Investment Rating - The report maintains an "Outperform" rating for the company [2][15]. Core Insights - The company's revenue in Q1 2025 was Rmb328 million, reflecting a year-over-year decline of 9.2% and a quarter-over-quarter decline of 36.2%. However, gross profit improved to Rmb77 million, with a gross profit margin of 23.5%, which is an increase of 11.17 percentage points year-over-year [3][13]. - The decline in revenue was primarily due to a drop in shipments of automotive ADAS LiDAR caused by a customer solution switch, while the overall margin improvement was driven by the high-margin Robotics segment [3][14]. - The company expects the EM series to reverse the growth slowdown in the automotive ADAS LiDAR segment, with new product launches anticipated to drive growth [4][14]. - The Robotics segment showed significant growth, with revenue increasing by 87.0% year-over-year in Q1 2025, indicating strong demand and potential for further expansion [5][14]. - The company forecasts revenues of Rmb2.366 billion, Rmb3.118 billion, and Rmb5.195 billion for 2025, 2026, and 2027, respectively, with an expected EPS of -0.42, 0.18, and 1.36 for the same years [6][15]. Summary by Sections Financial Performance - Q1 2025 revenue was Rmb328 million, down 9.2% YoY and 36.2% QoQ, with a gross profit of Rmb77 million and a gross margin of 23.5% [3][13]. - The net loss for the quarter was Rmb99 million, a decrease of 25.0% YoY and 24.3% QoQ, with a net margin of -30.1% [3][13]. Business Segments - The automotive ADAS LiDAR segment faced challenges with a revenue drop of 25.2% YoY, while the Robotics segment saw a revenue increase of 87.0% YoY [4][5]. - The company launched new products aimed at the Robotics market, which are expected to contribute significantly to revenue growth [5][14]. Future Outlook - The company anticipates a ramp-up in production for the EM series in Q4 2025, which is expected to help recover growth in the ADAS segment [4][14]. - The overall revenue growth is projected to accelerate, particularly in the Robotics segment, which is expected to see multiple-fold growth in 2025 [5][6].

Core Viewpoint - After one year of listing, SUTENG JUCHUANG (2498.HK) has not yet turned profitable but has identified a second growth curve through its robotics business. Financial Performance - In Q1 2025, SUTENG JUCHUANG reported total revenue of 328 million yuan, a year-on-year decline of 9.2%, while net loss narrowed by 24.4% to 98.786 million yuan [2] - The ADAS (Advanced Driver Assistance Systems) product line, which previously accounted for over half of revenue, saw a revenue decline of 25.2% to 229 million yuan, with sales down 16.8% to 96,700 units [2] Business Segments - The robotics product line experienced a remarkable growth with a sales increase of 183.3%, selling 11,900 units and generating revenue of 73.4 million yuan, marking an 87% revenue growth [3] - A strategic partnership with KUMA Technology for lawn mowing robots is expected to yield 1.2 million units over three years, setting a new industry order record [3] - The transition of automotive-grade lidar technology to the robotics sector has resulted in a significant increase in the gross margin of the robotics product line, contributing to an overall gross profit growth of 73.1% and an increase in gross margin by 11.2 percentage points to 23.5% [4] Market Expansion - SUTENG JUCHUANG has established partnerships with over 2,800 robot clients across various applications, capturing over 90% of the leading clients in the unmanned delivery sector [5] - The company is also collaborating with major Robotaxi firms such as Xiaoma Zhixing and Didi Autonomous Driving, indicating potential growth in the Robotaxi commercialization [5] Innovation and Development - The company has launched the Active Camera product as part of its AI robot strategy, extending its digital lidar technology applications [5] - SUTENG JUCHUANG is developing additional components like dexterous hands and solutions for upper and lower body operations in robotics, aiming to create a developer community through an open hardware and model strategy [5] Future Outlook - Despite challenges in the ADAS sector, the company remains optimistic about sales growth in 2025, with expectations of significant revenue increases in Q2 and strong competitiveness from newly launched products [6] - The robotics business currently accounts for only 22% of total revenue, raising questions about its ability to offset the downturn in the ADAS segment and the timeline for recovery in ADAS growth [6]

