3月31日，RoboSense速腾聚创(02498.HK)公布2024年全年业绩。财报显示，虽然公司仍未实现盈利，但 公司收入、毛利和毛利率等主要财务指标均实现大幅提升。公司CEO邱纯潮表示，集团激光雷达业务在 ADAS、Robotaxi、机器人市场及具身智能创新业务领域均有优异表现。 财务指标大幅提升 速腾聚创是一家以AI驱动的机器人技术公司。公司的激光雷达和感知解决方案业务覆盖汽车、机器人 和其他行业。2024年公司登陆港交所。 业务数据方面，截至2024年12月31日，公司已成功取得28家汽车整车厂及一级供应商的95款车型的量产 定点订单，并为12名客户的32款车型实现SOP。截至2024年12月31日，公司与全球310多家汽车整车厂 和一级供应商建立了合作关系。 公司认为，智能驾驶的浪潮正在从中国走向全球，预计未来两年海外主流车企也将大规模配置高阶智 驾。公司持续拓展海外市场，目前已累计获得8个海外及中外合资品牌的定点合作，覆盖欧洲、北美和 亚太市场。其中在2024年第四季度新增一家中美合资的头部主机厂定点，在日本市场则获得了排名前三 车企客户定点，未来海外市场收入有望进一步提升。 速腾聚创未来发展战 ...

Financial Performance - Revenue increased by 47.2% from RMB 1,120.1 million in 2023 to RMB 1,648.9 million in 2024[6] - Gross profit surged by 202.8% from RMB 93.6 million in 2023 to RMB 283.6 million in 2024, with overall gross margin rising from 8.4% to 17.2%[6] - The company achieved a significant reduction in net loss from RMB 4,330.97 million in 2023 to RMB 481.81 million in 2024[5] - Total revenue increased by 47.2% from RMB 1,120.1 million in 2023 to RMB 1,648.9 million in 2024, primarily driven by increased product sales[26] - Revenue from product sales rose by 59.2% from RMB 963.5 million in 2023 to RMB 1,533.7 million in 2024, with ADAS application products contributing significantly[26] - The company reported a net loss of RMB 18,826,000 from other losses, compared to a net loss of RMB 10,296,000 in 2023[75] - The company recorded a loss attributable to owners of the company of RMB (481,827,000) for the year ended December 31, 2024, compared to RMB (4,336,629,000) in 2023[86] Product Sales and Market Growth - Sales of LiDAR products for ADAS applications grew by 71.8%, from RMB 777.1 million in 2023 to RMB 1,335.3 million in 2024[9] - The sales volume of LiDAR products reached approximately 544,200 units for automotive applications, a 109.6% increase compared to 2023[6] - Revenue from solutions decreased by 11.0% from RMB 110.1 million in 2023 to RMB 98.0 million in 2024, despite an increase in the number of delivered projects[30] - Revenue from services and others dropped significantly by 63.1% from RMB 46.5 million in 2023 to RMB 17.2 million in 2024, mainly due to a reduction in completed technical service projects[30] - The company has established partnerships with over 310 automotive OEMs and Tier 1 suppliers as of December 31, 2024[9] - The company has established partnerships with eight overseas and joint venture brands, covering markets in Europe, North America, and Asia-Pacific, with expectations for increased revenue from international markets[17] Research and Development - The company operates three R&D centers in Shenzhen, Shanghai, and Suzhou, focusing on innovation in LiDAR, robotics, and semiconductor technology[12] - The company is developing a series of digital LiDAR products for the robotics market, including the Robo-FSD solution for autonomous movement[10] - Research and development expenses decreased by 3.1% from RMB 635.1 million in 2023 to RMB 615.4 million in 2024, with R&D personnel increasing from 563 to 637[33] - The company is focused on developing advanced driver assistance systems (ADAS) and has made significant investments in research and development[108] - The second-generation robotic hand, Papert 2.0, features 20 degrees of freedom and 14 force sensors, showcasing the company's commitment to innovation in robotics technology[22] Manufacturing and Production - The company operates three manufacturing centers, two in Shenzhen and one in Shenshan, and has invested in a manufacturing center in Dongguan through a joint venture, enhancing its production capabilities for large-scale manufacturing and delivery[13] - The company has initiated mass production of its products, transitioning from development and testing to manufacturing and commercialization[105] Financial Position and Assets - Total assets increased from RMB 3,271.5 million in 2023 to RMB 4,139.1 million in 2024[5] - Total current assets increased from RMB 2,826.7 million in 2023 to RMB 3,644.0 million in 2024, while total liabilities decreased from RMB 12,341.3 million to RMB 1,066.0 million[24] - Cash and cash equivalents, restricted cash, and time deposits increased to RMB 2,841.2 million as of December 31, 2024, from RMB 1,835.5 million as of December 31, 2023[44] - The company's equity improved to RMB 3,073,179 thousand in 2024, recovering from a deficit of RMB 9,069,839 thousand in 2023[58] - Trade receivables decreased significantly to RMB 462,189 thousand in 2024 from RMB 678,265 thousand in 2023, a decline of 31.9%[57] Strategic Initiatives and Future Outlook - Despite reporting a loss during the period, the company aims for long-term business success and financial returns by expanding in the rapidly growing LiDAR and robotics solutions market, focusing on core technology investment and supply chain capabilities[14] - The company is actively pursuing opportunities for mergers and acquisitions to strengthen its market position and technological capabilities[108] - The company plans to allocate approximately 20% of the net proceeds from the December 2024 placement (RMB 54.2 million) for exploring potential strategic partnerships[51] Corporate Governance and Compliance - The company has complied with the corporate governance code since its listing date, with a recent change in the CEO position[96] - The company emphasizes the importance of internal controls and accounting policies in its financial reporting processes[100] - The audit committee, consisting of non-executive and independent directors, has reviewed the consolidated financial statements during the reporting period[100]

