近年公司激光雷达销量非线性高增，验证智能化趋势下车企对激光雷达配置需求进入爆发期，及公司行 业领军地位。2024年全年，公司激光雷达总销量约54.4万台，较2023年同比大幅增长109.6%，其中用于 ADAS应用的激光雷达产品销量约52万台。与销量高增对应，公司在2024年份额保持领先，维持头部供 应商地位，2024年速腾聚创以26%的市场份额，位居全球第一。当前，公司产品矩阵完备，从技术路径 上涵盖机械式/半固态/固态，性能上覆盖短距到超长距、低线束到高线束，应用上覆盖车载主雷达/角雷 达/机器人雷达等，能满足从入门到高阶，各类价格区间的广泛需求。 在具身智能领域，速腾聚创聚焦机器人视觉、灵巧手等增量零部件开发，推出基于手眼协同的机器人上 半身操作解决方案以及下半身移动解决方案。25年3月发布AC1，创新性地将激光雷达、摄像头与IMU 三大核心传感器进行融合。商业落地进程上，2025年被视作人形机器人量产元年，如特斯拉今年目标生 产5000台Optimus，国内如智元机器人等企业也实现千台级交付。割草机作为服务机器人的细分品类， 市场发展独具特色。就割草机器人这一细分市场来看，该行初步测算其对激光雷达产品 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Insights - The company is rapidly leading the global LiDAR industry and aims to become a robotics technology platform company, focusing on providing high-quality solutions in the field of embodied intelligence [6][18]. - The company's LiDAR sales are experiencing non-linear high growth, with a projected total sales volume of approximately 544,000 units in 2024, representing a significant year-on-year increase of 109.6% [6][25]. - The company holds a leading market share of 26% in the global passenger vehicle LiDAR market in 2024, benefiting from the widespread application of advanced driver-assistance systems (ADAS) in the Chinese market [6][25][26]. Financial Data and Profit Forecast - The projected revenue for the company from 2025 to 2027 is estimated at 26.2 billion, 36.6 billion, and 47.0 billion RMB, respectively, with net profits expected to be -2.38 billion, 1.06 billion, and 3.20 billion RMB [5][7]. - The company is not yet profitable, and a price-to-sales (P/S) valuation method is used, with a target market value of approximately 19.4 billion RMB based on a P/S ratio of 7.4 for 2025 [7]. Market Dynamics - The report highlights two main drivers for growth: the end-to-end integration of LiDAR in vehicles and the strategic positioning as a robotics technology platform [6][8]. - The global passenger vehicle LiDAR market is expected to reach approximately 7 billion USD in 2025, with the Chinese market accounting for about 6.3 billion USD [6][8]. Product Development and Technology - The company has a comprehensive product matrix that includes mechanical, semi-solid, and solid-state LiDAR technologies, catering to various performance and application needs [6][41]. - The company is focusing on the development of incremental components for robotics, including solutions for robot vision and dexterous hands, with a projected demand for over 400,000 units of LiDAR products for lawnmowers by 2025 [6][9]. Competitive Landscape - The company has established partnerships with over 30 global automakers and Tier 1 suppliers, with more than 100 designated models, while also expanding its presence in overseas markets [6][29]. - The report notes that the company is well-positioned against competitors due to its strong design capabilities, software technology, and mass production capabilities [54].

港股机器人概念股走强 优必选涨近10% 智通财经5月13日电，截至发稿，优必选(09770.HK)涨9.98%、越疆(02432.HK)涨3.48%、速腾聚创 (02498.HK)涨1.41%。消息方面，腾讯与越疆科技、华为和优必选均官宣了在人形机器人方面的合作， 加速机器人落地。 ...

