Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in 2024 met expectations, with total revenue reaching 1.649 billion, a year-on-year increase of 47.2%, while the net profit attributable to shareholders was a loss of 481.83 million, narrowing the loss by 88.9% compared to the previous year [9] - The company is expanding its product offerings in the robotics sector, with a 6.4% increase in revenue from robotics and other industry products, reaching 200 million, and a 47% increase in laser radar shipments [3][9] - The company has established partnerships with major players in the Robotaxi and Robotruck sectors, including collaborations with six leading companies [3] Financial Performance Summary - Total revenue projections for the company are as follows: 1.649 billion in 2024, 2.630 billion in 2025, 4.202 billion in 2026, and 5.253 billion in 2027, with respective year-on-year growth rates of 47.2%, 59.5%, 59.7%, and 25.0% [1][11] - The net profit attributable to shareholders is projected to improve from a loss of 481.83 million in 2024 to a profit of 438.62 million in 2027, with significant year-on-year growth rates [1][11] - The company's earnings per share (EPS) is expected to improve from -1.00 in 2024 to 0.91 in 2027 [1][11] Market Position and Strategy - The company has achieved a market share of 33.5% in the ADAS sector, ranking first in the industry, with revenue from ADAS products reaching 1.34 billion in 2024, a year-on-year increase of 71.8% [9] - The company is focusing on a dual-line strategy with deep integration of intelligent driving and robotics platforms, which is expected to drive future growth [10]

Core Insights - The company, SUTENG, reported a significant revenue increase of 47.2%, reaching 1.649 billion yuan, with laser radar product shipments growing by 109.6% to 544,000 units [1] - The company is shifting its focus towards embodied intelligence, particularly in robotics, as the laser radar market stabilizes [2] Group 1: Financial Performance - Revenue increased by 47.2% to 1.649 billion yuan, with laser radar shipments reaching 544,000 units, a 109.6% increase compared to 2023 [1] - Sales of automotive-grade laser radar for ADAS reached 519,800 units, marking a year-on-year growth of 113.9% [1] - The company achieved a milestone of producing over one million high-line laser radars in February [5] Group 2: Strategic Shift to Robotics - The CEO emphasized a strategic pivot towards robotics, with 41% of the 2024 R&D budget allocated to innovation in this area, amounting to 250 million yuan [2] - The robotics strategy includes developing a general-purpose robot development platform and leveraging AI for advanced operational capabilities [2] - The company is not selling laser radars to robot manufacturers but is focusing on creating a comprehensive robotics ecosystem [2] Group 3: Product Development - The company launched the AC1, the first product of the Active Camera platform, which integrates depth, image, and motion information in real-time [3] - The second generation of the dexterous hand, Papert 2.0, features 20 degrees of freedom and 14 force sensors, capable of handling complex tasks [3] - The company is collaborating with over 10 humanoid robot companies globally to expand its robotics network [3] Group 4: Technological and Commercial Capabilities - The company has built a strong foundation in hardware, chips, and AI, which supports the development of AI-driven robotic platforms [4] - Significant investments over the past decade have established AI research facilities and a closed-loop data system [4] - The company offers a full-stack platform that reduces development costs for clients, leveraging its experience in the automotive sector [4] Group 5: Market Position - As of March, the company has partnered with 30 global automakers and Tier 1 suppliers, with over 100 designated vehicle models [6] - The company holds a 33.5% market share in the passenger car laser radar segment, ranking first in the industry [6]

证券研究报告 | 公司点评报告 2025 年 04 月 02 日 速腾聚创（02498.HK） 车载、机器人业务双轮驱动，24 全年营收及出货量同比高增长 TMT 及中小盘/电子 事件：公司发布 2024 年业绩公告，2024 年全年营收 16.49 亿元，同比+47.2%； 毛利率 17.2%，同比+8.8pct；全年净亏损 4.82 亿元，同比收窄 88.9%；总体 表现符合预期。我们点评如下： 增持（维持） 目标估值：NA 当前股价：38.0 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） | 18.7 | | 香港股市值（十亿港元） | 18.7 | | 每股净资产（港元） | 6.6 | | ROE（TTM） | -15.8 | | 资产负债率 | 25.8% | | 主要股东 | TMF | | 主要股东持股比例 | 22.6043% | 股价表现 % 1m 6m 12m 绝对表现 -23 127 -5 相对表现 -24 117 -45 资料来源：公司数据、招商证券 -100 -50 0 50 100 ...

