Financial Performance - For the fiscal year 2024, RoboSense Technology Co., Ltd achieved total revenue of RMB 1.6489 billion, representing a significant year-on-year growth of approximately 47.2%[8] - Revenue for 2023 reached RMB 1,120,149 thousand, a significant increase from RMB 530,322 thousand in 2022, representing a growth of approximately 111%[21] - Total revenue increased by 47.2% from RMB 1,120.1 million for the year ended December 31, 2023, to RMB 1,648.9 million for the year ended December 31, 2024, primarily due to increased product sales[42] - Revenue from ADAS applications increased significantly by 71.8% from RMB 777.1 million in 2023 to RMB 1,335.3 million in 2024[1] - Revenue from lidar products for robotics and other industries grew by 6.4% from RMB 186.5 million in 2023 to RMB 198.5 million in 2024[1] - The adjusted net loss for 2024 was approximately RMB 395.6 million, a decrease of about 8.9 percentage points compared to the adjusted net loss of RMB 434.2 million in 2023[9] - Net loss decreased from RMB 4,330.97 million in 2023 to RMB 481.81 million in 2024[38] - Total operating loss improved from RMB 940.6 million in 2023 to RMB 584.2 million in 2024[38] Product Sales and Market Expansion - The company sold approximately 544,200 units of LiDAR, a year-on-year increase of 109.6%, with 519,800 units specifically for ADAS applications, marking a 113.9% increase[8] - The company launched a cost-effective LiDAR product, MX, priced under $200, which has secured partnerships with multiple automotive manufacturers[12] - As of March 31, 2025, RoboSense has established close collaborations with 30 global automotive manufacturers and first-tier suppliers, with over 100 designated vehicle models[13] - The company has expanded its international market presence, securing partnerships with 8 overseas and joint venture brands, covering Europe, North America, and the Asia-Pacific region[14] - RoboSense's L3/L4 ADAS and Robotaxi commercialization is accelerating, with multiple LiDAR units per vehicle becoming a trend in the market[15] - The company has signed formal mass production agreements with 6 major global Robotaxi and Robotruck manufacturers[15] - The company has served over 2,800 clients in the robotics and non-automotive sectors by the end of 2024, establishing partnerships with major clients in industrial warehousing and autonomous delivery[16] Research and Development - Investment in innovative business areas amounted to approximately RMB 250 million, accounting for 41% of the total R&D expenses, an increase of about RMB 130 million from 2023[9] - Research and development expenses for 2023 were RMB 635,112 thousand, reflecting a continued investment in innovation despite a slight decrease from RMB 615,434 thousand projected for 2024[21] - Research and development expenses were RMB 615.4 million in 2024, slightly decreased from RMB 635.1 million in 2023[38] - The company plans to launch the Active Camera platform product AC1 in March 2025, integrating LiDAR, cameras, and IMU for enhanced robotics applications[18] - The company plans to launch a series of digital lidar products targeting the robotics market, including the Robo-FSD solution for autonomous movement[29] Financial Position and Cash Flow - The total assets of the company as of December 31, 2023, were RMB 3,271,453 thousand, with total liabilities amounting to RMB 12,341,292 thousand[24] - Cash and cash equivalents, restricted cash, and time deposits increased from RMB 1,835.5 million as of December 31, 2023, to RMB 2,841.2 million as of December 31, 2024[64] - Total bank borrowings amounted to RMB 149.4 million as of December 31, 2024[66] - Current ratio improved significantly from 23.1% as of December 31, 2023, to 399.9% as of December 31, 2024, due to the conversion of preferred shares to ordinary shares[69] - The company maintains sufficient cash and cash equivalents to manage liquidity risk effectively[103] Employee and Corporate Governance - The total number of employees as of December 31, 2024, is 1,534, with total employee benefits during the reporting period amounting to RMB 707.6 million[76] - The company has established a comprehensive employee training and development system to enhance employee knowledge and expertise in key business areas[76] - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence and effective decision-making[200] - The company is committed to compliance with all relevant regulations regarding related party transactions as stipulated in the listing rules[137] - The company has adopted the principles and code provisions of the corporate governance code as the basis for its corporate governance practices[193] Shareholder and Equity Incentives - The stock incentive plan allows for a maximum issuance of 19,480,630 shares, representing approximately 4.13% of the total issued shares as of the report date[142] - A total of 216,607 restricted stock units were granted to eligible participants on July 5, 2024, with a vesting period of 12 months, set to vest on July 5, 2025[156] - The total number of restricted stock units granted during the reporting period was 216,607, with 9,760 units canceled or forfeited[157] - The company has the authority to terminate, amend, or modify the share incentive plan as necessary, subject to applicable laws and regulations[153] Risks and Compliance - The company faces significant risks including ongoing net losses and potential cash flow issues, which may impact future growth[95] - The company is exposed to foreign exchange risks primarily related to the fluctuation between the RMB and USD[98] - The company has not engaged in hedging activities during the reporting period to manage financial risks[97] - There were no significant violations of applicable laws and regulations that had a major impact on the company's business and operations during the reporting period[122]

