Core Viewpoint - SUTENG JUCHUANG (2498.HK) reported a significant increase in revenue and laser radar sales in its 2024 financial results, indicating strong market positioning and growth potential in the automotive and robotics sectors [2][3]. Financial Performance - Total revenue for 2024 was approximately 1.65 billion yuan, representing a year-on-year growth of 47.2% [2]. - The overall gross margin for the year was about 17.2%, with the fourth quarter gross margin rising to 22.1% [2]. - Adjusted net loss for the year was approximately 396 million yuan, a decrease of about 8.9% compared to the previous year [2]. Sales and Market Position - Total sales of laser radar units reached approximately 544,000 units in 2024, marking a year-on-year increase of about 109.6% [2]. - Sales of laser radar products for Advanced Driver Assistance Systems (ADAS) were approximately 519,000 units, reflecting a year-on-year growth of 113.9% [2]. - SUTENG JUCHUANG held a market share of 33.5%, ranking first in the laser radar supplier installation volume for 2024 [2]. Business Development - As of December 31, 2024, the company secured mass production orders for 95 models from 28 automotive manufacturers and tier-one suppliers, achieving SOP for 32 models for 12 clients [2]. - The company has established partnerships with over 310 global automotive manufacturers and tier-one suppliers, with the number of designated models exceeding 100 [2]. Industry Trends - The adoption of laser radar technology is expanding from vehicles priced above 200,000 yuan to those priced around 100,000 yuan, driven by decreasing costs and improved performance [3]. - The price of laser radar has dropped from around 70,000-80,000 USD to below 200 USD, primarily due to advancements in chip technology [3]. - The CEO of SUTENG JUCHUANG emphasized that robotics will be a significant application area, potentially ten times larger than the automotive market [3]. R&D Investment - In 2024, the company invested approximately 620 million yuan in R&D, with about 250 million yuan allocated to innovative business areas such as AI robotics [3]. - Future plans include integrating "hands" and "eyes" systems to enhance robotic capabilities for various applications, including flexible manufacturing and household tasks [3].

Core Viewpoint - SUTENG JUCHUANG reported a significant revenue growth and narrowing losses in its 2024 annual results, indicating a positive outlook for the laser radar and robotics markets [1][2]. Financial Performance - Total revenue for 2024 reached approximately 1.65 billion RMB, a year-on-year increase of 47.2% [1] - Adjusted net loss was about 396 million RMB, an improvement of approximately 8.9% compared to the previous year [1] - Overall gross margin stood at around 17.2% [1] - Total R&D investment for the year was approximately 620 million RMB [1] - Laser radar sales volume reached about 544,000 units, representing a year-on-year growth of approximately 109.6% [1] Market Trends - The CEO highlighted a growing trend in the laser radar business, particularly from the emerging robotics market [1] - The wave of intelligent driving in mass-produced passenger vehicles is expected to expand globally from China, with major overseas automakers anticipated to adopt advanced driving assistance systems in the next two years [1] - The introduction of dual suppliers by some automakers is seen as a strategy to ensure supply chain security, which could benefit the laser radar industry [1] Strategic Developments - SUTENG JUCHUANG is focusing on developing a general-purpose robotics platform and has established strategic partnerships with over ten humanoid robot companies globally [1][2] - The company has launched a second-generation dexterous hand and plans to achieve mass production readiness within the year [2] - As of December 31, 2024, the company has served approximately 2,800 clients in the robotics and non-automotive sectors [2] Future Outlook - The internal target remains to achieve quarterly breakeven in the laser radar segment in the second half of this year, with a goal of achieving full-year profitability by 2026 [2] - The company has established the "MARS Intelligent Manufacturing Headquarters" in the Shenzhen-Shanwei Special Cooperation Zone, covering a total area of approximately 146,000 square meters [2]

