Investment Rating - Buy (Maintained) [1] Core Views - The company's 2024 Q1-Q3 performance exceeded market expectations, with revenue reaching 1 13 billion yuan, a year-on-year increase of 91 5%, and net profit attributable to the parent company improving to -3 5 billion yuan, a year-on-year increase of 69 0% [1] - ADAS products showed strong growth momentum, with Q3 revenue reaching 330 million yuan, a year-on-year increase of 87 1%, and shipments reaching 131,000 units, a year-on-year increase of 150% [1] - The company's market share in the ADAS sector reached 35 0% in the first three quarters of 2024, maintaining its leading position in the industry [1] - The company's robot business achieved significant breakthroughs, with Q3 revenue reaching 60 million yuan, a year-on-year increase of 44 5%, and shipments reaching 7,000 units, a year-on-year increase of 38% [1] Financial Performance - Revenue for 2024 is expected to reach 1 755 26 billion yuan, a year-on-year increase of 56 70%, and is projected to grow to 4 142 51 billion yuan by 2026 [1] - Net profit attributable to the parent company is expected to improve significantly, from -534 33 million yuan in 2024 to 44 71 million yuan in 2026 [1] - The company's gross margin for ADAS products increased from 10 6% in Q1 2024 to 14 1% in Q3 2024, with the overall gross margin reaching 17 5% in Q3 2024 [1] Business Highlights - The company's MX products have secured partnerships with 7 automakers in the L2+ segment, and as of November 2024, the company has established collaborations with 28 automakers and Tier 1 suppliers, with 92 models designated for production [1] - The company has made significant progress in the robot sector, with partnerships increasing from 2,400 to 2,600, and multiple new products receiving mass production designations from leading robot companies [1] - The company is expected to benefit from the trend of L4 laser radar solutions transitioning from mechanical to semi-solid-state, with mass production designations secured with global ride-hailing platforms and Xiaoma Zhixing [1] Market Position and Outlook - The company's ADAS products are expected to continue growing, driven by the mass production of models such as BYD Han and Seal, Geely Galaxy E8, and GAC Aion RT, which are equipped with laser radar [1] - The company has accumulated high-quality designated projects with overseas leading automakers, providing momentum for development beyond 2026 [1] - The robot business is expected to contribute significantly to revenue and gross profit, with shipments projected to exceed six figures by 2025 [1] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been adjusted to 17 6/28 6/41 4 billion yuan, with net profit attributable to the parent company adjusted to -5 3/-2 5/0 4 billion yuan [2] - The price-to-sales ratio (P/S) for the company is 4 5/2 8/1 9 times based on the closing price on November 29, 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.135 billion RMB for the first three quarters of 2024, representing a year-over-year increase of 91.5%, while operating losses narrowed to approximately 432 million RMB [1] - The gross margin improved to 17.5%, with a quarter-over-quarter increase of 3.9 percentage points, and the gross profit reached 170 million RMB, up 375.4% year-over-year [1] - The company has a domestic market share of approximately 35% in the L2 automotive sector and achieved significant breakthroughs with L4 customers, including partnerships with major players like Didi and Pony.ai [1] Summary by Sections Financial Performance - Revenue for 2024 is projected to be 1.724 billion RMB, with expected growth rates of 53.92% in 2024, 42.02% in 2025, and 43.94% in 2026 [4] - The company anticipates a net profit of -435 million RMB in 2024, improving to -265 million RMB in 2025, and turning positive with a net profit of 69 million RMB in 2026 [4] - The price-to-sales (P/S) ratio is projected to be 4.5, 3.2, and 2.2 for the years 2024, 2025, and 2026 respectively [1][4] Market Position - The company has established a strong presence in the automotive sector with 38.2 million units of lidar sold in the first three quarters of 2024, marking a year-over-year increase of 259.6% [1] - The average selling price (ASP) for automotive lidar is approximately 2,566 RMB, with a slight quarter-over-quarter decrease of 31 RMB [1] - The company has secured partnerships with 26 automotive manufacturers and has 84 models in production, with 31 models achieving SOP (Start of Production) [1] Research and Development - The R&D expense ratio for the first three quarters of 2024 was 41.0%, a decrease of 20.2 percentage points year-over-year [1] - The company showcased an 8-degree-of-freedom dexterous hand at the China Hi-Tech Fair, indicating advancements in robotics and sensor technology [1]

