Core Viewpoint - Morgan Stanley upgraded the investment rating of SUTENG JUCHUANG (02498) from "Neutral" to "Overweight," raising the target price from HKD 28.6 to HKD 53, implying a projected price-to-sales ratio of 5 times for the next year [1] Group 1: Market Demand and Growth Projections - The demand for LiDAR is expected to reach 3.1 million, 6.9 million, and 12.1 million units by 2025, 2027, and 2030, with penetration rates of 20%, 33%, and 44% respectively, compared to 18% in Q2 of this year [1] - The company is anticipated to secure more design orders, with total LiDAR shipments projected at 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, reflecting a compound annual growth rate of 74%, with approximately 30% of shipments coming from the robotics sector [2] Group 2: Financial Performance and Profitability - The comprehensive gross margin is expected to stabilize around 28% from 2025 to 2027, with adjusted net profits projected at RMB 187 million and RMB 493 million for 2026 and 2027 respectively [2] - The total revenue for SUTENG JUCHUANG is estimated to be RMB 3.2 billion and RMB 4.7 billion for 2026 and 2027, with the robotics sector contributing 36% and 33% to the total revenue [2]

Core Insights - RoboSense has officially commenced mass delivery of its digital lidar benchmark product EMX to multiple automotive clients, marking the full-scale production phase of its EM platform products [2] - The EMX is designed for the L2 level assisted driving market, while the EM4 is the only mass-producible digital lidar with over 500 lines, supporting customization from 520 to 2160 lines for higher-level autonomous driving scenarios [2] - Within less than six months of its launch, the EM platform has secured contracts with eight leading global automakers for a total of 45 vehicle models [2] Company Developments - RoboSense launched the EM platform, which is based on full-stack chip technology and comprehensive digitalization, with the EM4 and EMX products introduced in January and April respectively [2] - The EMX has been selected by several major automotive companies, including Geely, FAW Hongqi, and a top three Japanese automaker, as well as a joint venture of the largest European automotive company in China, with a total of 32 models from domestic new energy vehicle companies [2] - The EM4 has also received contracts from Geely, SAIC Zhiji, a leading global electric pickup brand, and a joint venture of a top European luxury car brand, and is already in mass production applications across several popular models [2]

Core Viewpoint - RoboSense has officially commenced mass delivery of its digital lidar benchmark product EMX to multiple automotive clients, marking the full-scale production phase of its EM platform, which includes EMX, EM4, and customized versions, thereby establishing digital lidar as a mainstream feature in high-end intelligent vehicles [1] Group 1: Product Launch and Market Recognition - The EM platform has secured contracts with eight leading automotive manufacturers for 45 vehicle models within six months of its launch, demonstrating significant market acceptance [2] - EMX, designed for L2 level advanced driving assistance systems, features a true 192-line configuration, high-definition point cloud output of up to 2.88 million points per second, a maximum detection range of 300 meters, and a frame rate of 20Hz, making it the smallest digital lidar for vehicles currently available [2][3] - EM4 is the only mass-producible digital lidar with over 500 lines, offering customizable options from 520 lines to 2160 lines, and is positioned to support higher-level autonomous driving scenarios [3] Group 2: Technological Advancements - RoboSense has achieved a full-stack chip self-research capability, enabling the development of a comprehensive digital lidar system, which has received AEC-Q100 automotive-grade reliability certification [4] - The successful self-research and mass production of the large-area SPAD-SoC chip have streamlined system architecture, reduced power consumption, and enhanced information integrity [4] - The company is committed to continuous innovation in chip development, allowing lidar technology to evolve along a trajectory similar to Moore's Law, with ongoing performance improvements and cost optimizations [4][6] Group 3: Strategic Positioning and Future Outlook - The mass production of products like E1, EM4, and EMX reinforces RoboSense's leading position in the digital lidar industry, establishing a generational advantage and enabling scalable delivery [6] - The company aims to drive product iterations through chip-level innovations and accelerate the global rollout of intelligent driving assistance systems, thereby expanding the commercial viability of autonomous driving [6]

智通财经APP获悉，9月9日，速腾聚创RoboSense(02498)(以下简称：RoboSense)数字化激光雷达标杆产 品EMX，面向多家车企客户正式开启批量交付。这标志着RoboSense全新一代车载数字化激光雷达平台 EM平台全线产品，包括EMX、EM4及定制版本，已全面进入规模化量产阶段，推动高性能、高可靠性 的数字化激光雷达成为新一代高端智能车型的主流标配，为消费者带来更安全可靠的驾驶体验。 其中，EMX获得吉利汽车集团、一汽红旗、中国新能源头部车企、日本Top3汽车制造商之一，以及欧 洲最大汽车公司在中国设立的合资企业等多家海内外车企定点，包括国内新能源头部车企多达32款车型 的独供定点。EM4获得来自吉利汽车集团、上汽智己、全球纯电皮卡Top新势力品牌、欧洲头部豪华汽 车品牌的合资公司等多家海内外车企定点，目前也已在多家车企的多款明星车型中实现量产应用。 面向L2级高阶辅助驾驶的全面普及趋势，EMX以"真192线"成为新一代智能车型的性能最优解。EMX具 备每秒高达288万点的高清点云输出能力、0.08°×0.1°全局角分辨率，最远探测距离达300米，最高帧率 20Hz，且高度集成，是目前体积 ...

