Core Viewpoint - The annual report of SUTENG JUCHUANG (02498.HK) for 2024 highlights the company's strong growth momentum, significant financial performance, and market expansion, while also addressing the challenges it faces in the competitive landscape of the lidar and perception solutions industry [1] Financial Performance - In 2024, SUTENG JUCHUANG achieved total revenue of 1.6489 billion yuan, representing a substantial year-on-year growth of approximately 47.2%, significantly exceeding the industry average growth rate [2] - The company sold approximately 544,200 units of lidar, a year-on-year increase of 109.6%, with automotive-grade lidar for ADAS reaching about 519,800 units, up 113.9% year-on-year [2] - The gross margin for the year reached 17.2%, showing a steady increase from 12.3% in Q1 to 22.1% in Q4, attributed to economies of scale and effective cost control [2] - R&D investment remained high, with approximately 250 million yuan allocated to innovative business directions, accounting for 41% of total R&D expenses, an increase of about 130 million yuan from 2023 [2] Market Expansion - SUTENG JUCHUANG made significant strides in the ADAS and robotics markets, capitalizing on the rapid adoption of L2+ advanced driving assistance systems, positioning lidar as a key selling point for vehicles [3] - The company launched the cost-effective MX lidar, securing partnerships with multiple automotive manufacturers, with the first model equipped with MX already on the market [3] - The upcoming EM4 lidar, featuring 1080 lines and a detection range of 600 meters, has garnered partnerships with over 30 global automotive manufacturers and suppliers, with more than 100 designated models [3] - In the robotics sector, the company introduced the E1R and Airy lidar, designed for autonomous navigation and task operations, serving over 2,800 clients in various industries by the end of 2024 [3] Challenges - Despite rapid revenue growth, SUTENG JUCHUANG reported an adjusted net loss of approximately 395.6 million yuan in 2024, indicating ongoing financial challenges primarily due to increased investment in innovation and rising costs from market competition [4] - The lidar industry faces intensifying competition, with numerous companies increasing their R&D and market investments, creating dual competitive pressures for SUTENG JUCHUANG [4] - Supply chain issues, including raw material price fluctuations and delivery delays, pose uncertainties for the company's production and operations [4] Future Outlook - Analysts express optimism about SUTENG JUCHUANG's prospects, citing its advantages in technology R&D and market expansion, which may position it favorably in future market competition [4] - However, there are concerns regarding the need for the company to achieve profitability and optimize its cost structure to navigate the competitive landscape and potential market risks [4] - The growth of the ADAS market and the rapid development of the robotics industry present significant opportunities for SUTENG JUCHUANG, but the increasing competition necessitates continuous enhancement of its core competencies and acceleration of technological innovation [4][5]