Summary of the Conference Call for SUTENG JUCHUANG Company Overview - **Company**: SUTENG JUCHUANG - **Industry**: LiDAR and Robotics Key Financial Performance - In 2024, SUTENG JUCHUANG achieved total revenue of approximately 1.646 billion RMB, a significant increase of 47.2% year-on-year [3] - The total sales of LiDAR units reached 544,000, representing a year-on-year growth of 109% [3] - Sales of automotive-grade LiDAR for ADAS (Advanced Driver Assistance Systems) reached 519,800 units, up 113.9% year-on-year [3] - The gross margin for the year was 17.2%, with a quarterly increase trend, reaching 22.1% in Q4 [3][4] - Adjusted net profit for the year was approximately 390 million RMB, a decline of about 9% compared to 2023, primarily due to increased R&D investments [3][4] Business Segments and Developments - **LiDAR Business**: - The business includes automotive, Robotaxi, and embodied intelligence applications [3][5] - Transitioning from MEMS mirror solutions to Excelon plus VPM solutions, with plans for all-solid-state LiDAR development [3][5] - **Robotics**: - Focus on humanoid robots and dexterous hands, with a broad layout in the robotics field [3][9] - Active Camera products combine LiDAR and camera technology for enhanced perception and SLAM capabilities [10] Market Competition - In the domestic market, SUTENG JUCHUANG competes with Huawei and Baidatong, while Galeo is the main competitor in overseas markets [6] - The company has advantages in cost control and mass production capabilities compared to its competitors [6] Product Matrix and Technology - The product matrix ranges from 16-line to 1,080-line LiDAR systems, with new products like the Airi series and EM4 [7] - The MX product is priced under 200 USD, enhancing profitability compared to the MED series [7] Future Performance Expectations - For 2025-2026, the company expects significant performance elasticity with increased shipment volumes, particularly in smart driving and robotics [8] - Projected revenue for 2025 is approximately 2.6 billion HKD, with a valuation range of 20 billion to 25 billion HKD [19] Sales Projections for ADAS - Expected ADAS sales in 2025 are around 520,000 units, with contributions from various manufacturers like BYD, Zeekr, and GAC [15][16][17] Robotics Market Impact - The robotics sector, particularly the lawnmower robot market, is expected to drive growth, with sales projected to increase from 24,400 units to 134,500 units [18] Market Outlook - The LiDAR market is anticipated to exceed 40 billion HKD for automotive-grade products and over 20 billion HKD for robotics [20] - SUTENG JUCHUANG is positioned in the first tier of competitive companies, with potential access to a market space exceeding 50 billion [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][14]. Core Insights - The company's performance in 2024 aligns with expectations, showing a significant improvement in gross margin and a reduction in operating expenses [11]. - The company is transitioning from being a leader in automotive lidar to a platform leader in robotics and AI, with a focus on the development of new products like AC1 and AI-Ready ecosystems [11]. - Revenue projections for 2025 to 2027 are estimated at 2.68 billion, 4.23 billion, and 5.58 billion RMB respectively, with net profits expected to turn positive by 2026 [4][9]. Financial Performance Summary - In 2024, the company reported total revenue of 1.65 billion RMB, a year-over-year increase of 47.2%, with a gross margin of 17.2% [10]. - The total expenses for 2024 were approximately 220 million RMB, with a total expense ratio of 54.0%, down 41.3 percentage points year-over-year [3]. - The company’s net loss for 2024 was 482 million RMB, a significant reduction from the previous year, indicating improved operational efficiency [10][11]. Revenue and Profit Forecast - The company forecasts revenues of 2.68 billion RMB in 2025, 4.23 billion RMB in 2026, and 5.58 billion RMB in 2027, with corresponding net profits of -268 million, 171 million, and 582 million RMB [4][9]. - The projected price-to-sales (P/S) ratios for the years 2025, 2026, and 2027 are 6.2, 3.93, and 2.98 respectively, indicating a favorable valuation trend [4][9]. Expense Management - The company has optimized its expense structure, with the sales expense ratio decreasing to 6.1% in 2024, down 1.2 percentage points year-over-year [3]. - The management expense ratio for 2024 was 9.1%, a decrease of 2.7 percentage points year-over-year, reflecting improved cost control [3]. - The R&D expense ratio was 33.6% for 2024, down 4.6 percentage points year-over-year, indicating a strategic focus on efficiency [3].

