Group 1 - Morgan Stanley upgraded the rating of Suoteng Juchuang from "Neutral" to "Overweight" and raised the target price from HKD 28.6 to HKD 53, implying a projected price-to-sales ratio of 5 times for the next year [1] - The report highlights the accelerating adoption of ADAS LiDAR in China's electric vehicle market and strong demand for LiDAR in various robotic applications, including robotic lawn mowers, autonomous taxis, and logistics robots [1] - Given the broader application prospects for LiDAR and potential for further upward valuation, Suoteng Juchuang is considered worthy of a re-evaluation [1] Group 2 - Morgan Stanley forecasts Suoteng Juchuang's total LiDAR shipments to reach 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, representing a compound annual growth rate of 74%, with approximately 30% of shipments coming from robotics [1] - The company is expected to maintain a gross margin of around 28%, with adjusted net profits projected at CNY 187 million and CNY 493 million for 2026 and 2027, respectively, while a net loss of approximately CNY 86 million is anticipated for 2025 [1]

智通财经APP获悉，摩根大通发布研报称，将速腾聚创(02498)投资评级由"中性"升至"增持"，目标价由 28.6港元大升至53港元，相当于未来一年预测市销率5倍。除了中国新能源汽车中ADAS及LiDAR加快采 用外，小摩注意到包括机器人割草机、无人驾驶出租车和物流机器人在内的各种机器人应用对LiDAR的 强劲需求。基于其数字化LiDAR平台，速腾聚创在ADAS和机器人领域均获得了增量设计订单，并提高 了利润率，预计这将推动出货量加速增长，并在2026年实现正净利润。同时，小摩认为，鉴于更广泛的 LiDAR应用前景和未来更多上行空间，速腾聚创值得估值重估。 小摩预计，LiDAR需求在2025、2027、2030年将达到310万、690万、1,210万单位，渗透率分别为 20%、33%、44%(今年第二季：18%)。此外，小摩看到来自机器人市场的强劲需求，例如机器人割草机 (速腾聚创从单一客户获得120万单位的重大订单，相较于2024年机器人LiDAR出货量2.4万单位)、无人 驾驶出租车、物流机器人和矿用卡车。 小摩预计速腾聚创将获得更多设计订单，并预计2025至2027年LiDAR总出货量为83.6万、18 ...

Core Viewpoint - Morgan Stanley upgraded the investment rating of SUTENG JUCHUANG (02498) from "Neutral" to "Overweight," raising the target price from HKD 28.6 to HKD 53, implying a projected price-to-sales ratio of 5 times for the next year [1] Group 1: Market Demand and Growth Projections - The demand for LiDAR is expected to reach 3.1 million, 6.9 million, and 12.1 million units by 2025, 2027, and 2030, with penetration rates of 20%, 33%, and 44% respectively, compared to 18% in Q2 of this year [1] - The company is anticipated to secure more design orders, with total LiDAR shipments projected at 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, reflecting a compound annual growth rate of 74%, with approximately 30% of shipments coming from the robotics sector [2] Group 2: Financial Performance and Profitability - The comprehensive gross margin is expected to stabilize around 28% from 2025 to 2027, with adjusted net profits projected at RMB 187 million and RMB 493 million for 2026 and 2027 respectively [2] - The total revenue for SUTENG JUCHUANG is estimated to be RMB 3.2 billion and RMB 4.7 billion for 2026 and 2027, with the robotics sector contributing 36% and 33% to the total revenue [2]

Core Insights - RoboSense has officially commenced mass delivery of its digital lidar benchmark product EMX to multiple automotive clients, marking the full-scale production phase of its EM platform products [2] - The EMX is designed for the L2 level assisted driving market, while the EM4 is the only mass-producible digital lidar with over 500 lines, supporting customization from 520 to 2160 lines for higher-level autonomous driving scenarios [2] - Within less than six months of its launch, the EM platform has secured contracts with eight leading global automakers for a total of 45 vehicle models [2] Company Developments - RoboSense launched the EM platform, which is based on full-stack chip technology and comprehensive digitalization, with the EM4 and EMX products introduced in January and April respectively [2] - The EMX has been selected by several major automotive companies, including Geely, FAW Hongqi, and a top three Japanese automaker, as well as a joint venture of the largest European automotive company in China, with a total of 32 models from domestic new energy vehicle companies [2] - The EM4 has also received contracts from Geely, SAIC Zhiji, a leading global electric pickup brand, and a joint venture of a top European luxury car brand, and is already in mass production applications across several popular models [2]