Summary of RoboSense Conference Call Company and Industry Overview - **Company**: RoboSense (速腾聚创) - **Industry**: Automotive LiDAR and Robotics Key Points and Arguments Market Position - RoboSense holds the **number one market share** in the global passenger car LiDAR market for 2024, with the **highest annual sales** of ADAS LiDAR and cumulative sales from 2018 to 2024 [2][5] - The global passenger car LiDAR market is projected to reach **8.61 billion USD** in 2024, with a **60% year-on-year growth** [4] Financial Performance - In Q1 2025, RoboSense reported a revenue of **328 million RMB**, with a **23.5% gross margin**, an increase of **11.2 percentage points** year-on-year [3][22] - The net loss narrowed by **24%**, improving from a loss rate of **36.2%** to **30.1%** [3][24] Product Development and Innovation - The company launched a new **digital vehicle LiDAR platform (EM platform)**, covering specifications from **96 lines to 2,160 lines** with a development cycle as short as **three months** [2][6] - RoboSense introduced the **EN Four**, the world's first **1,000-line long-range digital LiDAR**, and the **Emax** for L2+ driving assistance, showcasing significant technological advancements [2][6] Applications and Collaborations - LiDAR is widely used in **ADAS** and autonomous driving, with a **46% increase** in the number of vehicles equipped with LiDAR at the Shanghai Auto Show [2][7] - RoboSense collaborates with companies like **Didi Autonomous Driving** and **Pony.ai** to promote the development of **Robotaxi** services [2][10] International Expansion - As of March 2025, RoboSense has partnered with **30 global OEMs and Tier 1 suppliers**, securing over **100 model pre-installations** and achieving mass production for **38 models** [2][9] Robotics Market - The company has made significant strides in the **robotics market**, particularly in lawn care robots, with a strategic partnership with **Omate Technology** to deliver **1.2 million units** of automotive-grade solid-state digital LiDAR [2][12] - The global lawn mower robot market is expected to reach **3.9 billion USD** by 2029, with RoboSense positioned to capture a significant share [11][12] Future Outlook - The **Robotaxi market** is projected to reach approximately **480 billion RMB** by 2030, with RoboSense expected to see a **41% growth rate** in its Robotaxi business by 2026 [10][29] - The company anticipates a **doubling of ADAS shipments** in 2025, with a target of **3 million units** [28] Additional Important Insights - RoboSense's self-developed **SPAD SoC chip** significantly reduces costs by approximately **70%** compared to previous architectures, enhancing product competitiveness [4][33] - The company is focusing on integrating **AI with robotics**, launching products like the **AC One** camera for enhanced perception in robotic applications [15][35] - The company has established a robust ecosystem with over **2,800 clients** across various sectors, including logistics and industrial automation [13][14] This summary encapsulates the key developments and strategic directions of RoboSense as discussed in the conference call, highlighting its market leadership, financial performance, product innovations, and future growth prospects.

Core Viewpoint - RoboSense (02498) reported a strong Q1 2025 performance with significant improvements in profitability and revenue growth, driven by advancements in product structure and increased sales in its laser radar products [1][8] Financial Performance - Total revenue reached 330 million yuan, with a gross profit of 77 million yuan, marking a year-on-year increase of 73% and a gross margin of 23.5%, up 11.2 percentage points [1] - Net loss narrowed significantly to 98.786 million yuan, improving by 24.4% year-on-year [1] Product Performance - The company saw a substantial increase in sales of its robotic laser products, with 11,900 units sold, representing a year-on-year growth of 183.3% and revenue of 73 million yuan, up 87.2% [1] - The gross margin for core products improved, with ADAS product gross margin at 15.1%, up 4.5 percentage points, and robotic and other products' gross margin increasing by 23.1 percentage points [1] Market Position - RoboSense maintains a leading position in the ADAS laser radar market with a 26% global market share, recognized as the annual sales champion from 2018 to 2024 [3] - The company has secured over 100 mass production orders from 30 automotive manufacturers and tier-one suppliers, with 38 models achieving SOP [3] Growth Drivers - The ADAS laser radar product line has driven the company's growth over the past three years, with expectations for continued high growth due to increasing penetration of advanced driving assistance systems (ADAS) and the rapid development of Robotaxi services [4][5] - The company has established partnerships with over 2,800 robot clients across various applications, including industrial warehousing and delivery robots [5] Technological Advancements - RoboSense leads in patent filings, holding the top position in both the intelligent connected vehicle laser radar and robot perception system sectors [2] - The company is advancing its embodied intelligence strategy, collaborating with over 20 firms to promote the development and application of humanoid robots [6] Product Matrix - The launch of the EM platform has positioned RoboSense as a leader in the digital laser radar market, offering a comprehensive product matrix that can be customized to meet diverse market needs [7] - The company has received orders for 17 models from five global automotive manufacturers, showcasing its flexibility and responsiveness to market demands [7] Overall Outlook - RoboSense's robust performance in Q1 2025, coupled with its leadership in ADAS laser radar and rapid growth in new markets like humanoid robots, positions the company for scalable profitability and sustained growth [8]