消息面上，5月10日，第六届上海创新创业青年50人论坛举行，宇树科技首席执行官王兴兴在演讲中透 露，受益于人形机器人市场热度和国家政策关注，目前包括宇树在内的人形机器人企业的发展都处于良 好状态，"很多企业订单都爆掉了。"值得关注的是，联想、美的等大厂加速布局人形机器人，美的宣称 其自主研发的类人形机器人，将于5月正式进入湖北荆州的洗衣机工厂，用于机器运维、设备检测和搬 运等场景；联想首位"硅基员工"人形机器人联想乐享壹号正式亮相。 华西证券表示，随着产业政策支撑力度加大&AI技术突破&国内外厂商积极布局，人形机器人0-1的准备 阶段即将完成，将迎来1-10、10-100的量产加速阶段；在降本需求的驱动下，人形机器人核心零部件的 国产替代需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受益。此外，摩根士丹利开始唱 好机器人，据其最新研报，到2050年，人形机器人全球年收入预估将达近5万亿美元。 智通财经APP获悉，机器人概念股早盘普涨，截至发稿，优必选(09880)涨6.29%，报84.5港元；小鹏汽 车-W(09868)涨5.98%，报79.7港元；速腾聚创(02498)涨4.12%，报37.9港元； ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$ 43.50 [2][4]. Core Insights - In 2024, the company is expected to achieve a revenue growth of 47.2%, reaching RMB 1.648 billion, with 93.0% of revenue derived from sales of lidar used in ADAS, robotics, and other applications [2][3]. - The gross margin for 2024 is projected to improve significantly to 17.2%, while the net loss is expected to narrow to RMB 480 million [2][4]. - The company plans to offer customizable solutions to meet diverse customer needs, particularly in the automotive market, where there is a higher demand for cost-performance balance [4]. Revenue and Financial Performance - The company’s revenue for 2024 is projected at RMB 1,648.9 million, with a year-on-year growth of 47.2% [10]. - The gross profit is expected to be RMB 283.6 million, with a gross margin of 17.2% [10]. - The net loss for 2024 is anticipated to be RMB 481.8 million, improving in subsequent years to a profit of RMB 446.1 million by 2026 [10]. Market Position and Competitive Landscape - The company maintains a strong R&D capability, allowing it to adapt to market trends and provide competitive solutions [4]. - The lidar market for ADAS remains highly concentrated, which helps OEMs maintain balance and mitigate supply chain risks [4]. - The sales volume of lidar for ADAS in Q4 2024 is reported at 153,900 units, with expectations for gradual growth despite increased competition [3]. Product Development and Future Outlook - The company has over 100 models with mass production orders as of March 31, 2025, indicating strong market penetration [3]. - The recently launched EM4 lidar, featuring 1080 lines and a detection range of 600 meters, enhances the product portfolio [3]. - The company is optimistic about the growth of lidar shipments for robotics, with a sales target of 8,300 units in Q4 2024 [3].

Group 1 - The core viewpoint of the report indicates that SUTENG JUCHUANG (02498) is expected to achieve a revenue growth of 47.2% year-on-year in 2024, reaching 1.65 billion RMB, with 93.0% of the revenue coming from sales of LiDAR used in ADAS, robotics, and other applications [1] - The gross margin for the group is projected to significantly improve to 17.2% in 2024, reflecting a positive trend in profitability [1] - The sales volume of LiDAR for ADAS in Q4 2024 is expected to be 153,900 units, with a gradual shift from MIP to MX as the main revenue source [1] Group 2 - The group achieved sales of 8,300 units of LiDAR for robotics in Q4 2024, maintaining an optimistic outlook for LiDAR shipments [2] - The introduction of E1R, a LiDAR based on E1 for robotics, is expected to drive growth, alongside contributions from A1ry and AC1 [2] - The increasing adoption of robotics in industrial and commercial applications presents significant market opportunities for LiDAR [2] Group 3 - The company's strong R&D capabilities enable it to adapt to market trends and provide competitive solutions, with plans to offer moderately customizable solutions to meet specific customer needs [3] - The ADAS LiDAR market remains highly concentrated and oligopolistic, allowing OEMs to maintain balance and mitigate risks associated with supply chain concentration [3] - The firm is believed to maintain its leadership position in the LiDAR field [3]