业绩简评 费用端：三费率逐季度优化，单季度三费支出约 2.2 亿元。 1）总量端：24 全年公司三费率合计为 54.0%，yoy-41.3pct， 公司现有超 1,500 名员工，相比 23 年报 1,324 人增员约 13.3%。2）结构端：1）销售费率 24 全年 6.1%，yoy-1.2pct； 24Q1-4 分别为 7.9%/7.8%/6.5%/5.2%；2）管理费率 24 全 年 9.1% ， yoy-2.7pct ； 24Q1-4 分别为 10.6%/12.0%/8.9%/8.8%；3）研发费率 24 全年 33.6%，yoy- 4.6pct；24Q1-4 分别为 41.2%/45.0%/37.2%/29.3%。 盈利预测、估值与评级 预计公司 25~27 年营业收入分别为 26.8/42.3/55.8 亿元，归 母净利润分别为-2.68/1.71/5.82 亿元。公司股票现价对应 PS 估值为 6.2/3.9/3.0 倍，维持"买入"评级。 风险提示 智驾技术路线改变风险；智驾渗透率提升不及预期风险；激 光雷达降本速度不及预期风险；国际局势影响海外销售风险。 0 500 1,000 1,500 ...

Core Viewpoint - SUTENG JUCHUANG (2498.HK) reported a net loss of 396 million yuan for 2024, although the loss has narrowed compared to the previous year. The company emphasizes high growth in its business and innovation initiatives [1][7]. Financial Performance - In 2024, SUTENG JUCHUANG sold approximately 544,200 units of LiDAR, achieving the highest market share with a year-on-year growth of about 109.6%. The total revenue for the year was approximately 1.65 billion yuan, representing a year-on-year increase of 47.2% [1][9]. - The gross profit for the year was 280 million yuan, with an overall gross margin increasing to 17.2%, up 8.8 percentage points from 2023. The adjusted net loss of 396 million yuan decreased by approximately 8.9% compared to the previous year [7][9]. Research and Development - SUTENG JUCHUANG's total R&D investment for 2024 was approximately 620 million yuan, with about 250 million yuan allocated to innovation projects, accounting for 41.0% of total R&D expenses. The innovation focus is on robotics and AI technologies [3][19]. - The company aims to achieve quarterly breakeven in the LiDAR segment by the second half of 2024, with a target for overall profitability by 2026 [5][8]. Market Strategy - The company is pursuing a dual strategy of technological equity and upward technology advancement. It has introduced a LiDAR product priced below $200, aimed at making advanced driving assistance systems (ADAS) accessible for vehicles priced under 150,000 yuan [11][12]. - SUTENG JUCHUANG has established partnerships with over 10 humanoid robot companies globally and is focusing on developing components like Active Camera and dexterous hands for robotics [19][21]. Competitive Landscape - The LiDAR market is becoming increasingly competitive, but SUTENG JUCHUANG is positioned as a leader with a comprehensive product matrix and rapid product development cycles, reducing the development time for new products to three months [10][18]. - The average selling price of ADAS products decreased from 3,200 yuan in 2023 to 2,600 yuan in 2024, while the price for LiDAR used in robotics dropped from 11,200 yuan to 8,100 yuan [16][17]. International Expansion - The company has secured partnerships with eight overseas and joint venture brands, with plans to increase its international market revenue share. Notably, it has gained contracts with all top three Japanese automakers [18][19].

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 ...