Sales Performance - In Q1 2025, the company sold approximately 108,600 units of lidar products for ADAS applications, a decrease of 9.8% compared to Q1 2024, while sales for robotics and other lidar products increased by 183.3% to 11,900 units[4]. - Revenue from product sales decreased by 12.4% to RMB 302.3 million in Q1 2025 from RMB 345.1 million in Q1 2024, primarily due to a decline in sales of ADAS-related products[16]. - Sales revenue from ADAS-related LiDAR products dropped 25.2% to RMB 228.9 million in Q1 2025, with unit sales decreasing from approximately 116,200 units to 96,700 units[16]. - Revenue from robotics and other applications increased to RMB 73,403 thousand, up 87.2% from RMB 39,246 thousand in the prior year[45]. Financial Performance - The company's revenue for Q1 2025 was RMB 327,842,000, a decrease of 9.2% from RMB 360,969,000 in Q1 2024, while gross profit increased to RMB 77,010,000, resulting in a gross margin of 23.5% compared to 12.3% in the previous year[6]. - The company reported a net loss of RMB 98,786 thousand for Q1 2025, an improvement from a net loss of RMB 130,671 thousand in Q1 2024[14]. - Adjusted net loss for Q1 2025 was RMB 90.7 million, compared to RMB 84.1 million in Q1 2024, reflecting an increase of 8.5% year-over-year[26]. - Basic and diluted loss per share for Q1 2025 was RMB 0.22, an improvement from RMB 0.31 in Q1 2024[30]. - The group reported a net loss attributable to shareholders of RMB 99,593 thousand for the three months ended March 31, 2025, compared to a loss of RMB 131,786 thousand in the same period of 2024[49]. Research and Development - R&D expenses for Q1 2025 were RMB 144.9 million, a decrease of 2.5% from RMB 148.6 million in Q1 2024, with R&D expenses (excluding share-based compensation) rising to 42.7% of revenue[21]. - The company is focusing on AI algorithms and hardware technology innovation to strengthen its leading position in the ADAS and robotics industries[13]. - The company has established partnerships with over 20 embodiment robotics companies to promote the development and commercialization of embodied intelligence[13]. Product Development - The company launched the world's first 1080-line ultra-long-range digital lidar EM4 in January 2025, capable of detecting distances up to 600 meters[4][7]. - In April 2025, the company introduced the new generation digital lidar EMX, featuring 192 lines and a detection range of 300 meters, with a point cloud output of 2.88 million points per second[8]. - The company launched two new solid-state digital LiDAR products, E1R and Airy, specifically designed for robotic applications[11]. - The company has developed a comprehensive digital lidar product matrix, allowing for customization based on market needs, with a development cycle of approximately three months[7]. Market Position and Partnerships - As of March 31, 2025, the company secured mass production orders for over 100 vehicle models from 30 automotive manufacturers and tier-one suppliers, achieving SOP for 38 models from 12 customers[4][8]. - The company has established partnerships with over 90% of key players in the Robotaxi and Robotruck markets, with six companies signing formal mass production cooperation agreements[9]. - The company secured exclusive partnerships with two leading global lawn mower robot clients, aiming to deliver 1.2 million automotive-grade solid-state LiDAR units over the next three years[10]. - The total number of clients surpassed 2,800, with over 90% market share in the unmanned delivery sector, collaborating with top companies in the industry[12]. Asset and Liability Management - The total assets of the company as of March 31, 2025, amounted to RMB 4,899,432,000, an increase from RMB 4,139,138,000 as of December 31, 2024[6]. - The total current assets increased to RMB 4,416,178 thousand as of March 31, 2025, compared to RMB 3,644,015 thousand at the end of 2024[15]. - The company’s total liabilities decreased to RMB 1,008,192 thousand as of March 31, 2025, down from RMB 1,065,959 thousand at the end of 2024[15]. - Trade receivables increased to RMB 445,070 thousand as of March 31, 2025, from RMB 410,611 thousand as of December 31, 2024, representing a growth of 8.4%[52]. Cash Flow and Expenses - Operating cash outflow for Q1 2025 was RMB 462.9 million, compared to RMB 219.8 million in Q1 2024, indicating a worsening cash flow situation[27]. - Cash and cash equivalents, along with restricted cash and time deposits, totaled RMB 3.2 billion as of March 31, 2025, up from RMB 2.8 billion at the end of 2024[27]. - General and administrative expenses increased by 6.0% to RMB 40.6 million in Q1 2025, with the percentage of these expenses to revenue rising to 11.9%[23]. - Sales and marketing expenses for Q1 2025 were RMB 28.1 million, a slight decrease of 0.9% from RMB 28.4 million in Q1 2024[22]. Future Outlook - The company is expected to see growth in the Robotaxi market as it transitions from testing to large-scale production, driven by increased demand for digital lidar products[9]. - The company anticipates continued growth in its financial performance, driven by strategic initiatives and market expansion efforts[60].