进入2025年以来，集团与新兴机器人产业伙伴加速协同，赋能机器人产业规模化商业应用落地。 （文章来源：深圳商报） 其中，在Robotaxi及无人配送领域，凭借性能领先的产品表现，集团已揽获更多核心头部客户，具有显 著的市场竞争优势。在具身智能领域，集团已确立清晰战略，并陆续沉淀包括机器人视觉、灵巧手等在 内的增量零部件及解决方案的技术成果，形成显著的技术生态优势。目前，集团已与包括宇树在内的全 球超过10家人形机器人企业建立战略合作关系，共同探索创新机器人领域的商业化落地应用模式。 盖世汽车研究院2024年激光雷达供应商装机量排行显示，2024年集团以33.5%的市场份额位居行业第 一，且连续12个月获得装机量累计排行第一。2025年2月，集团正式下线第100万台激光雷达E1R，成为 全球首家达成百万台高线数激光雷达下线的企业。1月至3月，集团即助力15款合作车型实现大规模量产 落地，包括广汽丰田铂智3X、传祺向往S7、吉利银河E8等。 财报显示，集团稳定可靠、性能领先的车规级激光雷达产品，将为Robotaxi大规模商业应用提供强劲支 撑。目前，集团已累计获得多家全球头部L4自动驾驶企业的量产定点合作。在Ro ...

Core Insights - SUTENG Juchuang reported a revenue of 1.649 billion yuan for the fiscal year 2024, marking a year-on-year increase of 47.20% [1] - The company aims to achieve breakeven in its LiDAR segment by the second half of 2024 and expects to turn a profit by 2026 [1] - The average price of LiDAR products has significantly decreased, with some products priced below 200 USD [1][2] Financial Performance - The actual operating loss narrowed from 940 million yuan to 580 million yuan, a reduction of 38% year-on-year [1] - The net loss attributable to the parent company was 482 million yuan, an 88.89% reduction compared to the previous year [1] - Basic earnings per share stood at -1.11 yuan [1] Product Sales and Market Position - Total sales of LiDAR units reached approximately 544,200, generating 1.53 billion yuan in revenue, a 59.2% increase [1] - ADAS product sales accounted for 519,800 units, with a global market share of 33.5% and revenue of 1.335 billion yuan, up 71.8% [1][4] - The average price of ADAS products fell to 2,600 yuan in 2024, down from 10,000 yuan in 2021 [1] Market Trends - The trend of "price for volume" has been prevalent in the LiDAR market, with significant price reductions observed [1][2] - The market for LiDAR is highly concentrated, with SUTENG Juchuang, Huawei Technology, and Hesai Technology holding 33.5%, 27.4%, and 25.6% market shares respectively [4] Technological Advancements - SUTENG Juchuang's gross margin for ADAS products improved from negative to 13.4%, while the overall gross margin rose from 8.4% to 17.2% [3] - The company has invested heavily in self-developed MEMS solid-state technology and chip strategies [3] Strategic Initiatives - SUTENG Juchuang is expanding into the robotics sector, positioning itself as a "robot technology platform company" [7] - The company plans to allocate over 40% of its R&D budget, approximately 250 million yuan, to AI robotics and innovative business strategies [7] - Revenue from robotics and other sectors reached 198 million yuan, a 6.4% increase year-on-year [7] Future Outlook - The company anticipates a significant increase in LiDAR shipments for robotics, aiming to exceed 100,000 units in the coming year [8] - SUTENG Juchuang has established strategic partnerships with over 10 humanoid robot companies [8]