Investment Rating - The report maintains a "Buy" rating for RoboSense (02498 HK) [1] Core Views - RoboSense achieved significant revenue growth in the first three quarters of 2024, with revenue reaching RMB 1 135 billion, a year-on-year increase of 91 5% [1] - The company's gross margin improved to 17 5% in the first three quarters of 2024, up 3 9 percentage points quarter-on-quarter [1] - RoboSense has made breakthroughs in the L4 autonomous driving market, securing partnerships with global ride-hailing leader DiDi and Pony ai [1] - The company has expanded its presence in the robotics sector, launching an 8-degree-of-freedom dexterous hand and securing multiple overseas robotics customer contracts [1] Financial Performance - RoboSense reported a gross profit of RMB 170 million in the first three quarters of 2024, a year-on-year increase of 375 4% [1] - The company's R&D expense ratio decreased to 41 0% in the first three quarters of 2024, down 20 2 percentage points year-on-year [1] - RoboSense's sales expense ratio and management expense ratio decreased to 7 4% and 10 5% respectively in the first three quarters of 2024 [1] Market Position - RoboSense holds approximately 35% market share in China's L2 autonomous driving market [1] - The company's total LiDAR sales reached 382 000 units in the first three quarters of 2024, with automotive LiDAR sales accounting for 366 000 units [1] - RoboSense has secured 7 OEM customers for its MX product, a $200 technology democratization solution [1] Future Projections - The report forecasts RoboSense's revenue to reach RMB 1 72 billion in 2024, RMB 2 45 billion in 2025, and RMB 3 53 billion in 2026 [1] - The company is expected to achieve positive net profit in 2026, with projected net profit of RMB 69 million [1] - RoboSense's PS valuation is estimated at 4 5x for 2024, 3 2x for 2025, and 2 2x for 2026 [1] Industry Analysis - LiDAR is expanding beyond automotive applications into robotics and other fields [1] - RoboSense is positioned as a leader in both LiDAR and AI+robotics sectors [1] - The company's inclusion in the Hong Kong Stock Connect program in June 2024 enhances its market visibility [1]