Group 1 - The core viewpoint is that lidar technology is rapidly being integrated into vehicles, with a projected installation of 1.529 million units in 2024, representing a year-on-year growth of 245.4% [1] - The price of lidar has significantly decreased from $70,000-$80,000 to below $200, primarily driven by chip technology advancements [1] - Companies are focusing on developing lidar products that support L3 to L4 level autonomous driving, with stable average selling prices (ASP) expected in the future [1] Group 2 - As L2 assisted driving technology penetration increases, L3 level autonomous driving has become a competitive focus for major automakers, with companies like Huawei, Li Auto, and Xpeng planning to implement L3 technology this year [2] - The number of lidar units in vehicles is increasing from 1-2 to 4-5, enhancing safety and consumer confidence in L3 autonomous driving [2] - L3 autonomous driving is seen as a critical milestone, where lidar is considered essential for safety, acting as a "safety airbag" for both consumers and automakers [2] Group 3 - The company believes that lidar is a necessary investment for ensuring safety in L3 and above autonomous driving, while consumer demand for lidar varies in L2 level driving due to cost considerations [3] - The company has confidence in its lidar technology, claiming to be the leading provider in China and globally [3] - The company is transitioning to a robotics technology platform starting in 2024, focusing on supply chain solutions and enhancing the "hand-eye coordination" capabilities of vehicles [3]

速腾聚创系列 车中旭霞 行业深度 《 汽车前瞻研究系列十六-激光雷达的市场空间、技术路线及产业链拆解 》——20220127 公司深度 《 速腾聚创（02498.HK）-激光雷达自主龙头企业，致力于成为全球领先的机器人技术平台公司》——20250326 核心观点 激光雷达及感知解决方案领导者，致力于成为全球领先的机器人技术平台公司 速腾聚创是一家以AI驱动的机器人技术公司，围绕AI、芯片、硬件三大技术领域进行布局。 2014-2024年，汽车智能 驾驶加速推进，公司成为激光雷达及感知解决方案领导者（车、机器人）；2024年后，公司着力为AI机器人提供核心 增量部件（传感器、灵巧手、控制器等）。 2024年前三季度，公司营收11.8亿元，同比增长89%，净亏损-3.5亿元（23 年同期净亏损-11.3亿元），公司主营业务占比为ADAS产品（83%）、机器人及其他（11.7%）、感知解决方案 （5.1%）、服务及其他（0.5%）。 激光雷达领域，四类平台产品构建丰富矩阵，客户结构多元优质 行业端， 2024年中国乘用车激光雷达搭载率突破5%关键节点，产业链日趋成熟，2025年起伴随BYD（天神之眼）、 零跑、长安 ...

