交银国际研究 公司更新 | 汽车 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 22 日 | | --- | --- | --- | --- | --- | | 港元 | 34.50 | 港元 41.89 | +21.4% | | | 速腾聚创 (2498 HK) | | | | | 2Q25 毛利率稳步提升，预计下半年机器人激光雷达迎交付高峰；维持买入 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -50% 0% 50% 100% 150% 200% 250% 300% 2498 HK 恒生指数 股份资料 | 52周高位 (港元) | 50.40 | | --- | --- | | 52周低位 (港元) | 11.02 | | 市值 (百万港元) | 16,208.79 | | 日均成交量 (百万) | 6.78 | | 年初至今变化 (%) | 12.38 | | 200天平均价 (港元) | 36.33 | | 资料来源 : FactSet | | 李柳晓, PhD, CFA joyce.li@bocomgroup.com (8 ...

市场聚焦全球央行年会鲍威尔讲话，此外，科技股行情带动港股上升，恒生科技指数今日大涨近3%。 截止收盘，恒生指数涨0.93%或234.53点，报25339.14点，全日成交额为2855.84亿港元；恒生国企指数 涨1.17%，报9079.93点；恒生科技指数涨2.71%，报5647.68点。全周来看，恒指累涨0.27%，国指累涨 0.45%，恒科指累涨1.89%。 招商证券指出，展望后市，仍然对港股市场保持乐观态度。截至目前数据，港股中报盈利向好，业绩预 喜率创三年来新高，"新经济"含量更高的港股盈利或先于A股持续改善。在前几次牛市中港股指数高度 略逊于A股，所以在本轮配置时，建议聚焦与A股存在差异化的方向，节奏上建议先创新药（流动性宽 松+BD数据持续向好），再互联网（外卖大战拐点出现），最后新消费（宏观经济与盈利拐点出现）。 热门板块方面 盘面上，大型科技股集体上扬，快手绩后涨超4%，阿里巴巴涨近2%，腾讯涨超1%。DeepSeek新版本 引爆芯片股，华虹半导体大涨17%，中芯国际涨10%；汽车股多数向好，何小鹏斥资约2.5亿增持股份， 小鹏汽车劲升13%，蔚来全新ES8正式开启预售，股价涨11%；市场交投 ...

智通财经APP获悉，大和发布研报称，重申对速腾聚创(02498)的"买入"评级，表示管理层在业绩会中对 新ADAS激光雷达EMX展现出强劲信心，预期推出新产品有助于重夺市场份额。因公司对前景看法正 面，大和将速腾聚创明年年出货量预测上调至180万部。 ...

大和发布研报称，重申对速腾聚创(02498)的"买入"评级，表示管理层在业绩会中对新ADAS激光雷达 EMX展现出强劲信心，预期推出新产品有助于重夺市场份额。因公司对前景看法正面，大和将速腾聚 创明年年出货量预测上调至180万部。 ...

智通财经8月22日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 美银证券：升名创优品评级至中性 目标价上调至46.9港元 摩根士丹利就快手-W(01024.HK)发布研报称，将公司今年资本支出指引由100亿元上调至120亿元人民 币，显示可灵和其他AI应用的需求强劲。该行表示，将快手2025年至27年各年每股盈测上调3%至6%之 间，其目标价上调至76港元，维持其评级为与大市同步。 国证国际：维持小米集团买入评级 目标价62.3港元 民生证券就小鹏汽车(09868.HK)发布研报称，该行看好公司在车型周期、组织革新和智能化Beta驱动下 迎来业绩和估值的双重提升。预计公司2025-2027年收入分别为888.3/1406.4/1925.1亿元，归母净利润分 别为-5.3/71.2/125.9亿元，维持推荐评级。 交银国际：维持中国生物制药买入评级 交银国际就中国生物制药(01177.HK)发布研报称，公司在创新药和生物类似药的放量驱动下，上半年收 入录得双位数增长；受益于投资收益，公司整体利润实现高增长，但在研发投入加大的影响下，核心制 药业务的分部利润在短期内略有承压。交银国际上调中生制 ...