Investment Rating - The report assigns a "BUY" rating to RoboSense (02498.HK) with a target price of HK$ 43.50 [2][6]. Core Insights - RoboSense reported a year-on-year revenue increase of 47.2%, reaching RMB 1,648.9 million in 2024, with 93.0% of revenue coming from LIDAR sales for ADAS, robotics, and other applications [2][6]. - The gross margin improved significantly to 17.2%, while the net loss narrowed to RMB 481.8 million [2][6]. - The company is well-positioned to maintain its leadership in the LiDAR sector, with expectations of achieving break-even by 2026 [6]. Revenue and Growth - Revenue for 2024 was RMB 1,648.9 million, with projected revenues of RMB 2,502.7 million in 2025, RMB 3,425.3 million in 2026, and RMB 5,199.2 million in 2027 [7][13]. - The year-on-year growth rates are projected at 51.8% for 2025, 36.9% for 2026, and 51.8% for 2027 [13]. Product Performance - In Q4 2024, RoboSense sold 153,900 units of LIDAR for ADAS, with the M1P model being the primary revenue driver, while the MX model is expected to gain traction [4][6]. - The company achieved sales of 8,300 units of LIDAR for robotics in Q4 2024, with growth anticipated from the E1R model and other new models [5][6]. Market Position and Strategy - RoboSense's strong R&D capabilities allow it to adapt to market trends and offer competitive solutions, focusing on customizable solutions for diverse applications [6]. - The ADAS LiDAR market is characterized by concentration and oligopoly, enabling OEMs to mitigate concentration risks effectively [6]. Financial Metrics - The gross profit for 2024 was RMB 283.6 million, with a gross margin of 17.2% [13][14]. - The report indicates a projected improvement in gross margin to 21.6% in 2025 and 24.9% in 2026 [13][14].

Group 1 - Morgan Stanley's report predicts that by 2050, there will be 1 billion humanoid robots in use globally, generating annual revenue of $5 trillion [1] - Bank of America forecasts that global humanoid robot shipments could reach 18,000 units this year, with significant growth expected over the next decade due to aging populations, labor shortages, AI advancements, and product design improvements [1] - Daiwa's report indicates that 2025 is likely to be a pivotal year for the release and application expansion of humanoid robots, with key component production rates and cost reductions exceeding expectations [1] Group 2 - TrendForce estimates that the global humanoid robot market value could exceed $2 billion by 2027, with a compound annual growth rate of 154% from 2024 to 2027, driven by service robots benefiting from generative AI technology [2] - The cost structure of humanoid robots shows that planetary roller screws account for the highest component cost at 22%, followed by composite materials at 9%, 6D torque sensors at 8%, and hollow cup motors at 6%, indicating significant technological barriers in the component field [2] - According to招商证券, 2025 is expected to be the year of mass production for humanoid robots, with a positive outlook on the industry's overall trend [2] Group 3 - Related Hong Kong stocks in the humanoid robot industry include UBTECH (09880), Midea Group (00300), and Yujian (02436) [3] - Key component suppliers include Jinli Permanent Magnet (06680), Delta Electronics (00179), Innolux (02577), Minth Group (00425), and SUTENG (02498) [3]

