Group 1 - The core viewpoint of the report is that SUTENG JUCHUANG is approaching a turning point, benefiting from the accelerated growth in optical radar installations and the increasing penetration in the high-level autonomous driving sector [1] - The report anticipates that SUTENG JUCHUANG's EM digital radar products will be the main driver of sales for the company this year [1] - The company is also strengthening its layout in autonomous lawn mowers and driverless vans [1] Group 2 - The report projects that the company will reach breakeven by the fourth quarter of 2025 [1] - The initial rating assigned to the company is "outperform," with a target price set at HKD 43.1 [1]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

致：香港交易及結算所有限公司 公司名稱: 速騰聚創科技有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.2.0 FF301 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02498 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | USD | | 0.0001 | USD | | 80,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 800,000,000 | USD | | 0.0001 | ...

Core Viewpoint - Daiwa has reiterated a "Buy" rating for SUTENG JUCHUANG (02498) and raised the 12-month target price from HKD 56 to HKD 60 based on price-to-sales ratio, while increasing revenue forecasts for the next two years by 8% to 12% [1] Group 1 - The forecast for non-ADAS LiDAR shipments this year has been raised from 450,000 units to 746,600 units, and the 2027 forecast has been increased from 650,000 units to 1,200,000 units, reflecting solid business progress with Robotaxi operators and unmanned delivery vehicle operators [1] - The company is positioned increasingly favorably in the commercialization of L4 autonomous driving technology, leveraging its SPAD-based 520-line digital LiDAR (EM4) and the industry's first mass-produced solid-state blind spot LiDAR (E1) [1] - The 520-line LiDAR is becoming increasingly popular among Robotaxi operators, having secured over 200,000 orders for unmanned delivery vehicles [1]

Core Viewpoint - Daiwa has reiterated a "Buy" rating for SUTENG JUCHUANG (02498) and raised the 12-month target price from HKD 56 to HKD 60 based on the price-to-sales ratio, while also increasing revenue forecasts for the next two years by 8% to 12% [1] Revenue Forecasts - The forecast for non-ADAS lidar shipments this year has been raised from 450,000 units to 746,600 units, and the 2027 forecast has been increased from 650,000 units to 1,200,000 units, reflecting solid business progress with Robotaxi operators and unmanned delivery vehicle operators [1] Product Development - The company is positioned increasingly favorably in the commercialization of L4 autonomous driving technology, leveraging its SPAD-based 520-line digital lidar (EM4) and the industry's first mass-produced solid-state blind spot lidar (E1) [1] Market Penetration - The 520-line lidar is becoming increasingly popular among Robotaxi operators, with over 200,000 orders for unmanned delivery vehicles secured [1]

Core Viewpoint - The report from Daiwa highlights that Suoteng Juchuang is increasingly well-positioned for the commercialization of L4 autonomous driving technology, driven by its SPAD-based 520-line digital lidar (EM4) and the industry's first mass-produced solid-state blind spot lidar (E1) [1] Group 1: Product and Market Position - Suoteng Juchuang's 520-line lidar is gaining popularity among Robotaxi operators, with over 200,000 orders for unmanned delivery vehicles [1] - The company is expected to benefit from solid business progress with Robotaxi operators and unmanned delivery vehicle operators [1] Group 2: Financial Projections - Daiwa maintains a "Buy" rating for the stock and raises the 12-month target price from HKD 56 to HKD 60 based on the price-to-sales ratio [1] - Revenue forecasts for the next two years have been increased by 8% to 12%, with the non-ADAS lidar shipment forecast for this year raised from 450,000 units to 746,600 units [1] - The 2027 shipment forecast has also been adjusted from 650,000 units to 1,200,000 units [1]