Core Viewpoint - The article highlights the significant improvement in the financial performance of SUTENG JUCHUANG, with a focus on the growth of its robot business and the strategic adjustments in its ADAS (Advanced Driver Assistance Systems) segment, indicating a robust transition towards higher profitability and technological advancement [2][3][9]. Financial Performance - In the first half of 2025, the company's total revenue reached RMB 783 million, representing a year-on-year growth of 7.7%. The second quarter revenue was RMB 455 million, showing a year-on-year increase of 24.4% and a quarter-on-quarter growth of 38.9% [2][9]. - The overall gross margin improved significantly, rising from 13.6% in the same period last year to 25.9% in the first half of 2025, with the second quarter gross margin reaching 27.7%, marking the sixth consecutive quarter of growth [3][9]. Business Segments - The robot business emerged as a key growth driver, with laser radar sales for robots and other applications reaching 34,400 units in the second quarter, a staggering year-on-year increase of 631.9%. This segment generated RMB 220.7 million in revenue in the first half of 2025, up 184.8%, with a gross margin of 45.0% [5][11]. - Conversely, the ADAS segment saw a decline in laser radar sales, totaling 220,500 units, down 6.0% year-on-year, with revenue of RMB 500.3 million, a decrease of 17.9%. However, the gross margin for this segment improved from 11.2% to 17.4% due to cost optimization and the adoption of self-developed SOC chips [7][12]. Strategic Execution - The divergence in performance between the robot and ADAS businesses illustrates the company's strategic execution capabilities. The robot business has become a high-growth, high-profit independent engine, providing necessary cash flow and profit to support the product upgrades in the ADAS segment [13]. - The company is actively replacing lower-margin legacy businesses with higher-quality, higher-margin new businesses, demonstrating a mature strategic approach [13]. Technological Advancements - The company is undergoing a fundamental transformation from analog to digital technology, with a focus on self-developed SOC chips that integrate core functions of laser radar systems, enhancing performance and reducing costs [14][24]. - The E platform, featuring the first all-solid-state digital laser radar, and the EM platform for long-distance detection are key components of the company's technological strategy, aimed at addressing various market needs [15][16]. Market Position - SUTENG JUCHUANG claims a 90% market share in the Robotaxi sector, with its products being the preferred choice for leading clients in the industry, including major players in autonomous driving [19][21]. - The company has established partnerships with over 3,200 clients across various verticals, including lawn mowing robots and delivery services, indicating a broad market presence and growth potential [22]. Future Outlook - The company maintains its guidance for laser radar shipments in the robot segment to reach six figures in 2025, expressing confidence in exceeding expectations [23]. - The launch of the AC (ActiveCamera) platform signifies the company's ambition to evolve beyond being a hardware supplier to becoming a foundational technology platform for the robotics era [24][26].

美银证券发布研报称，速腾聚创(02498)次季收入同比升24%至4.55亿元人民币，期内激光雷达总出货量 同比升29%，达到15.8万个。该行对速腾聚创目标价由42港元上调至46港元，重申"买入"评级。该行将 速腾聚创明年及2027年销量分别上调53%及65%，同时将明年及2027年盈利预测分别上调3%及1%。 ...

Core Viewpoint - RoboSense has seen a significant increase in stock price and has secured numerous production orders, indicating strong market demand for its smart laser radar systems [1][2]. Group 1: Company Performance - As of August 22, RoboSense's stock price rose by 10.03%, reaching 37.96 CNY per share with a trading volume of 884 million CNY [1]. - For the fiscal year 2025 mid-term report, RoboSense reported total revenue of 783 million CNY and a net loss of 151 million CNY [2]. - The net profit attributable to shareholders for the fiscal year 2025 mid-term report was -151 million CNY, representing a year-on-year increase of 43.91%, with basic earnings per share at -0.33 CNY [2]. Group 2: Industry Position - RoboSense specializes in the research, development, production, and sales of smart laser radar systems, focusing on chips, laser radar platforms, and perception algorithms [1]. - The company has secured over 70 production orders for more than 22 automotive manufacturers and tier-one suppliers, assisting 25 models in achieving SOP (Start of Production) [1].

Core Insights - RoboSense reported a revenue of 455 million yuan for Q2 2025, marking a year-on-year increase of 24.4% and a quarter-on-quarter increase of 38.9% [1] - The sales volume of robotic products reached 34,400 units, showing a significant year-on-year growth of 631.9% [1] - The company's gross profit margin improved from 12.3% in Q1 2024 to 27.7% in Q2 2025, reflecting a continuous increase for six consecutive quarters [1] - Following the earnings report, RoboSense's stock price surged over 8% at the opening of the Hong Kong stock market on August 22 [1]

速腾聚创(02498)绩后涨超8%，截至发稿，涨7.48%，报37.08港元，成交额3.83亿港元。 公告显示，速腾聚创的激光雷达总销量在第二季度达15.82万台，同比增长28.6%，环比增长45.7%。其 中，ADAS领域交付12.38万台，同比增长4.6%，环比增长28%，EM系列产品在半年内斩获了来自8家主 机厂的45个车型定点，全球首家量产520线激光雷达；机器人及其他领域销量飙升至3.44万台，同比暴 涨631.9%，对比第一季度环比增长也达到了189.1%。第二季度机器人赛道加速爆发，为速腾聚创带来 了约1.5亿元营收，环比增长100.7%。 消息面上，速腾聚创公布第二季度及中期业绩报告。财报显示，公司本季度实现营收约4.6亿元，同比 增长24.4%，环比增长38.9%。其中，机器人业务呈现爆发式增长，产品销量达34,400台，同比劲增 631.9%。此外，公司产品毛利率从2024年第一季度的12.3%提升至2025年第二季度的27.7%，连续6个季 度环比上升。 ...