Financial Performance - For the nine months ended September 30, 2024, the company's revenue reached RMB 1,134,970,000, representing a year-on-year increase of 91.5% compared to RMB 592,633,000 for the same period in 2023[7]. - Total revenue for Q3 2024 reached RMB 407.9 million, a 54.7% increase from RMB 263.6 million in Q3 2023, primarily driven by increased product sales[21]. - Total revenue for the nine months ended September 30, 2024, was RMB 1.135 billion, compared to RMB 592.6 million in the same period of 2023, reflecting a 91.8% increase[45]. - Revenue from products used in ADAS (Advanced Driver Assistance Systems) was RMB 329.5 million, up from RMB 176.2 million in the previous year[21]. - Revenue from ADAS application laser radar products increased by 87.1% to RMB 329.5 million, up from RMB 176.2 million in the same period last year[22]. - Revenue from ADAS products for the three months ended September 30, 2024, was RMB 329,546 thousand, representing an increase of 87.2% compared to RMB 176,163 thousand in the same period of 2023[66]. Sales and Production - The total sales volume of LiDAR products for the nine months ended September 30, 2024, was approximately 381,900 units, a significant increase of 259.6% compared to the same period in 2023[3]. - The company has secured production orders for 84 vehicle models from 26 global automotive manufacturers and tier-one suppliers, with 31 models achieving SOP[4]. - As of September 30, 2024, the company has secured mass production orders for 84 vehicle models from 26 global automotive manufacturers and tier-one suppliers, with 31 models achieving SOP, including multiple models from BYD[13]. - The total sales volume of laser radar products rose from approximately 59,000 units in Q3 2023 to about 138,600 units in Q3 2024[22]. Profitability and Loss - The gross profit margin improved from 3.9% in 2023 to 17.5% in Q3 2024, with expectations for further improvement in Q4 2024[9]. - The gross profit for Q3 2024 was RMB 71.2 million, compared to RMB 22.9 million in Q3 2023, indicating improved profitability[17]. - Gross profit for Q3 2024 was RMB 71.2 million, a 210.2% increase from RMB 23.0 million in Q3 2023, with gross margin improving from 8.7% to 17.5%[31]. - The operating loss for the nine months ended September 30, 2024, was RMB (432,198,000), an improvement from RMB (640,175,000) in the same period of 2023[7]. - The company achieved a significant reduction in operating loss, reporting RMB 110.1 million for Q3 2024 compared to RMB 178.7 million in Q3 2023[17]. - The net loss for Q3 2024 was RMB 83.2 million, a reduction from RMB 361.1 million in Q3 2023, indicating a 77.0% improvement[40]. - Adjusted net loss for Q3 2024 was RMB 69.4 million, compared to RMB 96.1 million in the same period of 2023, representing a 27.7% improvement[39]. - The total comprehensive loss for the nine months ended September 30, 2024, was RMB 426.4 million, compared to RMB 1.3 billion in the same period of 2023, reflecting a 67.5% decrease[47]. Research and Development - R&D expenses for Q3 2024 were RMB 151.7 million, up from RMB 116.4 million in Q3 2023, reflecting the company's commitment to innovation[17]. - Research and development expenses for the nine months ended September 30, 2024, were RMB 465.1 million, up from RMB 362.8 million in the same period of 2023, representing a 28.3% increase[45]. - R&D expenses increased by 30.3% to RMB 151.7 million in Q3 2024, up from RMB 116.4 million in Q3 2023, with R&D personnel rising from 559 to 635[34]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to RMB 3,893,230,000, compared to RMB 3,271,453,000 as of December 31, 2023[7]. - Current assets rose to RMB 3,442,220 thousand, compared to RMB 2,826,689 thousand at the end of 2023, marking an increase of about 22%[49]. - Cash and cash equivalents as of September 30, 2024, totaled RMB 2,304,120 thousand, an increase from RMB 1,826,413 thousand as of December 31, 2023[75]. - The company’s liabilities decreased significantly to RMB 1,025,772 thousand from RMB 12,341,292 thousand, indicating a reduction of about 92%[51]. - Trade receivables decreased to RMB 649,484 thousand from RMB 678,265 thousand, reflecting a decline of approximately 4%[49]. Market and Partnerships - The company has established partnerships with 7 automotive manufacturers for its MX product in the L2+ domain, including several top-tier brands from Japan and China[10]. - The company has successfully collaborated with four overseas automotive manufacturers, marking significant milestones in its global expansion efforts[11]. - The company is focusing on expanding its global market presence, particularly in the overseas robotics market, where it has made significant breakthroughs with leading clients[14]. Corporate Governance - The company emphasizes that the financial data presented is unaudited and may be subject to change, highlighting the importance of cautious investment decisions[87]. - The board of directors acknowledges that forward-looking statements are based on current information and beliefs, which may be affected by risks and uncertainties[87]. - The company operates under international financial reporting standards, ensuring compliance with accounting regulations[84]. - The company’s shares are listed on the Hong Kong Stock Exchange, indicating its public trading status[86].

Investment Rating - The report gives a "Recommend" rating to the company with a reasonable value per share range of HKD 22 78 to HKD 31 51 [1][4] Core Views - The company is a leader in the LiDAR industry and is entering a period of rapid growth with revenue increasing nearly 6 times from 2020 to 2023 reaching RMB 1 12 billion [1] - The company has three major product platforms M E and R covering ADAS robots and Robotaxi with new products MX M3 and M2 launched this year to further improve cost performance [1] - The company is expanding its production capacity with the MARS manufacturing base expected to have an initial capacity of 1 million units and the new product MX will be mass produced and delivered in the first half of next year [1] - The LiDAR market is expected to grow significantly with the global automotive LiDAR market projected to reach USD 3 6 billion by 2029 with a CAGR of 38% from 2023 to 2029 [1] - The company is transitioning into an AI driven robotics company with its self developed SoC chip reducing costs and enabling the penetration of LiDAR into the 150k 200k RMB price range for vehicles [1] Revenue and Profit Forecast - The company is expected to achieve revenues of RMB 1 83 billion RMB 2 916 billion and RMB 4 771 billion in 2024 2025 and 2026 respectively [1][2] - Net profit is forecasted to be RMB 575 million RMB 427 million and RMB 11 million in 2024 2025 and 2026 respectively [1][2] Market Position and Growth - The company holds a 37% market share in the LiDAR market ranking first and has secured mass production orders for 80 models from 22 automotive OEMs and Tier 1 suppliers [1][12] - The company has a diversified customer base including 2600+ robotics customers such as Alibaba and Neolix and is expanding into service robots humanoid robots and Robotaxi [1][12] Product and Technology - The company has three major LiDAR platforms M E and R covering automotive and robotics applications with new products MX M3 and M2 leading the industry in cost performance [1][25] - The company has self developed SoC chips which reduce the cost of control and transceiver modules enabling the price of the new product MX to drop below USD 200 [1][68] Production Capacity - The company is building the MARS manufacturing base with an initial capacity of 1 million units and the new product MX will be mass produced and delivered in the first half of next year [1][27] Financial Performance - In H1 2024 the company achieved revenue of RMB 727 million a year on year increase of 120 97% driven by strong sales of ADAS products [1][28] - The gross margin of ADAS products turned positive to 11 20% in H1 2024 compared to 35 50% in the same period last year [1][28] Future Growth Drivers - The company is leveraging its hardware AI and chip technology stacks to grow into a robotics technology platform company expanding into humanoid robots service robots and Robotaxi [1][88] - The company has self developed AI perception software HyperVision which provides high quality perception information and enhances its integrated product capabilities [1][83]

