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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：2498） 速騰聚創科技有限公司 ROBOSENSE TECHNOLOGY CO., LTD 1 負債總額 1,065,959 12,341,292 2 截至2024年12月31日止年度的 全年業績公告 董事會欣然公佈本集團截至2024年12月31日止年度的經審核合併財務業績，連同截至2023年 12月31日止年度的比較數字。 主要財務亮點 截至12月31日止年度 | | 2024年 | 2023年 | | --- | --- | --- | | | （人民幣千元） | | | 收入 | 1,648,902 | 1,120,149 | | 毛利 | 283,553 | 93,640 | | 經營虧損 | (584,205) | (940,582) | | 淨虧損 | (481,805) | (4,330,966) | | 以下人士應佔（虧損）╱利潤： | | ...

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]

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]

Summary of the Conference Call Industry Overview - The intelligent robotics industry has evolved significantly over the past decade, with vehicles becoming intelligent robots due to advancements in components like LiDAR and electronic architectures [1][2] - LiDAR has emerged as a critical sensor for machine perception, positioning GlobalSense as a global leader in the LiDAR and perception solution market [1] Key Product Developments - Introduction of the EN4, the world's first 1000-pin long-range digital LiDAR, featuring 1080 beams and a maximum detection range of 600 meters, essential for ADAS and fully self-driving technology [1] - Launch of the E1R, equipped with the first digital SPAD SoC chip, suitable for various mobile robotics applications, and the ARRI, a hemispherical digital radar with 192 beams [2] - Announcement of the second-generation desktop hand, Pepper 2, designed to mimic human hand movements with 20 degrees of freedom and a maximum payload of 5 kg, enhancing robotic manipulation capabilities [4] Future Directions - The next decade will see more machines upgraded to mobile robots, capable of navigating complex environments and performing intricate tasks [3] - RoboSense aims to create embodied intelligent robots equipped with AGI, fostering a new society of human-machine symbiosis [5] - The company is focused on developing incremental components for robotics, which will lower barriers and accelerate the adoption of intelligent robotics [5] Technological Innovations - Introduction of the Active Camera, which integrates LiDAR digital signals with camera data, enhancing robotic vision capabilities [7][8] - Development of a low-cost, high-reliability force sensor (FS3D) and a high-power-density linear actuator (LA8000) for improved motion control in robots [9] - The RoboSense Super Sensor Platform supports diverse application requirements, simplifying complex tasks for robot developers [8] Market Position and Vision - RoboSense is positioned to lead the transformation of robotic vision technology and aims to become the world's leading robotic technology platform [9][10] - The company emphasizes the importance of a comprehensive understanding of the entire robotic system to deliver optimal solutions [6][10] - RoboSense is committed to empowering the robotics industry and believes that now is the perfect time for applications in intelligent robotics [11] Conclusion - The intelligent robotics industry is on the brink of explosive growth, with RoboSense at the forefront, ready to innovate and expand its offerings [10][11]