Core Viewpoint - RoboSense has officially commenced mass delivery of its digital lidar benchmark product EMX to multiple automotive clients, marking the full-scale production phase of its EM platform, which includes EMX, EM4, and customized versions, thereby establishing digital lidar as a mainstream feature in high-end intelligent vehicles [1] Group 1: Product Launch and Market Recognition - The EM platform has secured contracts with eight leading automotive manufacturers for 45 vehicle models within six months of its launch, demonstrating significant market acceptance [2] - EMX, designed for L2 level advanced driving assistance systems, features a true 192-line configuration, high-definition point cloud output of up to 2.88 million points per second, a maximum detection range of 300 meters, and a frame rate of 20Hz, making it the smallest digital lidar for vehicles currently available [2][3] - EM4 is the only mass-producible digital lidar with over 500 lines, offering customizable options from 520 lines to 2160 lines, and is positioned to support higher-level autonomous driving scenarios [3] Group 2: Technological Advancements - RoboSense has achieved a full-stack chip self-research capability, enabling the development of a comprehensive digital lidar system, which has received AEC-Q100 automotive-grade reliability certification [4] - The successful self-research and mass production of the large-area SPAD-SoC chip have streamlined system architecture, reduced power consumption, and enhanced information integrity [4] - The company is committed to continuous innovation in chip development, allowing lidar technology to evolve along a trajectory similar to Moore's Law, with ongoing performance improvements and cost optimizations [4][6] Group 3: Strategic Positioning and Future Outlook - The mass production of products like E1, EM4, and EMX reinforces RoboSense's leading position in the digital lidar industry, establishing a generational advantage and enabling scalable delivery [6] - The company aims to drive product iterations through chip-level innovations and accelerate the global rollout of intelligent driving assistance systems, thereby expanding the commercial viability of autonomous driving [6]

Core Viewpoint - RoboSense has officially commenced mass delivery of its digital lidar benchmark product EMX, marking the full-scale production of its new generation vehicle-mounted digital lidar platform EM, which includes EMX, EM4, and customized versions, enhancing the safety and reliability of driving experiences for consumers [1][3]. Group 1: Product Launch and Market Position - The EMX is positioned for the L2 level assisted driving market, while the EM4 is the only mass-producible digital lidar with over 500 lines, supporting custom configurations from 520 to 2160 lines for higher-level autonomous driving scenarios [3][5]. - The EM platform has secured contracts with eight leading global automakers for 45 vehicle models, demonstrating significant market recognition within six months of its launch [4][8]. - EMX features a high-definition point cloud output capability of up to 2.88 million points per second, a global angular resolution of 0.08°×0.1°, a maximum detection range of 300 meters, and a frame rate of 20Hz, making it the smallest vehicle-mounted digital lidar currently available [4][5]. Group 2: Technological Advancements - RoboSense has established a technological barrier through self-developed chips and a fully digital architecture, enabling stable and reliable mass production capabilities that support the commercialization of autonomous driving [3][7]. - The company has achieved full-chain chip self-research capabilities, from laser emission to signal reception and processing, and has received AEC-Q100 automotive-grade reliability certification [7][8]. - The successful development and mass production of the large-area SPAD-SoC chip have significantly streamlined system architecture and reduced power consumption, enhancing information integrity [7][8]. Group 3: Future Prospects - The EM platform, along with RoboSense's only mass-producible all-solid-state digital lidar E1, covers the ADAS and Robotaxi markets, positioning it as the preferred choice for leading clients to create comprehensive perception solutions [5][8]. - The company aims to drive product iteration through chip-level innovation and accelerate the global rollout of intelligent assisted driving, thereby expanding the commercial prospects of autonomous driving [8].

该行指，内地的智能驾驶渗透率持续提升，激光雷达的需求增长，预计今年国内乘用车激光雷达出货量 可望达314万个，按年增长超过一倍，并料在2028年可达逾1,000万个，维持高速增长。另外，该行认为 速腾聚创完善的产品矩阵以及深厚的技术累积，有助其占据行业优势地位。而公司今年进军机器人市 场，推出灵巧手、传感器、网域制器等零件产品，有望进一步扩展业务能力。 中金发表研究报告指，首次覆盖速腾聚创并予以"跑赢行业"评级，目标价47港元，认为公司作为全球领 先激光雷达供应商，其全面高效技术布局及持续客户拓展可望带动业绩增长。 ...

Financial Performance - In Q2 2025, the company achieved revenue of 455 million yuan, representing a year-on-year increase of 24.1% and a quarter-on-quarter increase of 38.9% [1] - The net profit for Q2 2025 was -51 million yuan, an improvement from -100 million yuan in Q1 2025 and -137 million yuan in Q2 2024 [1] - The company's gross margin in Q2 2025 was 27.70%, up 13 percentage points year-on-year and 4 basis points quarter-on-quarter [1] Product Performance - Sales revenue from LiDAR products for ADAS applications in Q2 2025 was 271 million yuan, a year-on-year decrease of 10.5% but a quarter-on-quarter increase of 18.6% [1] - Revenue from LiDAR products for robotics and other applications reached 147 million yuan, showing a year-on-year increase of 285.2% and a quarter-on-quarter increase of 100.7% [1] - Total sales volume of LiDAR products in Q2 2025 was 158,200 units, reflecting a year-on-year increase of 28.6% and a quarter-on-quarter increase of 45.7% [1] Market Position and Orders - The company has a strong order backlog due to the rapid development of ADAS and high-level autonomous driving [2] - As of June 30, 2025, the company secured mass production orders for 119 models from 30 automotive manufacturers, including 8 orders from overseas manufacturers covering Japan, North America, and Europe [2] - The company has established partnerships with over 20 humanoid robot companies, including significant collaborations with leading manufacturers in the robotics sector [3] New Product Launches - The company launched its first product, the E1, on its all-solid-state digital E platform in the first half of 2025, along with the EM platform for long-range LiDAR [2] - The company introduced two new digital products for the robotics sector, E1R and Airy, achieving breakthroughs in various fields, particularly in lawn mowing robots [3]

