Investment Rating - The report assigns an "Outperform" rating to RoboSense, indicating an expected relative return exceeding 10% over the next 12-18 months [20]. Core Insights - RoboSense held the "Hello Robot" 2025 AI Robotics Global Launch Event on January 3, 2025, unveiling three new digital LiDAR models (EM4, E1R, and AIRY) and several incremental robotic components [1][8]. - The new digital LiDAR products significantly enhance automotive and robotic sensing capabilities, showcasing RoboSense's technological expertise and development capabilities [2][9]. - The strategic expansion from automotive LiDAR to robotics opens diversified opportunities, enhancing product adaptability and market coverage while supporting the future development of intelligent robots and unmanned systems [4][11]. Summary by Sections Event Overview - RoboSense launched three new digital LiDAR models and multiple robotic components at the 2025 AI Robotics Global Launch Event [1][8]. Digital LiDAR Products - EM4: The world's first 1,000-line ultra-long-range LiDAR with a 600-meter detection range and 1080-line resolution [2][9]. - E1R: The world's first solid-state digital LiDAR, compact with a 130°×90° field of view, suitable for various mobile robot applications [2][9]. - AIRY: A 192-line compact digital LiDAR designed for robotics, offering a 360°×90° field of view [2][9]. Incremental Robotic Components - Active Camera: A fusion sensing device that enhances robotic vision precision and versatility [3][10]. - Papert 2.0: A second-generation dexterous hand with 20 degrees of freedom and a maximum load capacity of 5 kilograms [3][10]. - DC-G1 Domain Controller: A highly integrated and energy-efficient controller supporting various real-time sensing models [3][10]. - LA-8000 Joint Motor: A high-power-density motor suitable for humanoid robot leg joints [3][10]. - FS-3D Force Tactile Sensor: Designed for end-motion control in legged robots [3][10]. Strategic Expansion - RoboSense's expansion into the robotics domain reflects a decade of expertise in automotive LiDAR, broadening its technological layout and application boundaries [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has launched new robot products, marking the beginning of its development in the vehicle and robot platform for the new decade [8] - The company aims to accelerate the popularization of robots by creating a humanoid robot development platform and has introduced several new products [8] - The company has achieved breakthroughs in overseas robot customers and is expected to replicate the growth trajectory seen in its Advanced Driver Assistance Systems (ADAS) segment [8] - The company has adjusted its revenue forecasts for 2024-2026, reflecting its dual focus on automotive and robotics [8] Financial Projections - Total revenue is projected to grow from 1,120.15 million in 2023 to 4,186.68 million by 2026, with a year-on-year growth rate of 111.22% in 2023 and 44.82% in 2026 [1][9] - The net profit is expected to improve from a loss of 4,336.63 million in 2023 to a profit of 52.54 million by 2026, indicating a significant turnaround [1][9] - Earnings per share are forecasted to increase from 2.43 in 2024 to 9.08 in 2026 [1][9] Product Development - The company has introduced several innovative products, including the second-generation dexterous hand Papert 2.0 and the world's first long-range laser radar EM4, enhancing its capabilities in both automotive and robotics sectors [8] - The new products are designed to improve the performance of intelligent driving and robotics, addressing existing market pain points [8] Market Position - The company has expanded its partnerships in the robotics field, increasing its collaboration with key customers from 2,400 to 2,600 [8] - The company has established a strong presence in the ADAS market, with 28 automotive manufacturers and suppliers collaborating on 92 designated models [8]

Investment Rating - The report maintains a "Buy" rating for RoboSense (2498 HK) with a target price of HK$38.18 [2][7][9] Core Views - RoboSense's MX product is expected to accelerate the penetration of ADAS LiDAR in the mid-to-low-end market, becoming a major growth driver in 2025 [6][7] - The robotics business is anticipated to become a second growth curve, with projected LiDAR shipments reaching 100,000 units in 2025 [6][8] - The company's LiDAR shipments are expected to grow significantly, with 2024E shipments forecasted at 589,900 units, a 127.2% YoY increase [9] - The average selling price (ASP) of LiDAR is expected to decline to RMB 2,000 in 2025 and further to RMB 1,800 in 2026 due to the increasing proportion of MX products [9][18] Financial Performance - RoboSense's revenue is projected to grow from RMB 1,721 million in 2024E to RMB 2,880 million in 2026E [11][18] - The company's gross margin is expected to improve from 16.3% in 2024E to 28.0% in 2026E, driven by economies of scale and cost reductions from in-house