Core Insights - The 2025 Shanghai International Automobile Industry Exhibition, themed "Embracing Innovation for a Win-Win Future," showcases over 1,300 vehicles from nearly 1,000 companies, highlighting the rapid advancement of smart technology in the automotive sector [1][3] - The exhibition features a significant increase in the adoption of LiDAR technology, with 105 models equipped with it, representing a 46% year-on-year growth compared to the 72 models at the 2024 Beijing Auto Show [1][3] - Major automakers, including both domestic and joint venture brands, are increasingly integrating smart technologies to meet consumer demands, marking a shift towards a fully intelligent automotive era [3] Industry Trends - The exhibition covers a total area exceeding 360,000 square meters, indicating the scale and importance of the event in the global automotive industry [1] - The penetration rate of LiDAR-equipped vehicles is expected to rise, with projections indicating that by 2025, 65% of new passenger cars in China will feature L2-level or higher driver assistance systems [3] - The presence of joint venture brands like FAW Toyota and SAIC Volkswagen adopting advanced LiDAR technology in their new models signifies a competitive response to the growing demand for intelligent vehicles in the Chinese market [3] Company Highlights - Supertone's LiDAR technology is featured in over 53 models at the exhibition, accounting for more than 50% of the total LiDAR-equipped vehicles, showcasing its market leadership [1][3] - Hesai's LiDAR is present in 31 models, representing a 29.5% share, while Huawei's models account for 10.5%, indicating a competitive landscape among technology providers [3] - The introduction of new models like the bZ5 and ID.ERA by joint venture brands reflects a strategic move to leverage smart technology in response to evolving consumer preferences [3]

Core Viewpoint - The annual report of SUTENG JUCHUANG (02498.HK) for 2024 highlights the company's strong growth momentum, significant financial performance, and market expansion, while also addressing the challenges it faces in the competitive landscape of the lidar and perception solutions industry [1] Financial Performance - In 2024, SUTENG JUCHUANG achieved total revenue of 1.6489 billion yuan, representing a substantial year-on-year growth of approximately 47.2%, significantly exceeding the industry average growth rate [2] - The company sold approximately 544,200 units of lidar, a year-on-year increase of 109.6%, with automotive-grade lidar for ADAS reaching about 519,800 units, up 113.9% year-on-year [2] - The gross margin for the year reached 17.2%, showing a steady increase from 12.3% in Q1 to 22.1% in Q4, attributed to economies of scale and effective cost control [2] - R&D investment remained high, with approximately 250 million yuan allocated to innovative business directions, accounting for 41% of total R&D expenses, an increase of about 130 million yuan from 2023 [2] Market Expansion - SUTENG JUCHUANG made significant strides in the ADAS and robotics markets, capitalizing on the rapid adoption of L2+ advanced driving assistance systems, positioning lidar as a key selling point for vehicles [3] - The company launched the cost-effective MX lidar, securing partnerships with multiple automotive manufacturers, with the first model equipped with MX already on the market [3] - The upcoming EM4 lidar, featuring 1080 lines and a detection range of 600 meters, has garnered partnerships with over 30 global automotive manufacturers and suppliers, with more than 100 designated models [3] - In the robotics sector, the company introduced the E1R and Airy lidar, designed for autonomous navigation and task operations, serving over 2,800 clients in various industries by the end of 2024 [3] Challenges - Despite rapid revenue growth, SUTENG JUCHUANG reported an adjusted net loss of approximately 395.6 million yuan in 2024, indicating ongoing financial challenges primarily due to increased investment in innovation and rising costs from market competition [4] - The lidar industry faces intensifying competition, with numerous companies increasing their R&D and market investments, creating dual competitive pressures for SUTENG JUCHUANG [4] - Supply chain issues, including raw material price fluctuations and delivery delays, pose uncertainties for the company's production and operations [4] Future Outlook - Analysts express optimism about SUTENG JUCHUANG's prospects, citing its advantages in technology R&D and market expansion, which may position it favorably in future market competition [4] - However, there are concerns regarding the need for the company to achieve profitability and optimize its cost structure to navigate the competitive landscape and potential market risks [4] - The growth of the ADAS market and the rapid development of the robotics industry present significant opportunities for SUTENG JUCHUANG, but the increasing competition necessitates continuous enhancement of its core competencies and acceleration of technological innovation [4][5]