证券研究报告·海外公司点评·软件服务(HS) 速腾聚创（02498.HK） 24Q1-Q3 出货数据点评：ADAS 后劲十足， 机器人放量开启 2024 年 10 月 13 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|---------------------------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 530.32 | 1,120.15 | 2,222.56 | 3,559.19 | 5,096.47 | | 同比 (%) | 60.14 | 111.22 | 98.42 | 60.14 | 43.19 | | 归母净利润（百万元） | (2,088.65) | (4,336.63) | (528.14) | (187.76) | 132.57 | | 同比 (%) | (25. ...

证券研究报告·海外公司点评·软件服务(HS) 速腾聚创（02498.HK） 24Q1-Q3 出货数据点评：ADAS 后劲十足， 机器人放量开启 2024 年 10 月 13 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|---------------------------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 530.32 | 1,120.15 | 2,222.56 | 3,559.19 | 5,096.47 | | 同比 (%) | 60.14 | 111.22 | 98.42 | 60.14 | 43.19 | | 归母净利润（百万元） | (2,088.65) | (4,336.63) | (528.14) | (187.76) | 132.57 | | 同比 (%) | (25. ...

RoboSense Technology Co., Ltd RoboSense Technology Co., Ltd (Incorporated in the Cayman Islands with limited liability) 速騰聚創科技有限公司 Stock code : 2498 2024 INTERIM REPORT RoboSense Technology Co., Ltd 速騰聚創科技有限公司 （於開曼群島註冊成立的有限公司） 股份代號 : 2498 2024 INTERIM REPORT 中期報告 速騰聚創科技有限公司 2024 中期報告 目錄 2 公司資料 4 首席執行官致辭 6 8 24 其他資料 34 中期財務資料的審閱報告 36 38 40 42 44 80 管理層討論及分析 中期簡明合併全面收益表 中期簡明合併資產負債表 中期簡明合併權益變動表 中期簡明合併現金流量表 中期簡明合併財務資料附註 釋義及詞彙 關鍵財務及運營亮點 公司資料 2024 中期報告 2 薪酬委員會(2) 董事 授權代表 執行董事 邱純鑫博士（董事會主席兼首席科學家）(1) 劉樂天先生（首席技術官） 邱純 ...

证券研究报告·海外公司深度·软件服务(HS) 速腾聚创（02498.HK） 激光雷达领军者，智驾+机器人双线布局发展 2024 年 09 月 06 日 买入（首次） | --- | --- | --- | --- | --- | |------------------------------|------------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,120.15 | 2,222.56 | 3,559.19 | 5,096.47 | | 同比 (%) | 111.22 | 98.42 | 60.14 | 43.19 | | 归母净利润（百万元） | (4,336.63) | (528.08) | (187.70) | 132.63 | | 同比 (%) | (107.63) | 87.82 | 64.46 | 170.66 | | 每股收入（元 / 股） | 2.63 | 4.93 | 7.89 | 11.30 | | P/S （现 ...

| 研究報告 2024 年 8 月 26 日 速騰聚創 | 02498.HK 產品迭代導致量增價跌 評級 買入 更新報告 敖曉風, Brian, CFA 高級分析師 brianngo@westbullsec.com.hk +852 3896 2965 目標價 HK$ 19.90 2024 年上半財年，速騰聚創(02498.HK)實現 7.3 億元人民幣總收入，其中 83.8%及 10.7%分別 | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|---------------------|--------------------------------------------------------|---------------------------------------------|----------------------------------|------------- ...