港股通 智驾平权开启，激光雷达开拓市场 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国香港 | 其他电子 | 近期，多个品牌召开智驾战略会，包括零跑、吉利"千里浩瀚"、广汽"星 灵智行"、奇瑞"猎鹰智驾"等，我们看到：（1）激光雷达搭载车型最低价 格已至 12.98 万元。（2）对标 L3 级别车型有望在今年陆续落地，极氪 9X 拟搭载 5 颗激光雷达，行业需求在快速增长。此外在机器人领域，速腾宣布 与 Coco Robotics、小马智行、白犀牛、酷哇等客户的合作，涉及割草机、 物流、Robotaxi、无人叉车等多个领域。我们看好公司深度受益智能汽车+ 机器人需求共振，带来收入高成长性，维持"买入"评级。 智驾平权推动激光雷达渗透率提升 速腾搭载的比亚迪、吉利（极氪、银河）、广汽、上汽等多个自主品牌有望 在 25 年开启激光雷达版本的规模渗透，包括：（1）比亚迪 20 万以上车型 采用天神之眼 A、B 方案，涵盖海洋、王朝、腾势、仰望等车型；（2）极氪 旗下大部分车型（除极氪 X 外）已经基本标配激光雷达、吉利旗下 ...

证券研究报告 | 公司深度报告 2025 年 03 月 12 日 速腾聚创（02498.HK） 国内激光雷达龙头，智驾平权与机器人双轮驱动高速成长 TMT 及中小盘/电子 速腾聚创是国内激光雷达及感知解决方案市场的领导厂商，围绕芯片驱动的激 光雷达硬件为基础，同时布局 AI 感知软件形成解决方案。公司激光雷达市场份 额全球领先，有望充分受益于 2025 年智驾平权趋势下激光雷达用量的高成长空 间；同时快速切入工业、商业、具身智能机器人赛道，以感知为核心，向操作、 控制多环节拓展，有望受益于机器人市场的高速增长打造第二成长曲线。首次 覆盖，给予"增持"评级。 增持（首次） 目标估值：NA 当前股价：42.95 港元 基础数据 | 总股本（百万股） | 483 | | --- | --- | | 香港股（百万股） | 483 | | 总市值（十亿港元） | 20.7 | | 香港股市值（十亿港元） | 20.7 | | 每股净资产（港元） | 7.0 | | ROE（TTM） | -123.1 | | 资产负债率 | 26.3% | | 主要股东 | 邱纯鑫,朱晓蕊,刘乐天 | | 主要股东持股比例 | 20.1 ...