chip development [18] - RoboSense is forecasted to achieve positive adjusted net income in 2026E, reaching RMB 96 million [11][18] Market Position and Competitive Advantage - RoboSense ranked first in LiDAR installations in 2024, with 401,940 units installed, capturing a significant market share [7] - The company has secured partnerships with over 2,600 robotics companies, positioning itself well in the robotics sector [8] - RoboSense's ADAS LiDAR is widely adopted by major automakers, including XPeng, AITO, Zeekr, and BYD (Yangwang) [7] Valuation - The report values RoboSense at 7x P/S for 2025E, resulting in a target price of HK$38.18 [9][22] - Compared to peers, RoboSense is expected to command a higher valuation due to its leading market position, improving gross margins, and potential growth in the robotics industry [22][24] Industry Outlook - The LiDAR penetration rate in the Chinese new energy vehicle market reached 12.0% in 2024, indicating significant growth potential [7] - The robotics industry is in its early stages of rapid development, with increasing demand for sensors like LiDAR expected to drive future growth [8]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$ 32.80, up from a previous target of HK$ 19.90 [2]. Core Insights - The company has shown robust shipment growth and continuous improvement in gross margins, leading to a revaluation of its stock. The gross margin for the third quarter reached 17.5%, marking three consecutive quarters of increase, while the net profit margin significantly narrowed from -37.4% in the second quarter to -20.4% in the third quarter [2]. - The sales volume of LiDAR for Advanced Driver Assistance Systems (ADAS) is expected to grow predictably, with third-quarter sales reaching 131,400 units, representing a year-on-year increase of 87.1% [2]. - The company is making significant progress in the high-level autonomous driving sector, securing partnerships with leading L4+ autonomous driving companies, which is a crucial step for its autonomous driving business [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of RMB 410 million, with RMB 380 million coming from LiDAR sales. The gross profit margin improved to 17.5%, and the net profit margin narrowed to -20.4% [2]. - The projected revenue for the upcoming years is as follows: RMB 1,120.1 million in 2024, RMB 1,706.6 million in 2025, RMB 2,591.2 million in 2026, and RMB 3,337.5 million in 2027, indicating a strong growth trajectory [8]. Market Position and Growth Potential - The company is targeting the RMB 150,000 to 200,000 automotive market, with established partnerships with seven automakers. The MX product line is expected to contribute significantly to future sales, potentially accounting for 30-40% of total sales by 2025 [2]. - The report highlights the strong demand for LiDAR in robotics, with sales reaching approximately 7,200 units in Q3, driven by the Helios and BPearl series [2]. Operational Efficiency - Continuous improvement in gross margins is attributed to scale effects and reduced procurement costs. The gross margins for ADAS and robotics applications reached 14.1% and 34.6%, respectively [2]. - The report anticipates that the company will continue to enhance its gross profit levels due to increased penetration of MX products and growth in autonomous driving business revenues [2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 31.77, representing a potential upside of 53.11% from the current price of HKD 20.75 [4]. Core Insights - The company has achieved significant revenue growth, with a reported revenue of RMB 1.13 billion for the first three quarters, marking a year-on-year increase of 69% and a quarter-on-quarter increase of 54.7% [4]. - The gross profit margin has improved due to economies of scale, reaching 17.5% in Q3, up from previous periods [4]. - The company has secured contracts with several major automotive manufacturers, including both domestic and international brands, for its advanced driver-assistance systems (ADAS) [4]. - The ADAS product revenue reached RMB 3.3 billion in Q3, reflecting a year-on-year growth of 87.1% and a shipment increase of 150% [4]. - The company is expected to rapidly increase its product penetration in the smart vehicle market, particularly in the RMB 150,000 to 200,000 segment [4]. Financial Summary - The company reported total revenue of RMB 1,120.15 million for 2023, with projections of RMB 1,645.64 million for 2024 and RMB 3,200.15 million for 2025 [6]. - The adjusted net profit is forecasted to improve from a loss of RMB 4.33 billion in 2023 to a loss of RMB 460.46 million in 2024, and a profit of RMB 37.57 million in 2025 [6]. - The gross margin is expected to increase from 8.36% in 2023 to 20.35% in 2025, indicating improved profitability [6]. - The company’s total assets are projected to be RMB 3.27 billion in 2023, with a slight decrease to RMB 2.61 billion in 2024, before recovering to RMB 3.42 billion in 2025 [6].

