Core Viewpoint - The company has successfully delivered new digital lidar products and reported a third-quarter revenue of 407 million yuan, with a net profit loss of 101 million yuan, but shows potential for improvement in gross margin and profitability in the upcoming quarters [1] Group 1: ADAS Business - The ADAS digital product matrix has entered a delivery phase, with a significant increase in the number of designated models, laying the foundation for scale delivery [2] - The company has received designations from 13 automakers for 56 vehicle models, with the EMX platform achieving 49 designations since its launch [2] - The EM4 radar, recognized as an industry leader, has been installed in several models and is expected to become a core configuration under L3 regulations [2] Group 2: Robotaxi Business - The EM4+E1 digital combination scheme is accelerating penetration into the L4 market, with a recent designation for a new generation Robotaxi model from Didi [2] - The product features a high-redundancy perception scheme, indicating its entry into high-reliability application scenarios [2] - The demand for lidar products is expected to strengthen as the autonomous driving industry commercializes, positioning the Robotaxi business as a key growth driver [2] Group 3: Robotics Business - The robotics business is entering a rapid growth phase, with digital radar and AC platform products achieving breakthroughs in multiple scenarios [3] - The company’s products are being applied in leading autonomous driving manufacturers' models, with increasing demand in lawn mowing robots and unmanned agricultural machinery [3] - The introduction of the AC2 product enhances six-dimensional motion perception and three-dimensional spatial information support for robotics applications [3] Group 4: Financial Forecast and Valuation - The company maintains revenue forecasts of 2.4 billion, 3.73 billion, and 5.14 billion yuan for 2025, 2026, and 2027 respectively, with net profit forecasts of -150 million, 190 million, and 510 million yuan [3] - The target price is set at 51.48 HKD, reflecting a premium based on comparable companies and the anticipated rapid growth in digital lidar deliveries [4]

机构：东吴证券 研究员：张良卫 经营表现：ADAS 营收短期承压，机器人产品量利齐升。分产品看，ADAS产品实现营收2.45 亿元，同 比下滑25.7%；机器人产品实现营收1.42 亿元，同比增长157.8%。出货量：Q3 激光雷达总销量达 185,600 台，同比增长34.0%，环比增长17.3%。其中，ADAS 车载激光雷达销量150,100台，同比增长 14.3%；机器人及其他领域销量35,500 台，同比增长393.1%。用于机器人及其他的激光雷达产品毛利率 同比提升2.6 个百分点至37.2%。 盈利能力：芯片化降本验证，毛利率逆势提升。25Q3 公司用于ADAS产品的激光雷达毛利率提升至 18.1%，同比提升4.0 个百分点。毛利率改善验证了规模效应逐步释放与自研SOC 芯片降本的有效性。 Q3 研发开支同比+18.5%至1.8 亿元，主要系新产品开发投入增加；销售及营销开支同比+32.0%；一般 及行政开支同比+31.6%，主要系股权激励费用推高。 机器人业务起量，具身智能布局逐步完善。机器人业务成为增长极。E1R（全固态）和Airy 等数字化新 品大规模量产，精准切入割草机器人、无人配送车等场 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 51.48 [7][5]. Core Insights - The company has successfully entered the mass production phase of its digital laser radar products, with significant growth in delivery volumes and revenue expected in the coming quarters [1][5]. - The ADAS digital product matrix has entered the delivery phase, with a substantial increase in the number of designated models, indicating a strong foundation for scaling [2]. - The Robotaxi business is accelerating its penetration into the L4 market, with new partnerships enhancing the reliability and performance of its products [3]. - The robotics business is experiencing rapid growth, driven by the introduction of new products and applications across various scenarios [4]. Summary by Sections Financial Performance - The company reported a shipment of 150,100 units of laser radar and 35,500 units of robots in the third quarter, generating revenue of RMB 407 million, with a net profit of -RMB 101 million [1]. - Revenue forecasts for 2025, 2026, and 2027 are projected at RMB 2.4 billion, RMB 3.7 billion, and RMB 5.1 billion respectively, with net profits expected to turn positive by 2026 [5][10]. Business Segments - The ADAS business has secured designations from 13 automakers for 56 models, with the EM4 radar positioned as a core component for L3 regulations [2]. - The Robotaxi segment has gained traction with the announcement of a new partnership with Didi for its next-generation models, indicating a strong market presence [3]. - The robotics segment is seeing a 393.1% year-on-year increase in delivery volumes, supported by innovative product offerings [4]. Valuation Metrics - The report assigns a price-to-sales (PS) ratio of 6.09x for 2026, reflecting a premium compared to comparable companies, indicating confidence in the company's growth trajectory [5][14]. - The company's market capitalization is approximately HKD 15.125 billion, with a recent closing price of HKD 31.22 [8].