该行指，内地的智能驾驶渗透率持续提升，激光雷达的需求增长，预计今年国内乘用车激光雷达出货量 可望达314万个，按年增长超过一倍，并料在2028年可达逾1,000万个，维持高速增长。另外，该行认为 速腾聚创完善的产品矩阵以及深厚的技术累积，有助其占据行业优势地位。而公司今年进军机器人市 场，推出灵巧手、传感器、网域制器等零件产品，有望进一步扩展业务能力。 中金发表研究报告指，首次覆盖速腾聚创并予以"跑赢行业"评级，目标价47港元，认为公司作为全球领 先激光雷达供应商，其全面高效技术布局及持续客户拓展可望带动业绩增长。 ...

Financial Performance - In Q2 2025, the company achieved revenue of 455 million yuan, representing a year-on-year increase of 24.1% and a quarter-on-quarter increase of 38.9% [1] - The net profit for Q2 2025 was -51 million yuan, an improvement from -100 million yuan in Q1 2025 and -137 million yuan in Q2 2024 [1] - The company's gross margin in Q2 2025 was 27.70%, up 13 percentage points year-on-year and 4 basis points quarter-on-quarter [1] Product Performance - Sales revenue from LiDAR products for ADAS applications in Q2 2025 was 271 million yuan, a year-on-year decrease of 10.5% but a quarter-on-quarter increase of 18.6% [1] - Revenue from LiDAR products for robotics and other applications reached 147 million yuan, showing a year-on-year increase of 285.2% and a quarter-on-quarter increase of 100.7% [1] - Total sales volume of LiDAR products in Q2 2025 was 158,200 units, reflecting a year-on-year increase of 28.6% and a quarter-on-quarter increase of 45.7% [1] Market Position and Orders - The company has a strong order backlog due to the rapid development of ADAS and high-level autonomous driving [2] - As of June 30, 2025, the company secured mass production orders for 119 models from 30 automotive manufacturers, including 8 orders from overseas manufacturers covering Japan, North America, and Europe [2] - The company has established partnerships with over 20 humanoid robot companies, including significant collaborations with leading manufacturers in the robotics sector [3] New Product Launches - The company launched its first product, the E1, on its all-solid-state digital E platform in the first half of 2025, along with the EM platform for long-range LiDAR [2] - The company introduced two new digital products for the robotics sector, E1R and Airy, achieving breakthroughs in various fields, particularly in lawn mowing robots [3]

中金发布研报称，预计速腾聚创(02498)25年/26年营收为20.85亿元/30.02亿元，当前股价对应25/26年8.2 倍/5.6倍P/S。首次覆盖速腾聚创，给予跑赢行业评级，基于2025年10.0倍P/S，给予公司228亿港元目标 市值，对应目标价47.00港元及22%的上行空间。该行看好车载激光雷达的长期市场空间以及公司的竞 争力，同时认为机器人业务拓展有望为公司注入长期增长动能，认为公司凭借全面高效技术布局及持续 客户拓展有望实现业绩高增。 中金主要观点如下： 智能驾驶渗透率持续提升，激光雷达需求增长 产品矩阵持续完善，芯片化与数字化构筑竞争优势 公司的激光雷达产品覆盖远距探测(M、EM平台)、近距补盲(E平台)、移动机器人(R平台)等不同需求， 技术路径布局全面高效，2024年推出的高性价比产品MX售价降至200美元，并于2025年推出EMX。同 时，公司积极布局全栈芯片化与全面数字化，推出SPAD-SoC，推动激光雷达降本与性能提升。该行认 为，公司完善的产品矩阵以及深厚的技术积累帮助公司占据行业优势地位。截至2025年二季度末，公司 已获得全球30家汽车整车厂及Tier1客户超119款车型的 ...