Core Viewpoint - SUTENG JUCHUANG (2498.HK) reported a significant increase in revenue and laser radar sales in its 2024 financial results, indicating strong market positioning and growth potential in the automotive and robotics sectors [2][3]. Financial Performance - Total revenue for 2024 was approximately 1.65 billion yuan, representing a year-on-year growth of 47.2% [2]. - The overall gross margin for the year was about 17.2%, with the fourth quarter gross margin rising to 22.1% [2]. - Adjusted net loss for the year was approximately 396 million yuan, a decrease of about 8.9% compared to the previous year [2]. Sales and Market Position - Total sales of laser radar units reached approximately 544,000 units in 2024, marking a year-on-year increase of about 109.6% [2]. - Sales of laser radar products for Advanced Driver Assistance Systems (ADAS) were approximately 519,000 units, reflecting a year-on-year growth of 113.9% [2]. - SUTENG JUCHUANG held a market share of 33.5%, ranking first in the laser radar supplier installation volume for 2024 [2]. Business Development - As of December 31, 2024, the company secured mass production orders for 95 models from 28 automotive manufacturers and tier-one suppliers, achieving SOP for 32 models for 12 clients [2]. - The company has established partnerships with over 310 global automotive manufacturers and tier-one suppliers, with the number of designated models exceeding 100 [2]. Industry Trends - The adoption of laser radar technology is expanding from vehicles priced above 200,000 yuan to those priced around 100,000 yuan, driven by decreasing costs and improved performance [3]. - The price of laser radar has dropped from around 70,000-80,000 USD to below 200 USD, primarily due to advancements in chip technology [3]. - The CEO of SUTENG JUCHUANG emphasized that robotics will be a significant application area, potentially ten times larger than the automotive market [3]. R&D Investment - In 2024, the company invested approximately 620 million yuan in R&D, with about 250 million yuan allocated to innovative business areas such as AI robotics [3]. - Future plans include integrating "hands" and "eyes" systems to enhance robotic capabilities for various applications, including flexible manufacturing and household tasks [3].

Core Viewpoint - SUTENG JUCHUANG reported a significant revenue growth and narrowing losses in its 2024 annual results, indicating a positive outlook for the laser radar and robotics markets [1][2]. Financial Performance - Total revenue for 2024 reached approximately 1.65 billion RMB, a year-on-year increase of 47.2% [1] - Adjusted net loss was about 396 million RMB, an improvement of approximately 8.9% compared to the previous year [1] - Overall gross margin stood at around 17.2% [1] - Total R&D investment for the year was approximately 620 million RMB [1] - Laser radar sales volume reached about 544,000 units, representing a year-on-year growth of approximately 109.6% [1] Market Trends - The CEO highlighted a growing trend in the laser radar business, particularly from the emerging robotics market [1] - The wave of intelligent driving in mass-produced passenger vehicles is expected to expand globally from China, with major overseas automakers anticipated to adopt advanced driving assistance systems in the next two years [1] - The introduction of dual suppliers by some automakers is seen as a strategy to ensure supply chain security, which could benefit the laser radar industry [1] Strategic Developments - SUTENG JUCHUANG is focusing on developing a general-purpose robotics platform and has established strategic partnerships with over ten humanoid robot companies globally [1][2] - The company has launched a second-generation dexterous hand and plans to achieve mass production readiness within the year [2] - As of December 31, 2024, the company has served approximately 2,800 clients in the robotics and non-automotive sectors [2] Future Outlook - The internal target remains to achieve quarterly breakeven in the laser radar segment in the second half of this year, with a goal of achieving full-year profitability by 2026 [2] - The company has established the "MARS Intelligent Manufacturing Headquarters" in the Shenzhen-Shanwei Special Cooperation Zone, covering a total area of approximately 146,000 square meters [2]