Core Viewpoint - The company, Sutech Juchuang, has announced a placement agreement to issue up to 22 million new shares at a price of HKD 46.15 per share, aiming to raise approximately HKD 1.0153 billion, with a net amount of about HKD 988.87 million after expenses [1] Group 1: Placement Details - The placement will involve at least six independent institutional and corporate professional investors [1] - The total number of shares to be placed represents approximately 4.89% of the existing shares and about 4.66% of the expanded share capital post-placement [1] - The expected total proceeds from the placement are approximately HKD 1.0153 billion, with a net amount of about HKD 988.87 million after deducting commissions and estimated expenses [1] Group 2: Use of Proceeds - Approximately 70% of the net proceeds will be allocated to R&D for developing high-definition sensors and AI perception technology, enhancing robotic dexterity, and creating a hand-eye coordination system [1] - About 20% of the net proceeds will be used to build domestic and international production lines, improving automation and operational efficiency, along with strict quality control measures [1] - Approximately 10% of the net proceeds will be allocated to exploring potential strategic partnerships or alliances, particularly in the AI and robotics sectors [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve revenue of 1.67 billion, 2.64 billion, and 4.24 billion RMB in 2024, 2025, and 2026 respectively, with a projected net profit of -472 million, -275 million, and 68 million RMB for the same years [2] - The stock is currently valued at a price-to-sales (P/S) ratio of 13.6, 8.6, and 5.4 for the years 2024, 2025, and 2026 respectively [2] - The company has a strong market position in the ADAS lidar sector, holding approximately 33.4% of the domestic market share in 2024 [6] Summary by Sections Performance Review - The company reported a revenue of 1.12 billion RMB in 2023, with a growth rate of 111.22% compared to 2022 [5] - The net profit for 2023 was -4.34 billion RMB, with a significant reduction in losses expected in the following years [5] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 1.67 billion, 2.64 billion, and 4.24 billion RMB respectively, with corresponding net profits of -472 million, -275 million, and 68 million RMB [2][5] - The diluted earnings per share (EPS) is expected to improve from -1.02 RMB in 2024 to 0.15 RMB in 2026 [5] Market Position and Strategy - The company is expanding into the robotics sector, which is anticipated to be a larger market than the current automotive lidar market [6] - The report highlights the necessity of lidar technology for high-level autonomous driving, emphasizing its value in safety and functionality [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The company is expected to achieve revenues of 1.67 billion, 2.64 billion, and 4.24 billion RMB in 2024, 2025, and 2026 respectively, with net profits projected at -472 million, -275 million, and 68 million RMB [2][5] - The stock is currently valued at a price-to-sales (P/S) ratio of 13.6, 8.6, and 5.4 for the years 2024, 2025, and 2026 respectively [2][5] - The company has a strong market position in the ADAS lidar sector, holding approximately 33.4% of the domestic market share in 2024 [6] Summary by Sections Performance Review - The company reported a revenue of 1.12 billion RMB in 2023, with a growth rate of 111.22% compared to 2022 [5] - The net profit for 2023 was -4.34 billion RMB, showing a significant increase in losses compared to previous years [5] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 1.67 billion, 2.64 billion, and 4.24 billion RMB respectively, with corresponding net profits of -472 million, -275 million, and 68 million RMB [2][5] - The diluted earnings per share (EPS) are expected to improve from -1.02 RMB in 2024 to 0.15 RMB in 2026 [5] Market Position - The company is recognized as a leader in the ADAS lidar market, with a shipment of approximately 520,000 units in 2024 [6] - The report highlights the potential growth in the robotics lidar market, which is expected to surpass the automotive L2 market [6]

Investment Rating - The report maintains a "Recommended" rating for the company Sutech Juchuang (stock code: 2498.HK) [1] Core Insights - The company is transitioning towards becoming a robotics technology platform, having launched multiple new robotic products at the "Hello Robot" 2025 AI Robotics Global Launch Conference [4] - The introduction of new laser radar products at significantly lower prices is expected to enhance market penetration, with projected shipments of 100,000 units in 2025, representing a 3.1 times increase compared to 2024 [4] - The company is expanding its offerings in robotic components, providing integrated hardware and software solutions, which is anticipated to improve profitability [4] - The rapid adoption of advanced driving features by BYD is expected to drive demand for the company's automotive laser radar products, with significant growth potential in overseas markets [6] Financial Projections - The company is projected to achieve revenues of 1,606.4 million yuan in 2024, 2,194.96 million yuan in 2025, and 3,695.6 million yuan in 2026, with corresponding growth rates of 43%, 37%, and 68% respectively [7] - The net profit attributable to the parent company is expected to improve from -4,336.63 million yuan in 2023 to -329.14 million yuan in 2025, and to a positive 69.96 million yuan in 2026 [7] - Earnings per share (EPS) is forecasted to move from -44.67 yuan in 2023 to -0.71 yuan in 2025, and then to 0.15 yuan in 2026 [7]