 107.6% from RMB 305.9 million in 2022 to RMB 635.1 million in 2023, primarily due to increased employee benefits and hiring of specialized personnel[43] Product Development and Launches - The company launched the M3, the world's first 940nm long-range LiDAR capable of 300m detection at 10% reflectivity, on January 9, 2024[11] - On April 15, 2024, RoboSense introduced the MX, a new generation mid-range LiDAR, aimed at making advanced driver assistance systems more accessible[12] - The launch of the new M3 long-range lidar product at CES 2024 aims to support L3+ autonomous driving applications, featuring a range capability of 300m at 10% reflectivity[24] - The company has identified strong demand for lidar in household service robots, with plans to start deliveries of the E platform product in Q4 2024[16] Market and Sales Performance - Sales of ADAS LiDAR reached approximately 243,000 units in 2023, marking a year-on-year increase of 558.5%[10] - Product sales revenue increased by 141.2% from RMB 399.4 million in 2022 to RMB 963.5 million in 2023, driven by a significant rise in sales of ADAS application products, particularly automotive-grade solid-state LiDAR[37] - The average selling price of ADAS products decreased from approximately RMB 4,300 per unit in 2022 to about RMB 3,200 per unit in 2023 due to increased sales of mass-produced LiDAR[37] - The company has established partnerships with over 270 automotive OEMs and Tier 1 suppliers as of December 31, 2023[26] Financial Position and Liabilities - The total assets as of December 31, 2023, were RMB 3,271,453,000, a decrease from RMB 3,427,434,000 in 2022[21] - The total liabilities increased to RMB 12,341,292,000 in 2023 from RMB 8,464,692,000 in 2022, indicating a rise in financial obligations[21] - Cash and cash equivalents, restricted cash, and time deposits totaled RMB 1,835.5 million as of December 31, 2023, down from RMB 2,156.5 million in 2022[57] - Current ratio decreased from 39.9% as of December 31, 2022, to 26.1% as of December 31, 2023, due to an increase in financial instruments issued to investors[62] - Debt-to-equity ratio increased from 247.0% as of December 31, 2022, to 377.2% as of December 31, 2023, attributed to the increase in financial instruments issued to investors[62] Corporate Governance and Compliance - The company has adopted corporate governance codes to enhance management standards and protect shareholder interests[1] - The board of directors consists of seven members, including three executive directors and three independent non-executive directors[170] - The company has established four committees to oversee specific functions, although no committee meetings were held during the year ended December 31, 2023[174] - The company emphasizes the importance of board independence to safeguard shareholder interests, with annual assessments conducted on the independence of board members[183] - The company has a policy for directors to disclose their other positions and has arranged appropriate insurance coverage for legal actions against directors and senior management[180] Shareholder Information - The largest customer accounted for approximately 32.8% of the total revenue for the year ended December 31, 2023, compared to 10.2% in 2022[97] - The total revenue from the top five customers represented about 66.9% of the total revenue for the year ended December 31, 2023, up from 33.2% in 2022[97] - Major shareholders include Ali CN Investment Holding Limited and Alibaba Group Holding Limited, each holding 10.42% of shares, totaling 47,005,063 shares[1] - The company has a total of 450,939,423 shares issued as of the report date[1] Risks and Challenges - The company faces significant risks due to pricing pressure from customers with strong bargaining power, which could adversely affect revenue and profit margins[80] - The company is currently in a net loss position, which may continue in the future[76] - The company has recorded net operating cash outflows in the past, which may occur again[76]

速腾聚创（2498.HK） 首发报告 规模效应显著，进入利润率上升期：2023 年公司实现营收 11.2 亿元人民币，同比增加 111.2%，整体毛利率转正，达到 8.4%，主要受益于 ADAS 激光雷达销量增长，车载激光雷达的销 量约 24.3 万台，同比增长 558.5%；ADAS 产品收入达 7.77 亿 元，同比增长 384.6%。半导体芯片供需改善和产量扩张带来的 规模效应将给公司带来毛利的改善。 全球自动驾驶渗透率提升，市场前景佳：伴随激光雷达技术成 熟和成本下降，搭载激光雷达车型的价格带逐渐下放，同时全球 自动驾驶汽车市场正迎来快速增长阶段，渗透率将从 2022 年的 42.7%大幅增长至 2030 年的 84.6%，公司产品也将面临更广阔的 市场。 获得多个国内外主机厂订单，市占率稳固：公司被认定为全球 首家实现车规级固态激光雷达量产的企业，2024 年 1-2 月公司 产品市场份额占据第一，市场份额达到 55.3%。目前公司合作车 企众多，问界、小米、比亚迪、极氪等均使用公司产品，爆款车 型将带动产品销量。 