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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in 2024 met expectations, with total revenue reaching 1.649 billion, a year-on-year increase of 47.2%, while the net profit attributable to shareholders was a loss of 481.83 million, narrowing the loss by 88.9% compared to the previous year [9] - The company is expanding its product offerings in the robotics sector, with a 6.4% increase in revenue from robotics and other industry products, reaching 200 million, and a 47% increase in laser radar shipments [3][9] - The company has established partnerships with major players in the Robotaxi and Robotruck sectors, including collaborations with six leading companies [3] Financial Performance Summary - Total revenue projections for the company are as follows: 1.649 billion in 2024, 2.630 billion in 2025, 4.202 billion in 2026, and 5.253 billion in 2027, with respective year-on-year growth rates of 47.2%, 59.5%, 59.7%, and 25.0% [1][11] - The net profit attributable to shareholders is projected to improve from a loss of 481.83 million in 2024 to a profit of 438.62 million in 2027, with significant year-on-year growth rates [1][11] - The company's earnings per share (EPS) is expected to improve from -1.00 in 2024 to 0.91 in 2027 [1][11] Market Position and Strategy - The company has achieved a market share of 33.5% in the ADAS sector, ranking first in the industry, with revenue from ADAS products reaching 1.34 billion in 2024, a year-on-year increase of 71.8% [9] - The company is focusing on a dual-line strategy with deep integration of intelligent driving and robotics platforms, which is expected to drive future growth [10]

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 ...

进入2025年以来，集团与新兴机器人产业伙伴加速协同，赋能机器人产业规模化商业应用落地。 （文章来源：深圳商报） 其中，在Robotaxi及无人配送领域，凭借性能领先的产品表现，集团已揽获更多核心头部客户，具有显 著的市场竞争优势。在具身智能领域，集团已确立清晰战略，并陆续沉淀包括机器人视觉、灵巧手等在 内的增量零部件及解决方案的技术成果，形成显著的技术生态优势。目前，集团已与包括宇树在内的全 球超过10家人形机器人企业建立战略合作关系，共同探索创新机器人领域的商业化落地应用模式。 盖世汽车研究院2024年激光雷达供应商装机量排行显示，2024年集团以33.5%的市场份额位居行业第 一，且连续12个月获得装机量累计排行第一。2025年2月，集团正式下线第100万台激光雷达E1R，成为 全球首家达成百万台高线数激光雷达下线的企业。1月至3月，集团即助力15款合作车型实现大规模量产 落地，包括广汽丰田铂智3X、传祺向往S7、吉利银河E8等。 财报显示，集团稳定可靠、性能领先的车规级激光雷达产品，将为Robotaxi大规模商业应用提供强劲支 撑。目前，集团已累计获得多家全球头部L4自动驾驶企业的量产定点合作。在Ro ...

Core Insights - SUTENG Juchuang reported a revenue of 1.649 billion yuan for the fiscal year 2024, marking a year-on-year increase of 47.20% [1] - The company aims to achieve breakeven in its LiDAR segment by the second half of 2024 and expects to turn a profit by 2026 [1] - The average price of LiDAR products has significantly decreased, with some products priced below 200 USD [1][2] Financial Performance - The actual operating loss narrowed from 940 million yuan to 580 million yuan, a reduction of 38% year-on-year [1] - The net loss attributable to the parent company was 482 million yuan, an 88.89% reduction compared to the previous year [1] - Basic earnings per share stood at -1.11 yuan [1] Product Sales and Market Position - Total sales of LiDAR units reached approximately 544,200, generating 1.53 billion yuan in revenue, a 59.2% increase [1] - ADAS product sales accounted for 519,800 units, with a global market share of 33.5% and revenue of 1.335 billion yuan, up 71.8% [1][4] - The average price of ADAS products fell to 2,600 yuan in 2024, down from 10,000 yuan in 2021 [1] Market Trends - The trend of "price for volume" has been prevalent in the LiDAR market, with significant price reductions observed [1][2] - The market for LiDAR is highly concentrated, with SUTENG Juchuang, Huawei Technology, and Hesai Technology holding 33.5%, 27.4%, and 25.6% market shares respectively [4] Technological Advancements - SUTENG Juchuang's gross margin for ADAS products improved from negative to 13.4%, while the overall gross margin rose from 8.4% to 17.2% [3] - The company has invested heavily in self-developed MEMS solid-state technology and chip strategies [3] Strategic Initiatives - SUTENG Juchuang is expanding into the robotics sector, positioning itself as a "robot technology platform company" [7] - The company plans to allocate over 40% of its R&D budget, approximately 250 million yuan, to AI robotics and innovative business strategies [7] - Revenue from robotics and other sectors reached 198 million yuan, a 6.4% increase year-on-year [7] Future Outlook - The company anticipates a significant increase in LiDAR shipments for robotics, aiming to exceed 100,000 units in the coming year [8] - SUTENG Juchuang has established strategic partnerships with over 10 humanoid robot companies [8]

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]