Financial Performance - Revenue increased by 47.2% from RMB 1,120.1 million in 2023 to RMB 1,648.9 million in 2024[6] - Gross profit surged by 202.8% from RMB 93.6 million in 2023 to RMB 283.6 million in 2024, with overall gross margin rising from 8.4% to 17.2%[6] - The company achieved a significant reduction in net loss from RMB 4,330.97 million in 2023 to RMB 481.81 million in 2024[5] - Total revenue increased by 47.2% from RMB 1,120.1 million in 2023 to RMB 1,648.9 million in 2024, primarily driven by increased product sales[26] - Revenue from product sales rose by 59.2% from RMB 963.5 million in 2023 to RMB 1,533.7 million in 2024, with ADAS application products contributing significantly[26] - The company reported a net loss of RMB 18,826,000 from other losses, compared to a net loss of RMB 10,296,000 in 2023[75] - The company recorded a loss attributable to owners of the company of RMB (481,827,000) for the year ended December 31, 2024, compared to RMB (4,336,629,000) in 2023[86] Product Sales and Market Growth - Sales of LiDAR products for ADAS applications grew by 71.8%, from RMB 777.1 million in 2023 to RMB 1,335.3 million in 2024[9] - The sales volume of LiDAR products reached approximately 544,200 units for automotive applications, a 109.6% increase compared to 2023[6] - Revenue from solutions decreased by 11.0% from RMB 110.1 million in 2023 to RMB 98.0 million in 2024, despite an increase in the number of delivered projects[30] - Revenue from services and others dropped significantly by 63.1% from RMB 46.5 million in 2023 to RMB 17.2 million in 2024, mainly due to a reduction in completed technical service projects[30] - The company has established partnerships with over 310 automotive OEMs and Tier 1 suppliers as of December 31, 2024[9] - The company has established partnerships with eight overseas and joint venture brands, covering markets in Europe, North America, and Asia-Pacific, with expectations for increased revenue from international markets[17] Research and Development - The company operates three R&D centers in Shenzhen, Shanghai, and Suzhou, focusing on innovation in LiDAR, robotics, and semiconductor technology[12] - The company is developing a series of digital LiDAR products for the robotics market, including the Robo-FSD solution for autonomous movement[10] - Research and development expenses decreased by 3.1% from RMB 635.1 million in 2023 to RMB 615.4 million in 2024, with R&D personnel increasing from 563 to 637[33] - The company is focused on developing advanced driver assistance systems (ADAS) and has made significant investments in research and development[108] - The second-generation robotic hand, Papert 2.0, features 20 degrees of freedom and 14 force sensors, showcasing the company's commitment to innovation in robotics technology[22] Manufacturing and Production - The company operates three manufacturing centers, two in Shenzhen and one in Shenshan, and has invested in a manufacturing center in Dongguan through a joint venture, enhancing its production capabilities for large-scale manufacturing and delivery[13] - The company has initiated mass production of its products, transitioning from development and testing to manufacturing and commercialization[105] Financial Position and Assets - Total assets increased from RMB 3,271.5 million in 2023 to RMB 4,139.1 million in 2024[5] - Total current assets increased from RMB 2,826.7 million in 2023 to RMB 3,644.0 million in 2024, while total liabilities decreased from RMB 12,341.3 million to RMB 1,066.0 million[24] - Cash and cash equivalents, restricted cash, and time deposits increased to RMB 2,841.2 million as of December 31, 2024, from RMB 1,835.5 million as of December 31, 2023[44] - The company's equity improved to RMB 3,073,179 thousand in 2024, recovering from a deficit of RMB 9,069,839 thousand in 2023[58] - Trade receivables decreased significantly to RMB 462,189 thousand in 2024 from RMB 678,265 thousand in 2023, a decline of 31.9%[57] Strategic Initiatives and Future Outlook - Despite reporting a loss during the period, the company aims for long-term business success and financial returns by expanding in the rapidly growing LiDAR and robotics solutions market, focusing on core technology investment and supply chain capabilities[14] - The company is actively pursuing opportunities for mergers and acquisitions to strengthen its market position and technological capabilities[108] - The company plans to allocate approximately 20% of the net proceeds from the December 2024 placement (RMB 54.2 million) for exploring potential strategic partnerships[51] Corporate Governance and Compliance - The company has complied with the corporate governance code since its listing date, with a recent change in the CEO position[96] - The company emphasizes the importance of internal controls and accounting policies in its financial reporting processes[100] - The audit committee, consisting of non-executive and independent directors, has reviewed the consolidated financial statements during the reporting period[100]

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]

速腾聚创系列 车中旭霞 行业深度 《 汽车前瞻研究系列十六-激光雷达的市场空间、技术路线及产业链拆解 》——20220127 公司深度 《 速腾聚创（02498.HK）-激光雷达自主龙头企业，致力于成为全球领先的机器人技术平台公司》——20250326 核心观点 激光雷达及感知解决方案领导者，致力于成为全球领先的机器人技术平台公司 速腾聚创是一家以AI驱动的机器人技术公司，围绕AI、芯片、硬件三大技术领域进行布局。 2014-2024年，汽车智能 驾驶加速推进，公司成为激光雷达及感知解决方案领导者（车、机器人）；2024年后，公司着力为AI机器人提供核心 增量部件（传感器、灵巧手、控制器等）。 2024年前三季度，公司营收11.8亿元，同比增长89%，净亏损-3.5亿元（23 年同期净亏损-11.3亿元），公司主营业务占比为ADAS产品（83%）、机器人及其他（11.7%）、感知解决方案 （5.1%）、服务及其他（0.5%）。 激光雷达领域，四类平台产品构建丰富矩阵，客户结构多元优质 行业端， 2024年中国乘用车激光雷达搭载率突破5%关键节点，产业链日趋成熟，2025年起伴随BYD（天神之眼）、 零跑、长安 ...