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 ...

21 世纪经济报道记者 雷若馨 深圳报道 3月31日，速腾聚创发布2024财年年报，该公司2024年实现营业收入16.49亿元，同比增长47.20%，实际 经营亏损则从9.4亿元降至5.8亿元，同比收窄38%，归属母公司净亏损4.82亿元，同比减亏88.89%，基 本每股收益为-1.11元。 在业绩交流会上，速腾聚创CEO邱纯潮表示，"我们内部的目标依然是激光雷达板块在今年下半年某个 季度实现单季度的盈亏平衡点，有望在2026年实现全年的盈利。" 产品价格持续下探 2024年，速腾聚创激光雷达总销量约54.42万台，来自销售产品的收入达到了15.3亿元，同比增长 59.2%。 不过，激光雷达市场份额高度集中，且头部间竞争激烈。 2024年，以装机量计，速腾聚创、华为技术、禾赛科技分别占据了33.5%、27.4%、25.6%的市场份额。 而这一座次在今年1月又有了变化：据盖世汽车研究院发布的最新数据，今年1月，速腾聚创被华为技 术、禾赛科技超越，退居第三。 其中，ADAS产品销量达51.98万台，市占率全球第一。来自此部分的收入达13.35亿元，同比增长 71.8%，成为速腾聚创的核心增长动力。 在不断下沉的市 ...

3月31日，速腾聚创（2498.HK）发布了2024年业绩财报。财报显示，2024年全年公司总收入约为16.5亿 元，同比增长47.2%；全年整体毛利率约为17.2%，其中第四季度毛利率提升至22.1%。经调整净亏损约 为3.96亿元，较上一年下降约8.9%。 在出货量方面，2024年，速腾聚创激光雷达总销量约为54.4万台，同比增长约109.6%。其中，用于 ADAS（高级驾驶辅助系统）领域的激光雷达产品销量约为51.9万台，同比增长113.9%。据盖世汽车研 究院2024年激光雷达供应商装机量排行，速腾聚创以33.5%的市场份额位居行业第一。 业务数据方面，截至2024年12月31日，速腾聚创已成功取得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，速腾聚创与全球310多家汽 车整车厂和一级供应商建立了合作关系，定点车型数量超过百款。 值得注意的是，在高阶自动驾驶技术不断推进及成本逐步降低的背景下，激光雷达的搭载范围正在发生 变化。过去，激光雷达主要搭载于20万元级别以上的车辆，如今正在快速驶入10万元级别车辆。速腾聚 创执行董事 ...

在具身智能业务战略上，速腾聚创立足整机，研发通用机器人开发平台，从整机的研发成果中不断沉淀 落地增量的零部件与解决方案产品。目前，其已与包括宇树科技、上海人形在内的全球超十家人形机器 人企业建立战略合作伙伴关系。 邱纯潮表示，公司已经推出了第二代灵巧手，还会持续迭代，预期今年年内灵巧手就能够做好量产准 备，并实现一定的营业收入。"年内会把眼睛、手等零部件量产，在具体场景里落地。正与合作伙伴积 极探索各种有益的商业落地方式，将随着产业逐步成熟而不断获益。" 截至2024年12月31日，速腾聚创已为机器人及其他非汽车行业的大约2800名客户提供服务。2024年，速 腾聚创来自用于机器人及其他行业的激光雷达产品的销售收入由2023年的1.87亿元增长至1.99亿元。 对于盈亏平衡的目标，邱纯潮回应称，内部目标依然是激光雷达板块在今年下半年某个季度实现单季度 盈亏平衡，有望在2026年实现全年盈利。 每经记者 黄婉银 每经编辑 魏官红 3月31日晚间，速腾聚创（HK02498，股价37.65港元，市值177.67亿港元）线上召开了2024年业绩发布 会。 年报显示，速腾聚创2024年实现总收入约16.5亿元（人民币， ...

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 ...

禾赛科技都盈利了，速腾聚创呢？ 还没有。 2024年，速腾聚创激光雷达销量约544, 200台，市占率第一，同比增长约109.6%；全年营收约16.5亿元，同比增长47.2%。 激光雷达已经是成熟业务，速腾聚创开始发力创新业务，2024年全年研发总投入约6.2亿元，其中创新业务研发投入约2.5亿元，约占全年研发费用的 41.0%。 所谓创新业务，主要聚焦于机器人与AI新兴技术领域，包括机器人平台与关键零部件（机器手、机器眼）的研发等。 速腾聚创CEO邱纯潮 当然，努力赚钱也是必须的。速腾聚创CEO邱纯潮在电话会议上说，"我们的内部目标依然是，激光雷达板块今年下半年某个季度实现单季度盈亏平衡， 有望在26年实现全年盈利。" 01 激光雷达毛利率大幅提升 作为全球激光雷达的出货量之王，速腾聚创的表现堪称激光雷达行业的晴雨表。 3月31日，速腾聚创（2498.HK）发布了2024年年报。尽管净亏损收窄，但还是亏损3.96亿元。 不过，速腾聚创更看重业务的高增长，以及创新业务的布局。 另一家头部企业禾赛科技，更早发布年报，并且成为全球首家实现全年盈利的上市激光雷达企业——经调整净利为1370万元。 速腾聚创的盈利时间 ...

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]