Market Overview - On May 28, the Hang Seng Index fell by 0.53%, closing at 23,258.31 points, while the net inflow of southbound funds through the Stock Connect amounted to HKD 3.578 billion [1][4] - The total trading volume for the Stock Connect on the same day was HKD 75.205 billion, with a net buying of HKD 3.578 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 49.972 billion with a net buying of HKD 3.924 billion, while in the Shenzhen Stock Connect, the trading volume was HKD 25.233 billion with a net selling of HKD 0.346 billion [1] - The most actively traded stock in the Shanghai Stock Connect was Xiaomi Group-W, with a trading volume of HKD 4.316 billion, followed by Pop Mart and Alibaba-W with trading volumes of HKD 2.529 billion and HKD 1.850 billion, respectively [1][3] - In terms of net buying, Meituan-W led with a net inflow of HKD 0.780 billion, despite its closing price dropping by 0.53%. Xiaomi Group-W had the highest net selling of HKD 0.716 billion, closing up by 0.39% [1][3] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Xiaomi Group-W also topped the trading volume with HKD 1.977 billion, followed by Alibaba-W and Pop Mart with HKD 1.163 billion and HKD 1.054 billion, respectively [2] - Meituan-W recorded the highest net buying in the Shenzhen market with HKD 0.295 billion, while Hang Seng China Enterprises had the largest net selling of HKD 0.430 billion, closing down by 0.32% [2]

Group 1 - The Hang Seng Index fell by 0.55%, down 131 points, closing at 23,695 points, while the Hang Seng Tech Index decreased by 0.66% [1] - The early trading volume in Hong Kong stocks reached HKD 1,076 million [1] - Robot-related stocks were active, with DCH Holdings (00179) rising nearly 6% and SUTENG (02498) increasing over 2% due to the upcoming CMG World Robot Competition [1] Group 2 - Eucan Vision Bio-B (01477) surged over 18% after OT-703 was approved for real-world research in Boao, Hainan [2] Group 3 - Smoore International (06969) rose over 5% as Glo Hilo is set to launch in Japan, with positive feedback from the trial market for heated non-combustible products [3] - Youjia Innovation (02431) increased over 5% after its L4 autonomous driving minibus received project designation, following a series of product showcases at the Shanghai Auto Show [3] Group 4 - Maanshan Iron & Steel (00323) saw a rise of over 7% as the steel industry showed improving performance in Q1, with institutions noting a marginal improvement in the sector's fundamentals [4] - InnoCare Pharma (02577) surged over 15% due to a partnership with NVIDIA for the next-generation 800V power architecture, drawing attention to third-generation semiconductors [4] Group 5 - Gu Ming (01364) increased by 4.5%, reaching a new high, with expectations of being included in the Hong Kong Stock Connect next month and a projected net increase of over 2,000 stores for the year [5] Group 6 - Dekang Agriculture and Animal Husbandry (02419) rose over 7%, with stock prices hitting a new high as institutions are optimistic about the company's valuation recovery potential [6] Group 7 - Gome Retail (06808) saw an early rise of nearly 7%, reporting a turnaround with a profit of RMB 410 million for the year, while Dehong Capital will promote the development of various store formats [7] - New Town Development (01030) fell over 3% amid reports of plans to issue guaranteed bonds domestically, aiming to raise RMB 1.5 to 2 billion [7] - Alibaba Health (00241) dropped over 4%, despite a year-on-year profit increase of over 62%, with analysts stating that profits did not meet expectations [7]

港股机器人板块走强，小米集团(01810.HK)涨近3%，速腾聚创(02498.HK)涨超2%，微创机器人 (02252.HK)、美的集团(00300.HK)等跟涨。 ...