Core Viewpoint - The report from CICC forecasts that SUTENG JUCHUANG (02498) will achieve revenues of 2.085 billion yuan in 2025 and 3.002 billion yuan in 2026, with current stock prices corresponding to 8.2x and 5.6x P/S for 2025 and 2026 respectively. The company is given an "outperform" rating based on a target market value of 22.8 billion HKD and a target price of 47.00 HKD, indicating a 22% upside potential [1]. Group 1 - The penetration rate of intelligent driving is continuously increasing, leading to a growth in demand for LiDAR. In 2024, the shipment of automotive LiDAR in China is expected to exceed 1.5 million units, more than 2.5 times that of 2023. The report anticipates an increase in the configuration rate of LiDAR as a core safety component due to the mandatory standard for passenger car AEB [2]. - The report predicts that the shipment of LiDAR for domestic passenger cars will reach 3.14 million units in 2025, representing a year-on-year growth of over 100%, and is expected to exceed 10 million units by 2028, maintaining rapid growth [2]. Group 2 - The company's LiDAR product matrix is continuously improving, with offerings for long-range detection (M, EM platforms), short-range blind spot detection (E platform), and mobile robots (R platform). The company plans to launch a cost-effective product, MX, priced at $200 in 2024, and EMX in 2025. The company is also advancing in full-stack chip integration and digitalization, launching SPAD-SoC to reduce costs and enhance performance [3]. - As of the second quarter of 2025, the company has secured pre-installation points for over 119 models from more than 30 global automotive manufacturers and Tier 1 clients [3]. Group 3 - The company is expanding its reach into robotic applications, covering scenarios such as Robotaxi, lawn mowing robots, and unmanned delivery. In 2025, the company will launch the all-solid-state digital LiDAR E1R and Airy, collaborating with leading clients to explore the potential of LiDAR in non-ADAS fields [4]. - Additionally, the company will officially enter the humanoid robot market in 2025, launching components such as dexterous hands, sensors, and domain controllers, further extending its business capabilities [4]. - Potential catalysts include demand for LiDAR exceeding expectations and the company's customer expansion surpassing forecasts [4].

Core Viewpoint - The report from CICC forecasts that SUTENG JUCHUANG (02498) will achieve revenues of 2.085 billion yuan in 2025 and 3.002 billion yuan in 2026, with current stock prices corresponding to 8.2x and 5.6x P/S for 2025 and 2026 respectively. The company is given an "outperform" rating based on a target market value of 22.8 billion HKD and a target price of 47.00 HKD, indicating a potential upside of 22% [1] Group 1 - The penetration rate of intelligent driving is continuously increasing, leading to a growth in demand for LiDAR. According to data from GaoGong Intelligent Automotive, the shipment of automotive LiDAR in China is expected to exceed 1.5 million units in 2024, more than 2.5 times that of 2023. The report anticipates an increase in the configuration rate of LiDAR as a core safety component due to the mandatory standard for passenger car AEB [2] - The report predicts that the shipment of LiDAR for domestic passenger cars will reach 3.14 million units in 2025, representing a year-on-year growth of over 100%, and is expected to exceed 10 million units by 2028, maintaining rapid growth [2] Group 2 - The company's LiDAR product matrix is continuously improving, with a comprehensive and efficient technology layout. The high-cost performance product MX will be launched in 2024 at a price of 200 USD, followed by the EMX in 2025. The company is also actively pursuing full-stack chip integration and digitalization, launching SPAD-SoC to reduce costs and enhance performance [3] - As of the end of Q2 2025, the company has secured front-loading design points for over 119 models from more than 30 global automotive manufacturers and Tier 1 clients [3] Group 3 - The company is expanding its reach into robotic scenarios, covering applications such as Robotaxi, lawn mowing robots, and unmanned delivery. In 2025, the company will launch the all-solid-state digital LiDAR E1R and Airy, collaborating with leading clients like Kuka and New Stone to explore the potential of LiDAR in non-ADAS fields [4] - In 2025, the company will officially enter the humanoid robot market, launching components such as dexterous hands, sensors, and domain controllers, further expanding its business capabilities [4] - Potential catalysts include exceeding expectations for LiDAR demand and customer expansion [4]