Core Viewpoint - The stock of Sutech Juchuang (02498.HK) experienced a nearly 4% increase in the afternoon trading session, reflecting positive market sentiment [1] Group 1 - The stock price rose by 3.97%, reaching HKD 32.46 [1] - The trading volume amounted to HKD 158 million [1]

消息面上，11月25日，速腾聚创发布超预期的三季度业绩，公司三季度实现总营收约4.07亿元，并预计 今年第四季度数字化激光雷达将迎来放量上升，并将首次实现单季度盈利。11月26日，速腾聚创发布公 告，宣布在香港交易所回购32.3万股股份，涉资约1001.15万港元。 速腾聚创(02498)午后涨近4%，截至发稿，涨3.97%，报32.46港元，成交额1.58亿港元。 招商证券国际发布研报称，公司今年第四季将实现盈利，明年ADAS及机器人出货强劲，指引均超百万 台，因此维持目标价和评级，同时预计第四季度激光雷达出货量将创新高，10月交付量达12万台，预计 11、12月环比增长。2025年ADAS出货量预计接近60万台，2026年超100万台，数位化EM平台已获49款 车型定点。 ...

招商证券国际发布研报称，公司今年第四季将实现盈利，明年ADAS及机器人出货强劲，指引均超百万 台，因此维持目标价和评级，同时预计第四季度激光雷达出货量将创新高，10月交付量达12万台，预计 11、12月环比增长。 2025年ADAS出货量预计接近60万台，2026年超100万台，数位化EM平台已获49款 车型定点。 智通财经APP获悉，速腾聚创(02498)午后涨近4%，截至发稿，涨3.97%，报32.46港元，成交额1.58亿港 元。 消息面上，11月25日，速腾聚创发布超预期的三季度业绩，公司三季度实现总营收约4.07亿元，并预计 今年第四季度数字化激光雷达将迎来放量上升，并将首次实现单季度盈利。11月26日，速腾聚创发布公 告，宣布在香港交易所回购32.3万股股份，涉资约1001.15万港元。 ...

该行预测公司今年第四季及2026年全年LiDAR出货量将达45.5万及226万台，营收按年增长分别为58% 及68%，并预期公司将于今年第四季转亏为盈。该行认为目前为良好入场时机，重申"增持"评级及目标 价53港元。 摩根大通发表报告指，速腾聚创10月单月激光雷达LiDAR总交付量突破12万台，创历史新高，其数位平 台设计方案已进入量产阶段。管理层预期未来ADAS光达订单将持续强劲，因来自更广泛客户群的设计 方案持续增加。与此同时，速腾聚创在机器人领域取得重大进展，自2025年第四季起为机器人割草机客 户启动大规模生产；与滴滴合作开发新一代无人出租车(每辆配备10组光达)；获得城市配送制造商的新 订单。 ...

公司10月份单月激光雷达LiDAR总交付量突破12万台，创历史新高，其数位平台设计方案已进入量产阶 段。管理层预期未来ADAS光达订单将持续强劲，因来自更广泛客户群的设计方案持续增加。 与此同时，速腾聚创在机器人领域取得重大进展，自2025年第四季起为机器人割草机客户启动大规模生 产;与滴滴合作开发新一代无人计程车(每辆配备10组光达);获得城市配送制造商的新订单。 摩根大通发布研报称，重申速腾聚创(02498)"增持"评级，认为目前为良好入场时机，目标价53港元。 该行预测公司2025年第四季及2026年全年LiDAR出货量将达45.5万及226万台，营收同比增长分别为 58%及68%，并预期公司将于2025年第四季转亏为盈。 ...

与此同时，速腾聚创在机器人领域取得重大进展，自2025年第四季起为机器人割草机客户启动大规模生 产;与滴滴合作开发新一代无人计程车(每辆配备10组光达);获得城市配送制造商的新订单。 智通财经APP获悉，摩根大通发布研报称，重申速腾聚创(02498)"增持"评级，认为目前为良好入场时 机，目标价53港元。该行预测公司2025年第四季及2026年全年LiDAR出货量将达45.5万及226万台，营 收同比增长分别为58%及68%，并预期公司将于2025年第四季转亏为盈。 公司10月份单月激光雷达LiDAR总交付量突破12万台，创历史新高，其数位平台设计方案已进入量产阶 段。管理层预期未来ADAS光达订单将持续强劲，因来自更广泛客户群的设计方案持续增加。 ...

证券研究报告·海外公司点评·软件服务(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,120 | 1,649 | 2,171 | 3,407 | 4,343 | | 同比(%) | 111.22 | 47.20 | 31.63 | 56.96 | 27.49 | | 归母净利润（百万元） | (4,336.63) | (481.83) | (228.12) | 58.07 | 378.66 | | 同比(%) | (107.63) | 88.89 | 52.66 | 125.46 | 552.07 | | EPS-最新摊薄（元/股） | (8.95) | (0.99) | (0.47) | 0.12 | 0.78 | | P/S（现价&最新摊薄） | 12.48 | 8.48 | 6.44 | 4.10 | 3.22 | [Table_Tag] [投资要点 Table_Summary] 2025 年 11 月 28 ...