内容概况：激光雷达作为一种综合的光探测与测量系统，通过发射与接收激光束，分析激光遇到目标对 象后折返的时间差或相位差，确定目标对象距离。近年来，随着智能化技术的持续突破和升级，受无人 驾驶车队规模扩张、高级辅助驾驶中激光雷达应用渗透率提升、以及机器人及智慧城市建设等领域需求 的推动，激光雷达整体市场呈现高速发展态势。数据显示，2024年中国激光雷达市场规模约为139.6亿 元。国内激光雷达厂商在技术创新和成本优化方面实现重大突破，以速腾聚创、禾赛科技为代表的行业 领军企业通过架构革新和量产规模效应，显著降低了激光雷达的生产成本，为其在多元化场景的普及应 用创造了有利条件。此外，激光雷达的应用领域不断拓宽，从最初的无人驾驶扩展到智能交通、机器 人、测绘等多个行业。特别是在无人驾驶领域，激光雷达作为关键感知设备，其高精度、强感知能力的 优势得到了广泛认可。预计2026年中国激光雷达市场规模将增长至431.8亿元。 相关上市企业：速腾聚创（02498）、长光华芯（688048）、光库科技（300620）、炬光科技 （688167）、天孚通信（300394）、福晶科技（002222）、腾景科技（688195）、锐科激 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that SUTENG JUCHUANG (02498) is expected to experience significant revenue growth from 2025 to 2027, with projected revenues of 2.62 billion, 3.66 billion, and 4.70 billion yuan respectively, while the net profit is forecasted to be -238 million, 106 million, and 320 million yuan respectively. The company is currently not profitable, leading to a PS valuation method being employed for its assessment [1]. Group 1 - The company is rapidly leading the global LiDAR industry, focusing on providing quality solutions in the field of embodied intelligence. The sales of LiDAR products have seen a non-linear high growth, confirming the explosive demand from automotive companies for LiDAR configurations under the trend of increasing intelligence [2]. - In 2024, the total sales of LiDAR products are expected to reach approximately 544,000 units, representing a significant year-on-year increase of 109.6%. The sales of LiDAR products for ADAS applications are projected to be around 520,000 units. The company is expected to maintain a leading market share of 26% in 2024, ranking first globally [2]. - The product matrix of the company is comprehensive, covering various technical paths including mechanical, semi-solid, and solid-state LiDAR, with performance ranging from short to ultra-long distances and low to high beam configurations. This allows the company to meet a wide range of demands across different price segments [2]. Group 2 - The first driving force is the end-to-end vehicle integration and equalization of intelligent driving. The previous debate over LiDAR configurations in vehicles has been influenced by Tesla's insistence on a pure vision and neural network approach. With advancements in computing power and the maturity of end-to-end algorithms, the integration of multi-sensor fusion with pure vision is becoming more feasible [3]. - The LiDAR industry is expected to enter the "thousand-yuan machine era" by 2025, with prices dropping to the range of 25,000 to 30,000 yuan. This price reduction is anticipated to significantly increase the configuration rate of LiDAR as an "invisible safety airbag" for autonomous driving [3]. - The global market for LiDAR in passenger vehicles is estimated to reach approximately 7 billion yuan by 2025, with the Chinese market accounting for about 6.3 billion yuan. The overseas market is expected to gradually open up and grow rapidly, representing an important direction for LiDAR's incremental growth [3]. Group 3 - The second driving force is the strategic positioning of the robotics technology platform. The company focuses on the development of incremental components such as robotic vision and dexterous hands, launching solutions based on hand-eye coordination for upper body operations and lower body mobility [4]. - The year 2025 is viewed as the year of mass production for humanoid robots, with companies like Tesla aiming to produce 5,000 units of Optimus this year, and domestic companies like Zhiyuan Robotics achieving deliveries in the thousands [4]. - In the niche market of robotic lawn mowers, the demand for LiDAR products is projected to exceed 400,000 units by 2025 and is expected to surpass 900,000 units by 2028 [4].