坚持芯片自研，强化技术护城河：公司具有强大研发能力，如 最新激光雷达 MX 采用了集 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 1,120,149,000, a significant increase from RMB 530,322,000 in 2022, representing a growth of 111%[4] - Gross profit for the same period was RMB 93,640,000, compared to a gross loss of RMB 39,295,000 in 2022, indicating a turnaround in profitability[4] - The net loss for the year was RMB 4,330,966,000, which is an increase from RMB 2,086,113,000 in 2022, reflecting ongoing challenges in achieving profitability[4] - Total revenue increased by 111.2% from RMB 530.3 million in 2022 to RMB 1,120.1 million in 2023, driven primarily by increased product sales[17] - The net loss for the year ended December 31, 2023, was RMB 4,330.97 million, compared to a net loss of RMB 2,086.11 million for the previous year, indicating an increase in losses[53] - Net loss rose by 107.6% from RMB 2,086.1 million in 2022 to RMB 4,331.0 million in 2023[35] - The basic and diluted loss per share for the year ended December 31, 2023, was RMB 44.67, compared to RMB 21.47 for the previous year, reflecting increased losses per share[55] Revenue Breakdown - Sales revenue from LiDAR products for ADAS applications surged to RMB 777,100,000 in 2023, up 384.6% from RMB 160,400,000 in 2022[7] - Revenue from LiDAR products for non-automotive applications decreased to RMB 186,500,000 in 2023, down 22.0% from RMB 239,100,000 in 2022[9] - Revenue from products used for ADAS was RMB 777,070,000, up 384% from RMB 160,355,000 in 2022[72] - Revenue from ADAS-related LiDAR products surged by 384.6%, from RMB 160.4 million in 2022 to RMB 777.1 million in 2023, with sales volume increasing from approximately 36,900 units to about 243,000 units[18] Research and Development - The company has three R&D centers in China, focusing on continuous innovation in LiDAR technology and product development[10] - Research and development expenses rose significantly from RMB 305.9 million in 2022 to RMB 635.1 million in 2023, reflecting the company's commitment to innovation[16] - R&D expenses increased by 107.6% from RMB 305.9 million in 2022 to RMB 635.1 million in 2023, with R&D personnel rising from 482 to 563[26] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 3,271,453,000, while total liabilities increased to RMB 12,341,292,000 from RMB 8,464,692,000 in 2022[4] - Total assets decreased from RMB 3,427.4 million in 2022 to RMB 3,271.5 million in 2023, while total liabilities increased from RMB 8,464.7 million to RMB 12,341.3 million[16] - The company's total liabilities increased to RMB 12,341,292,000 in 2023, compared to RMB 8,464,692,000 in 2022, reflecting a rise of 45.5%[58] Cash Flow and Liquidity - Cash and cash equivalents, restricted cash, and time deposits totaled RMB 1,835.5 million as of December 31, 2023, down from RMB 2,156.5 million in 2022[39] - Cash and cash equivalents decreased to RMB 1,826,413,000 in 2023 from RMB 2,071,381,000 in 2022, a decline of 11.8%[57] - The company's operating cash flow for the year was approximately RMB 516,477,000, slightly down from RMB 523,072,000 in 2022[64] Expenses - Sales and marketing expenses rose by 27.6% from RMB 67.4 million in 2022 to RMB 86.0 million in 2023, with the percentage of sales and marketing expenses (excluding share-based compensation) decreasing from 12.7% to 7.3% of revenue[28] - General and administrative expenses surged by 83.7% from RMB 188.4 million in 2022 to RMB 345.9 million in 2023, with the percentage of these expenses (excluding share-based compensation and listing expenses) dropping from 28.2% to 11.8% of revenue[29] - The total cost of sales and operating expenses for 2023 was RMB 2,093,574,000, significantly higher than RMB 1,131,291,000 in 2022[82] Corporate Governance and Management Changes - The company has adhered to the corporate governance code since its listing date, except for the provision regarding the separation of the roles of Chairman and CEO[115] - Dr. Qiu Chunxin will resign as CEO effective March 27, 2024, and will take on the role of Chief Scientist[124] - Mr. Qiu Chunchao has been appointed as the new CEO effective March 27, 2024[124] - The board of directors includes experienced professionals with diverse backgrounds in technology and finance[134] Future Outlook and Strategy - The company plans to continue focusing on the ADAS market while strategically reducing production of lower-margin products[18] - The company plans to continue focusing on product development and market expansion in China and other regions[71] - The company acknowledges potential risks and uncertainties that may affect future performance[134] Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with 2022[103] - The board has decided not to recommend the payment of a final dividend for the year ending December 31, 2023[114] Additional Information - The company has established an Environmental, Social, and Governance (ESG) Committee effective March 27, 2024, with Dr. Qiu Chunxin appointed as the chairman[127] - The annual general meeting is scheduled for June 27, 2024, with a suspension of share transfer registration from June 24 to June 27, 2024[118] - The company has confirmed compliance with the standard code governing securities trading by directors since the listing date[117] - There are no significant events after the reporting period that the company is aware of, aside from those disclosed in the financial statements[113]

盈利预测与投资评级。公司 ADAS 激光雷达业务有望受益于行业快速扩张保持高 增，并受益于规模效应以及自研芯片降低成本以提高盈利能力，我们预计公司 2023- 25E 营收分别为 10.82/28.40/45.84 亿元，EPS 分别为-2.26/-1.52/-0.50 元。考虑到由于 公司仍处快速成长阶段而尚未实现盈利，故采取市销率估值法更为合适。参照可比公 司估值，我们给予 2025 年 4.2 倍 PS，对应目标价 46.19 港元（HK$1 = Rmb0.9242）。 研究报告 Research Report [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$39.15 目标价 HK$46.19 市值 HK$17.65bn / US$2.26bn 日交易额 (3 个月均值) US$0.22mn 发行股票数目 450.94mn 自由流通股 (%) 53% 1 年股价最高最低值 HK$43.15-HK$34.70 注：现价 HK$39.15 为 2024 年 3 月 22 日收盘价 1mth 3mth 12mth ...