高工智能汽车数据显示，24年中国车载激光雷达出货量超150万颗，是23年的2.5倍以上。该行看到，L2 渗透率向上，乘用车AEB转为强制性标准，认为激光雷达作为核心安全件配置率有望提升;同时，该行 认为国内L3及以上级别自动驾驶制度逐步完善，步入落地前夕。该行看好激光雷达上车进程加速，测 算25年国内乘用车激光雷达出货量有望达到314万台，同比增长超100%，至28年有望超1,000万台，保 持高速增长。 智通财经APP获悉，中金发布研报称，预计速腾聚创(02498)25年/26年营收为20.85亿元/30.02亿元，当 前股价对应25/26年8.2倍/5.6倍P/S。首次覆盖速腾聚创，给予跑赢行业评级，基于2025年10.0倍P/S，给 予公司228亿港元目标市值，对应目标价47.00港元及22%的上行空间。该行看好车载激光雷达的长期市 场空间以及公司的竞争力，同时认为机器人业务拓展有望为公司注入长期增长动能，认为公司凭借全面 高效技术布局及持续客户拓展有望实现业绩高增。 中金主要观点如下： 智能驾驶渗透率持续提升，激光雷达需求增长 向机器人场景延拓发力 公司激光雷达覆盖Robotaxi、割草机器人、无人配 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][57][58] Core Viewpoints - The company has shown strong revenue growth, with a 24.1% year-on-year increase in Q2 2025, driven by robust order backlog and demand in both automotive and robotics sectors [1][2][57] - The company is positioned as a leader in the laser radar and perception solutions market, focusing on AI-driven robotics technology and aiming to become a global leader in this field [21][24][57] - The company has successfully secured numerous production orders from major automotive manufacturers, including 133 models for mass production, indicating strong market penetration [2][46][57] Financial Performance - In Q2 2025, the company achieved revenue of 4.55 billion yuan, with a net profit of -0.51 billion yuan, showing improvement from previous quarters [1][8] - The gross margin for Q2 2025 was 27.70%, an increase of 13 percentage points year-on-year, reflecting improved product mix and cost management [14][57] - The company forecasts revenues of 24.89 billion yuan, 36.17 billion yuan, and 52.75 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits turning positive by 2026 [4][58] Product Development - The company launched its first product from the all-solid-state digital E platform, E1, in the first half of 2025, marking a significant milestone in digital laser radar technology [2][26][57] - The company has introduced new products in the robotics sector, including the AC1 and AC2, which enhance robotic vision capabilities [30][38][57] - The company has established partnerships with over 20 robotics companies, indicating strong collaboration and market presence in the robotics field [40][57] Market Position - The company has a strong order backlog, with 30 automotive manufacturers and 119 models secured for mass production, including significant international contracts [2][46][57] - The company is recognized for its innovative digital laser radar solutions, which are increasingly being adopted in advanced driver-assistance systems (ADAS) and robotics applications [24][57] - The company is actively expanding its presence in the global market, with orders from overseas manufacturers covering key regions such as Japan, North America, and Europe [2][46][57]

Summary of Robosense Investor Meeting Company Overview - **Company**: Robosense (2498.HK) - **Industry**: LiDAR and Advanced Driver Assistance Systems (ADAS) Key Points Industry Trends - **LiDAR Adoption**: Management anticipates an increase in China's LiDAR adoption rate to **20% in 2025** from **15% in 2024** [1][2] - **Regulatory Changes**: Enhanced ADAS safety standards are being implemented: - The Ministry of Industry and Information Technology (MIIT) has mandated Advanced Emergency Braking Systems (AEB) for passenger vehicles, effective **January 1, 2028** [2] - New safety requirements for Combined Driving Assistance Systems are expected to take effect on **January 1, 2026** [2] Financial Performance - **Gross Margin**: Robosense achieved a **28% total gross margin** and a **19% gross margin** for ADAS LiDAR in **2Q25**. Management believes a sustainable gross margin of **20%-25%** is achievable [2][5] - **Net Loss**: The company reported a net loss of **RMB 133 million** in **2Q25** and aims for quarterly/full-year break-even by **4Q25/2026** [5] Product Development - **New Product Launch**: Robosense launched the affordable ADAS product **EMX** in **April 2025**, securing design wins with **40+ vehicle models** [1][5] - **Future Products**: The **EM4** product targets Level 3 autonomous driving with a detection range of **600 meters** and is set to be equipped on the **Zeekr 9X**, which has received **42,000 pre-orders** within one hour of its pre-launch event [5] Strategic Partnerships - **Robotics Collaboration**: Robosense has partnered with **Mammotion** for lawnmower robotics, securing an order for **1.2 million units** of E1R LiDAR over the next three years [5] Cost Management - **Cost Reduction**: Management expects a **20% cost reduction** driven by higher sales volume and scale effects in the upcoming year [5] Research and Development - **R&D Team Composition**: The R&D team consists of **150** personnel focused on chips, **300** on hardware, and **200** on software [5] Additional Insights - Management's outlook on the ADAS market is optimistic, with a focus on regulatory compliance and product innovation to capture market share in the growing LiDAR segment [1][2][5]