Summary of the Conference Call for SUTENG JUCHUANG Company Overview - **Company**: SUTENG JUCHUANG - **Industry**: LiDAR and Robotics Key Financial Performance - In 2024, SUTENG JUCHUANG achieved total revenue of approximately 1.646 billion RMB, a significant increase of 47.2% year-on-year [3] - The total sales of LiDAR units reached 544,000, representing a year-on-year growth of 109% [3] - Sales of automotive-grade LiDAR for ADAS (Advanced Driver Assistance Systems) reached 519,800 units, up 113.9% year-on-year [3] - The gross margin for the year was 17.2%, with a quarterly increase trend, reaching 22.1% in Q4 [3][4] - Adjusted net profit for the year was approximately 390 million RMB, a decline of about 9% compared to 2023, primarily due to increased R&D investments [3][4] Business Segments and Developments - **LiDAR Business**: - The business includes automotive, Robotaxi, and embodied intelligence applications [3][5] - Transitioning from MEMS mirror solutions to Excelon plus VPM solutions, with plans for all-solid-state LiDAR development [3][5] - **Robotics**: - Focus on humanoid robots and dexterous hands, with a broad layout in the robotics field [3][9] - Active Camera products combine LiDAR and camera technology for enhanced perception and SLAM capabilities [10] Market Competition - In the domestic market, SUTENG JUCHUANG competes with Huawei and Baidatong, while Galeo is the main competitor in overseas markets [6] - The company has advantages in cost control and mass production capabilities compared to its competitors [6] Product Matrix and Technology - The product matrix ranges from 16-line to 1,080-line LiDAR systems, with new products like the Airi series and EM4 [7] - The MX product is priced under 200 USD, enhancing profitability compared to the MED series [7] Future Performance Expectations - For 2025-2026, the company expects significant performance elasticity with increased shipment volumes, particularly in smart driving and robotics [8] - Projected revenue for 2025 is approximately 2.6 billion HKD, with a valuation range of 20 billion to 25 billion HKD [19] Sales Projections for ADAS - Expected ADAS sales in 2025 are around 520,000 units, with contributions from various manufacturers like BYD, Zeekr, and GAC [15][16][17] Robotics Market Impact - The robotics sector, particularly the lawnmower robot market, is expected to drive growth, with sales projected to increase from 24,400 units to 134,500 units [18] Market Outlook - The LiDAR market is anticipated to exceed 40 billion HKD for automotive-grade products and over 20 billion HKD for robotics [20] - SUTENG JUCHUANG is positioned in the first tier of competitive companies, with potential access to a market space exceeding 50 billion [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][14]. Core Insights - The company's performance in 2024 aligns with expectations, showing a significant improvement in gross margin and a reduction in operating expenses [11]. - The company is transitioning from being a leader in automotive lidar to a platform leader in robotics and AI, with a focus on the development of new products like AC1 and AI-Ready ecosystems [11]. - Revenue projections for 2025 to 2027 are estimated at 2.68 billion, 4.23 billion, and 5.58 billion RMB respectively, with net profits expected to turn positive by 2026 [4][9]. Financial Performance Summary - In 2024, the company reported total revenue of 1.65 billion RMB, a year-over-year increase of 47.2%, with a gross margin of 17.2% [10]. - The total expenses for 2024 were approximately 220 million RMB, with a total expense ratio of 54.0%, down 41.3 percentage points year-over-year [3]. - The company’s net loss for 2024 was 482 million RMB, a significant reduction from the previous year, indicating improved operational efficiency [10][11]. Revenue and Profit Forecast - The company forecasts revenues of 2.68 billion RMB in 2025, 4.23 billion RMB in 2026, and 5.58 billion RMB in 2027, with corresponding net profits of -268 million, 171 million, and 582 million RMB [4][9]. - The projected price-to-sales (P/S) ratios for the years 2025, 2026, and 2027 are 6.2, 3.93, and 2.98 respectively, indicating a favorable valuation trend [4][9]. Expense Management - The company has optimized its expense structure, with the sales expense ratio decreasing to 6.1% in 2024, down 1.2 percentage points year-over-year [3]. - The management expense ratio for 2024 was 9.1%, a decrease of 2.7 percentage points year-over-year, reflecting improved cost control [3]. - The R&D expense ratio was 33.6% for 2024, down 4.6 percentage points year-over-year, indicating a strategic focus on efficiency [3].

业绩简评 费用端：三费率逐季度优化，单季度三费支出约 2.2 亿元。 1）总量端：24 全年公司三费率合计为 54.0%，yoy-41.3pct， 公司现有超 1,500 名员工，相比 23 年报 1,324 人增员约 13.3%。2）结构端：1）销售费率 24 全年 6.1%，yoy-1.2pct； 24Q1-4 分别为 7.9%/7.8%/6.5%/5.2%；2）管理费率 24 全 年 9.1% ， yoy-2.7pct ； 24Q1-4 分别为 10.6%/12.0%/8.9%/8.8%；3）研发费率 24 全年 33.6%，yoy- 4.6pct；24Q1-4 分别为 41.2%/45.0%/37.2%/29.3%。 盈利预测、估值与评级 预计公司 25~27 年营业收入分别为 26.8/42.3/55.8 亿元，归 母净利润分别为-2.68/1.71/5.82 亿元。公司股票现价对应 PS 估值为 6.2/3.9/3.0 倍，维持"买入"评级。 风险提示 智驾技术路线改变风险；智驾渗透率提升不及预期风险；激 光雷达降本速度不及预期风险；国际局势影响海外销售风险。 0 500 1,000 1,500 ...