Summary of RoboSense Conference Call Company and Industry Overview - **Company**: RoboSense (速腾聚创) - **Industry**: Autonomous Driving and LiDAR Technology Key Points and Arguments Robotaxi Development - RoboSense has partnered with Didi and GAC to deliver new Robotaxi models, each equipped with 10 RoboSense LiDAR units, marking the transition from pilot testing to mass production and commercialization [2][4] - In 2026, RoboSense has initiated mass production collaborations with Didi, Pony.ai, WeRide, Momenta, and Baidu's Apollo Go, indicating a strong market presence [2][4] - The company is also collaborating with NVIDIA and its ecosystem clients in overseas markets [2] LiDAR Technology Advancements - The future direction for Robotaxi LiDAR technology focuses on digitalization, with main radars aiming for longer ranges, higher resolutions, and increased point cloud density [2][6] - L4 autonomous driving requires high line counts and dense point cloud data, which digital LiDAR achieves through 3D stacked chip technology, allowing for integrated reception, capture, transmission, and processing [7] - Didi's vehicles are equipped with over 10 LiDAR units to meet the precision and reliability demands of L4 autonomous driving, indicating a trend towards high sensor configurations [8] Market Trends and Projections - The logistics sector is expected to see a rise in small delivery vehicles, with projections of 100,000 to 150,000 units by 2026, each equipped with 2-4 LiDAR units [3][14] - The Robotaxi market is seeing an increase in LiDAR configurations, with standard setups now including 8 units, emphasizing safety and zero blind spots [8] - By 2030, Goldman Sachs predicts the Chinese Robotaxi market could reach 500,000 units, with expectations that actual numbers may exceed this due to rapid industry growth [24] Competitive Landscape - RoboSense claims a 100% market share in solid-state Flash LiDAR for blind-spot detection and over 90% in main radar, indicating a strong competitive position [21] - The company is the first to achieve mass production of SPAD chips for vehicle-mounted blind-spot LiDAR, maintaining a technological edge over competitors [12] Cost and Performance Considerations - The transition to higher line count LiDAR (500 lines) is driven by performance needs, with expectations that costs will decrease as production scales up [10][27] - RoboSense's EM4 LiDAR is expected to maintain a strong gross margin despite potential price reductions due to increasing demand [27] Sensor Fusion and System Integration - RoboSense's Robotaxi clients utilize LiDAR not just for redundancy but as part of a sensor fusion strategy, combining LiDAR with cameras to enhance safety and reliability [28] - The company emphasizes the importance of software capabilities in optimizing LiDAR performance, which is a key factor for clients when selecting suppliers [25] Future Product Development - RoboSense's current product lineup, including the EM4 and E1 digital combination, is designed to meet the needs of L4 autonomous vehicles, with ongoing iterations planned to enhance performance [29] - The company has made significant progress in developing its Spider chip, with expectations that competitors will require 3-4 years to catch up [30] Additional Important Insights - The shift from mechanical to solid-state LiDAR is becoming a global trend, with companies like Uber and Nuro adopting solid-state solutions [15] - The Robotaxi industry is moving towards exclusive partnerships with LiDAR suppliers to enhance operational efficiency and algorithm compatibility [16] - The integration of advanced algorithms and filtering techniques is crucial for addressing noise issues in LiDAR data, which is a common challenge in the industry [28]

Group 1 - The performance of the robotics sector is mixed, with companies like Woan Robotics (06600) rising by 18.71%, Gangzi Robotics (00370) by 4.44%, and Ubtech (09880) by 2.34%, while others like Yunji (02670) fell by 3.17% and Micron Robotics (02252) by 1.62% [1][2] - Tencent's Senior Executive Vice President, Tang Daosheng, stated that Chinese robotics companies deserve higher valuations in the capital market, emphasizing that the competitive environment forces companies to accelerate technology iteration and application, which has not been fully priced by the market [1][2] - Guojin Securities highlighted that 2026 is a crucial year for humanoid robots, with Tesla's supply chain expected to launch its first mass-produced product in Q1 2026, and large-scale production lines to be completed in H1 2026, leading to a significant increase in domestic shipments from thousands to tens of thousands [1][2]

Group 1 - GAC Aion and Didi Autonomous Driving have officially delivered the new generation L4 Robotaxi model R2 at GAC Aion's factory on January 23 [1] - The first batch of R2 vehicles has obtained road testing licenses for intelligent connected vehicles in Guangzhou [1] - The R2 model is equipped with 10 LiDARs provided by Suoteng Juchuang, featuring a configuration of "4 main radars + 6 supplementary blind-spot radars" for 360-degree environment perception [1] Group 2 - The delivery of the R2 model follows the announcement of this configuration plan in November of the previous year [1] - The R2 model is planned to gradually integrate into urban smart mobility networks with demonstration applications starting in 2026 in cities like Guangzhou and Beijing [1]

Group 1 - The company, Sutech Jun Chuang (02498), announced the grant of a total of 583,900 shares as part of its employee incentive plan to 23 grantees (employees of the group) [1]