记者在现场注意到，各家企业秀出"十八般武艺"，有会弹钢琴的人形机器人、能冲咖啡的协作机械臂、 弹跳力十足的机器狗和能歌善舞的"火星美女"机器人等，如同现实版的"机器人总动员"。 深圳机器人产业链正加速形成集群效应。4月24日至26日，由深圳市工业和信息化局指导，中国科学院 深圳先进技术研究院和深圳市机器人协会联合举办的首届机器人全产业链接会（FAIR plus 2025）在深 圳召开。 4月25日，深圳市机器人协会相关负责人向经济观察报记者表示，在工业机器人领域，深圳拥有控制系 统、伺服电机、精密减速器等上游核心零部件厂商；在非工业机器人领域，深圳拥有激光雷达、芯片、 舵机、移动底盘等大量核心零部件制造商；在人形机器人领域，平均每一个机器人就有60%至70%的硬 件由深圳及其周边城市的产业链企业提供。 寻找"确定性"场景 据了解，此次大会是深圳市目前举办的规模最大、品类最多的机器人产业成果展，共有180余家产业链 企业参与展出。其中，"人形机器人第一股"优必选（09880.HK）、"协作机器人第一股"越疆 （02432.HK）、"小巨人"企业乐聚机器人、普渡机器人、帕西尼感知科技、逐际动力，及来自杭州的 宇树 ...

Group 1 - RoboSense CEO Qiu Chunchao attended the SAIC Volkswagen Brand Day event during the Shanghai Auto Show on April 25, 2025 [1] - A strategic cooperation agreement was signed between SAIC Volkswagen and representatives from companies including Baidu, Alibaba Cloud, and CATL [1]

Core Insights - RoboSense has launched a customizable digital lidar platform that supports up to 2160 lines, catering to various industries including smart vehicles and robotics [1] - The new platform includes one-dimensional, two-dimensional, and array scanning capabilities, allowing for rapid adaptation to market needs [1] - In 2023, RoboSense has introduced multiple new products, including the E1R and Airy for service robots, as well as the EM4 and EMX for automotive applications [1]

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 公司点评 《 速腾聚创（02498.HK）- 2024年收入同比增长47%，致力于成为全球领先的机器人技术平台公司》——20250411 核心观点 2024年公司实现营业收入16.5亿元，同比增长47% 2024年，速腾聚创实现总收入为16.5亿元，同比+47.2%，净利润为-4.8亿元，2023年为-43.4亿元，其中2024年金融工 具公允价值变动为-280万元（2023年为-34.7亿元），2024年经营亏损5.8亿元，相比2023年的9.4亿元收窄。2024年， 1）用于ADAS的产品收入13.4亿元，同比+71.84%，ADAS激光雷达销量51.98万台，同比+114%；2）用于机器人及其 他的产品收入为1.98亿元，同比增长6.4%，用于机器人及其他产品的激光雷达销量2.44万台，同比+47%。 研发与经营活动降本增效，毛利率同比提升 2024年， ...

《 速腾聚创（02498.HK）- 2024年收入同比增长47%，致力于成为全球领先的机器人技术平台公司》——20250411 核心观点 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 公司点评 2024年公司实现营业收入16.5亿元，同比增长47% 2024年，速腾聚创实现总收入为16.5亿元，同比+47.2%，净利润为-4.8亿元，2023年为-43.4亿元，其中2024年金融工 具公允价值变动为-280万元（2023年为-34.7亿元），2024年经营亏损5.8亿元，相比2023年的9.4亿元收窄。2024年， 1）用于ADAS的产品收入13.4亿元，同比+71.84%，ADAS激光雷达销量51.98万台，同比+114%；2）用于机器人及其 他的产品收入为1.98亿元，同比增长6.4%，用于机器人及其他产品的激光雷达销量2.44万台，同比+47%。 研发与经营活动降本增效，毛利率同比提升 2024年， ...