Investment Rating - The report maintains an "Outperform" rating for RoboSense [1][17][18] Core Insights - The company achieved cumulative revenue of Rmb1.135 billion in the first three quarters of 2024, representing a year-on-year increase of 91.5%. Gross profit reached Rmb170 million, up 375.4% year-on-year, with a gross profit margin of 15.0%, an increase of 8.93 percentage points year-on-year [1][17] - The report highlights optimism regarding incremental revenue from the MX product, which is expected to enhance revenue expectations for the next year. The company has made smooth progress in its overseas business, expanding mid-to-long-term growth potential [1][17] - The robotics segment has unveiled new achievements, leveraging fresh opportunities to establish a second growth curve [1][17] Financial Performance Summary - For 3Q24, the company reported revenue of Rmb408 million, a 54.7% increase year-on-year and an 11.4% increase quarter-on-quarter. Gross profit was Rmb71 million, up 210.2% year-on-year and 31.7% quarter-on-quarter, with a gross profit margin of 17.5%, an increase of 8.75 percentage points year-on-year and 2.69 percentage points quarter-on-quarter [1][17] - The net loss attributable to shareholders for 3Q24 was Rmb82 million, improving by 77.4% year-on-year and 40.2% quarter-on-quarter, with a net profit margin of -20.2%, up by 117.7 percentage points year-on-year and 17.37 percentage points quarter-on-quarter [1][17] - The company estimates revenues for 2024-2026 to be Rmb1.727 billion, Rmb3.280 billion, and Rmb4.600 billion, respectively, with EPS projected at Rmb-1.00, Rmb-0.52, and Rmb0.00 [1][17] Market Position and Valuation - Based on comparable company valuations, the report assigns a price-to-sales (PS) ratio of 3x for 2025, leading to a target price of HK$23.46, which is a 12% reduction from the previous target price of HK$26.78 [1][17] - The report notes that the company has successfully established partnerships with seven overseas car manufacturers, which is expected to provide new revenue growth momentum by 2026 [1][17]

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company reported a revenue of 1.13 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 91.5%, with a net profit attributable to shareholders of -350 million yuan, up 69.0% year-on-year [1] - The ADAS product line continues to show strong growth, with Q3 2024 revenue reaching 330 million yuan, a year-on-year increase of 87.1% and a quarter-on-quarter increase of 8.7% [1] - The company has successfully expanded its MX product line, achieving partnerships with 28 automakers and increasing the number of targeted models to 92 [1] - The robotics segment has seen significant progress, with Q3 2024 revenue of 60 million yuan, a year-on-year decrease of 6.1% but a quarter-on-quarter increase of 44.5% [1] Financial Forecasts - The company’s revenue forecasts for 2024-2026 have been adjusted to 1.76 billion, 2.86 billion, and 4.14 billion yuan respectively, with corresponding net profit forecasts of -530 million, -250 million, and 400 million yuan [2] - The projected P/S ratios for 2024-2026 are 4.5, 2.8, and 1.9 respectively [2] Market Position - The company achieved a market share of 35.0% in the ADAS sector for the first three quarters of 2024, maintaining its position as the industry leader [1] - The ASP for ADAS products decreased by 24.2% year-on-year to 2500 yuan, indicating competitive pricing strategies [1] Key Financial Metrics - The company reported a gross margin of 17.5% in Q3 2024, with expectations for further improvement in Q4 [1] - The projected EPS for 2024-2026 is -1.18, -0.55, and 0.10 yuan respectively [2][13]

Investment Rating - Buy (Maintained) [1] Core Views - The company's 2024 Q1-Q3 performance exceeded market expectations, with revenue reaching 1 13 billion yuan, a year-on-year increase of 91 5%, and net profit attributable to the parent company improving to -3 5 billion yuan, a year-on-year increase of 69 0% [1] - ADAS products showed strong growth momentum, with Q3 revenue reaching 330 million yuan, a year-on-year increase of 87 1%, and shipments reaching 131,000 units, a year-on-year increase of 150% [1] - The company's market share in the ADAS sector reached 35 0% in the first three quarters of 2024, maintaining its leading position in the industry [1] - The company's robot business achieved significant breakthroughs, with Q3 revenue reaching 60 million yuan, a year-on-year increase of 44 5%, and shipments reaching 7,000 units, a year-on-year increase of 38% [1] Financial Performance - Revenue for 2024 is expected to reach 1 755 26 billion yuan, a year-on-year increase of 56 70%, and is projected to grow to 4 142 51 billion yuan by 2026 [1] - Net profit attributable to the parent company is expected to improve significantly, from -534 33 million yuan in 2024 to 44 71 million yuan in 2026 [1] - The company's gross margin for ADAS products increased from 10 6% in Q1 2024 to 14 1% in Q3 2024, with the overall gross margin reaching 17 5% in Q3 2024 [1] Business Highlights - The company's MX products have secured partnerships with 7 automakers in the L2+ segment, and as of November 2024, the company has established collaborations with 28 automakers and Tier 1 suppliers, with 92 models designated for production [1] - The company has made