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company aims to become a global leader in the robotics technology platform, achieving a revenue of 1.65 billion RMB in 2024, a year-on-year increase of 47.2% [1][6] - The company has a strong order backlog, particularly benefiting from the rapid development of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving [2] - The company is expanding its product offerings in the robotics sector, leveraging its hardware, chips, and AI technologies [3] Revenue and Profitability - In 2024, the company reported total revenue of 1.65 billion RMB, with a net loss of 480 million RMB, an improvement from a loss of 4.34 billion RMB in 2023 [1][6] - Revenue from ADAS products reached 1.34 billion RMB, up 71.84% year-on-year, with laser radar sales increasing by 114% [1][15] - The company's gross margin improved to 17.20%, an increase of 8.8 percentage points year-on-year, while the net margin was -29.22%, reflecting a significant improvement [25][28] Product and Market Development - The company has established partnerships with over 310 automotive manufacturers and tier-one suppliers globally, expanding its presence in overseas markets [2][52] - The company launched new products such as the MX and EM4 laser radars, which have gained traction among multiple automotive manufacturers [2][65] - The company is also focusing on the robotics sector, providing advanced components and solutions, and has formed strategic partnerships with over 10 humanoid robot companies [3][56] Financial Forecast - The report maintains its profit forecast, projecting revenues of 2.49 billion RMB, 3.62 billion RMB, and 5.28 billion RMB for 2025, 2026, and 2027 respectively, with expected net profits of -280 million RMB, 60 million RMB, and 460 million RMB [4][6]

证券研究报告·海外公司点评·软件服务(HS) 2025 年 04 月 07 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 速腾聚创（02498.HK） 2024 年业绩点评：业绩符合预期，智驾&机 器人平台化布局有望持续兑现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1120 | 1649 | 2630 | 4202 | 5253 | | 同比(%) | 111.22 | 47.20 | 59.53 | 59.73 | 25.02 | | 归母净利润（百万元） | (4,336.63) | (481.83) | (246.66) | 123.96 | 438.62 | | 同比(%) | (107.63) | 88.89 | 48.81 | 150.25 | 253.86 | | EPS-最新摊薄（元/股） | (8.98) ...

Core Insights - The company, SUTENG, reported a significant revenue increase of 47.2%, reaching 1.649 billion yuan, with laser radar product shipments growing by 109.6% to 544,000 units [1] - The company is shifting its focus towards embodied intelligence, particularly in robotics, as the laser radar market stabilizes [2] Group 1: Financial Performance - Revenue increased by 47.2% to 1.649 billion yuan, with laser radar shipments reaching 544,000 units, a 109.6% increase compared to 2023 [1] - Sales of automotive-grade laser radar for ADAS reached 519,800 units, marking a year-on-year growth of 113.9% [1] - The company achieved a milestone of producing over one million high-line laser radars in February [5] Group 2: Strategic Shift to Robotics - The CEO emphasized a strategic pivot towards robotics, with 41% of the 2024 R&D budget allocated to innovation in this area, amounting to 250 million yuan [2] - The robotics strategy includes developing a general-purpose robot development platform and leveraging AI for advanced operational capabilities [2] - The company is not selling laser radars to robot manufacturers but is focusing on creating a comprehensive robotics ecosystem [2] Group 3: Product Development - The company launched the AC1, the first product of the Active Camera platform, which integrates depth, image, and motion information in real-time [3] - The second generation of the dexterous hand, Papert 2.0, features 20 degrees of freedom and 14 force sensors, capable of handling complex tasks [3] - The company is collaborating with over 10 humanoid robot companies globally to expand its robotics network [3] Group 4: Technological and Commercial Capabilities - The company has built a strong foundation in hardware, chips, and AI, which supports the development of AI-driven robotic platforms [4] - Significant investments over the past decade have established AI research facilities and a closed-loop data system [4] - The company offers a full-stack platform that reduces development costs for clients, leveraging its experience in the automotive sector [4] Group 5: Market Position - As of March, the company has partnered with 30 global automakers and Tier 1 suppliers, with over 100 designated vehicle models [6] - The company holds a 33.5% market share in the passenger car laser radar segment, ranking first in the industry [6]

证券研究报告 | 公司点评报告 2025 年 04 月 02 日 速腾聚创（02498.HK） 车载、机器人业务双轮驱动，24 全年营收及出货量同比高增长 TMT 及中小盘/电子 事件：公司发布 2024 年业绩公告，2024 年全年营收 16.49 亿元，同比+47.2%； 毛利率 17.2%，同比+8.8pct；全年净亏损 4.82 亿元，同比收窄 88.9%；总体 表现符合预期。我们点评如下： 增持（维持） 目标估值：NA 当前股价：38.0 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） | 18.7 | | 香港股市值（十亿港元） | 18.7 | | 每股净资产（港元） | 6.6 | | ROE（TTM） | -15.8 | | 资产负债率 | 25.8% | | 主要股东 | TMF | | 主要股东持股比例 | 22.6043% | 股价表现 % 1m 6m 12m 绝对表现 -23 127 -5 相对表现 -24 117 -45 资料来源：公司数据、招商证券 -100 -50 0 50 100 ...