significant progress in the robot sector, with partnerships increasing from 2,400 to 2,600, and multiple new products receiving mass production designations from leading robot companies [1] - The company is expected to benefit from the trend of L4 laser radar solutions transitioning from mechanical to semi-solid-state, with mass production designations secured with global ride-hailing platforms and Xiaoma Zhixing [1] Market Position and Outlook - The company's ADAS products are expected to continue growing, driven by the mass production of models such as BYD Han and Seal, Geely Galaxy E8, and GAC Aion RT, which are equipped with laser radar [1] - The company has accumulated high-quality designated projects with overseas leading automakers, providing momentum for development beyond 2026 [1] - The robot business is expected to contribute significantly to revenue and gross profit, with shipments projected to exceed six figures by 2025 [1] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been adjusted to 17 6/28 6/41 4 billion yuan, with net profit attributable to the parent company adjusted to -5 3/-2 5/0 4 billion yuan [2] - The price-to-sales ratio (P/S) for the company is 4 5/2 8/1 9 times based on the closing price on November 29, 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.135 billion RMB for the first three quarters of 2024, representing a year-over-year increase of 91.5%, while operating losses narrowed to approximately 432 million RMB [1] - The gross margin improved to 17.5%, with a quarter-over-quarter increase of 3.9 percentage points, and the gross profit reached 170 million RMB, up 375.4% year-over-year [1] - The company has a domestic market share of approximately 35% in the L2 automotive sector and achieved significant breakthroughs with L4 customers, including partnerships with major players like Didi and Pony.ai [1] Summary by Sections Financial Performance - Revenue for 2024 is projected to be 1.724 billion RMB, with expected growth rates of 53.92% in 2024, 42.02% in 2025, and 43.94% in 2026 [4] - The company anticipates a net profit of -435 million RMB in 2024, improving to -265 million RMB in 2025, and turning positive with a net profit of 69 million RMB in 2026 [4] - The price-to-sales (P/S) ratio is projected to be 4.5, 3.2, and 2.2 for the years 2024, 2025, and 2026 respectively [1][4] Market Position - The company has established a strong presence in the automotive sector with 38.2 million units of lidar sold in the first three quarters of 2024, marking a year-over-year increase of 259.6% [1] - The average selling price (ASP) for automotive lidar is approximately 2,566 RMB, with a slight quarter-over-quarter decrease of 31 RMB [1] - The company has secured partnerships with 26 automotive manufacturers and has 84 models in production, with 31 models achieving SOP (Start of Production) [1] Research and Development - The R&D expense ratio for the first three quarters of 2024 was 41.0%, a decrease of 20.2 percentage points year-over-year [1] - The company showcased an 8-degree-of-freedom dexterous hand at the China Hi-Tech Fair, indicating advancements in robotics and sensor technology [1]

Investment Rating - The report maintains a "Buy" rating for RoboSense (02498 HK) [1] Core Views - RoboSense achieved significant revenue growth in the first three quarters of 2024, with revenue reaching RMB 1 135 billion, a year-on-year increase of 91 5% [1] - The company's gross margin improved to 17 5% in the first three quarters of 2024, up 3 9 percentage points quarter-on-quarter [1] - RoboSense has made breakthroughs in the L4 autonomous driving market, securing partnerships with global ride-hailing leader DiDi and Pony ai [1] - The company has expanded its presence in the robotics sector, launching an 8-degree-of-freedom dexterous hand and securing multiple overseas robotics customer contracts [1] Financial Performance - RoboSense reported a gross profit of RMB 170 million in the first three quarters of 2024, a year-on-year increase of 375 4% [1] - The company's R&D expense ratio decreased to 41 0% in the first three quarters of 2024, down 20 2 percentage points year-on-year [1] - RoboSense's sales expense ratio and management expense ratio decreased to 7 4% and 10 5% respectively in the first three quarters of 2024 [1] Market Position - RoboSense holds approximately 35% market share in China's L2 autonomous driving market [1] - The company's total LiDAR sales reached 382 000 units in the first three quarters of 2024, with automotive LiDAR sales accounting for 366 000 units [1] - RoboSense has secured 7 OEM customers for its MX product, a $200 technology democratization solution [1] Future Projections - The report forecasts RoboSense's revenue to reach RMB 1 72 billion in 2024, RMB 2 45 billion in 2025, and RMB 3 53 billion in 2026 [1] - The company is expected to achieve positive net profit in 2026, with projected net profit of RMB 69 million [1] - RoboSense's PS valuation is estimated at 4 5x for 2024, 3 2x for 2025, and 2 2x for 2026 [1] Industry Analysis - LiDAR is expanding beyond automotive applications into robotics and other fields [1] - RoboSense is positioned as a leader in both LiDAR and AI+robotics sectors [1] - The company's inclusion in the Hong Kong Stock Connect program in June 2024 enhances its market visibility [1]