Financial Performance - For the fiscal year 2024, RoboSense Technology Co., Ltd achieved total revenue of RMB 1.6489 billion, representing a significant year-on-year growth of approximately 47.2%[8] - Revenue for 2023 reached RMB 1,120,149 thousand, a significant increase from RMB 530,322 thousand in 2022, representing a growth of approximately 111%[21] - Total revenue increased by 47.2% from RMB 1,120.1 million for the year ended December 31, 2023, to RMB 1,648.9 million for the year ended December 31, 2024, primarily due to increased product sales[42] - Revenue from ADAS applications increased significantly by 71.8% from RMB 777.1 million in 2023 to RMB 1,335.3 million in 2024[1] - Revenue from lidar products for robotics and other industries grew by 6.4% from RMB 186.5 million in 2023 to RMB 198.5 million in 2024[1] - The adjusted net loss for 2024 was approximately RMB 395.6 million, a decrease of about 8.9 percentage points compared to the adjusted net loss of RMB 434.2 million in 2023[9] - Net loss decreased from RMB 4,330.97 million in 2023 to RMB 481.81 million in 2024[38] - Total operating loss improved from RMB 940.6 million in 2023 to RMB 584.2 million in 2024[38] Product Sales and Market Expansion - The company sold approximately 544,200 units of LiDAR, a year-on-year increase of 109.6%, with 519,800 units specifically for ADAS applications, marking a 113.9% increase[8] - The company launched a cost-effective LiDAR product, MX, priced under $200, which has secured partnerships with multiple automotive manufacturers[12] - As of March 31, 2025, RoboSense has established close collaborations with 30 global automotive manufacturers and first-tier suppliers, with over 100 designated vehicle models[13] - The company has expanded its international market presence, securing partnerships with 8 overseas and joint venture brands, covering Europe, North America, and the Asia-Pacific region[14] - RoboSense's L3/L4 ADAS and Robotaxi commercialization is accelerating, with multiple LiDAR units per vehicle becoming a trend in the market[15] - The company has signed formal mass production agreements with 6 major global Robotaxi and Robotruck manufacturers[15] - The company has served over 2,800 clients in the robotics and non-automotive sectors by the end of 2024, establishing partnerships with major clients in industrial warehousing and autonomous delivery[16] Research and Development - Investment in innovative business areas amounted to approximately RMB 250 million, accounting for 41% of the total R&D expenses, an increase of about RMB 130 million from 2023[9] - Research and development expenses for 2023 were RMB 635,112 thousand, reflecting a continued investment in innovation despite a slight decrease from RMB 615,434 thousand projected for 2024[21] - Research and development expenses were RMB 615.4 million in 2024, slightly decreased from RMB 635.1 million in 2023[38] - The company plans to launch the Active Camera platform product AC1 in March 2025, integrating LiDAR, cameras, and IMU for enhanced robotics applications[18] - The company plans to launch a series of digital lidar products targeting the robotics market, including the Robo-FSD solution for autonomous movement[29] Financial Position and Cash Flow - The total assets of the company as of December 31, 2023, were RMB 3,271,453 thousand, with total liabilities amounting to RMB 12,341,292 thousand[24] - Cash and cash equivalents, restricted cash, and time deposits increased from RMB 1,835.5 million as of December 31, 2023, to RMB 2,841.2 million as of December 31, 2024[64] - Total bank borrowings amounted to RMB 149.4 million as of December 31, 2024[66] - Current ratio improved significantly from 23.1% as of December 31, 2023, to 399.9% as of December 31, 2024, due to the conversion of preferred shares to ordinary shares[69] - The company maintains sufficient cash and cash equivalents to manage liquidity risk effectively[103] Employee and Corporate Governance - The total number of employees as of December 31, 2024, is 1,534, with total employee benefits during the reporting period amounting to RMB 707.6 million[76] - The company has established a comprehensive employee training and development system to enhance employee knowledge and expertise in key business areas[76] - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence and effective decision-making[200] - The company is committed to compliance with all relevant regulations regarding related party transactions as stipulated in the listing rules[137] - The company has adopted the principles and code provisions of the corporate governance code as the basis for its corporate governance practices[193] Shareholder and Equity Incentives - The stock incentive plan allows for a maximum issuance of 19,480,630 shares, representing approximately 4.13% of the total issued shares as of the report date[142] - A total of 216,607 restricted stock units were granted to eligible participants on July 5, 2024, with a vesting period of 12 months, set to vest on July 5, 2025[156] - The total number of restricted stock units granted during the reporting period was 216,607, with 9,760 units canceled or forfeited[157] - The company has the authority to terminate, amend, or modify the share incentive plan as necessary, subject to applicable laws and regulations[153] Risks and Compliance - The company faces significant risks including ongoing net losses and potential cash flow issues, which may impact future growth[95] - The company is exposed to foreign exchange risks primarily related to the fluctuation between the RMB and USD[98] - The company has not engaged in hedging activities during the reporting period to manage financial risks[97] - There were no significant violations of applicable laws and regulations that had a major impact on the company's business and operations during the reporting period[122]

Industry Overview - The Shenzhen robot industry is rapidly forming a cluster effect, with a significant number of enterprises showcasing their innovations at the first Robot Industry Chain Conference (FAIR plus 2025) [1] - The total output value of Shenzhen's robot industry chain is projected to exceed 201.2 billion yuan in 2024, marking a year-on-year growth of 39.64% with 14,534 new robot companies established [5] Key Companies and Products - Notable participants at the conference included leading firms such as UBTECH, Yujin Robot, and others, showcasing advanced products like humanoid robots and collaborative robots [2] - Tencent's "Xiao Wu" robot features a hybrid design with wheels and legs, designed for complex environments, particularly in elder care scenarios [3] - UBTECH's "Tian Gong Xing Zhe" humanoid robot is the first research-grade full-size humanoid robot priced below 300,000 yuan, capable of navigating various terrains [3] Technological Innovations - The conference highlighted advancements in sensory technology, such as the high-resolution "visual tactile sensor" developed by Daimeng Robotics, which can accurately capture three-dimensional force distributions [5] - Shenzhen's companies are also innovating in robotic arms and mobility systems, with products designed for diverse applications, including security inspections and industrial automation [6][7] Ecosystem and Supply Chain - Shenzhen has established a complete ecosystem for robot manufacturing, encompassing core components like tactile sensors, laser radars, and servo electronics, facilitating efficient supply chain interactions [7] - The industry is characterized by a strong integration of hardware and software capabilities, with local firms excelling in both manufacturing and technological services [7]

Group 1 - RoboSense CEO Qiu Chunchao attended the SAIC Volkswagen Brand Day event during the Shanghai Auto Show on April 25, 2025 [1] - A strategic cooperation agreement was signed between SAIC Volkswagen and representatives from companies including Baidu, Alibaba Cloud, and CATL [1]

Group 1 - The first Embodied Intelligent Robot Games will be held from April 24 to 26 in Wuxi, with representatives from Yushu and Xiaomi participating in discussions [1] - Tesla CEO Elon Musk announced significant progress in the humanoid robot Optimus, with thousands expected to be operational in Tesla factories by the end of the year [1] - Tesla is increasingly betting on the future of autonomous driving and robotics, including self-driving taxis and humanoid robots [1] Group 2 - Tesla indicated that while it continues to innovate in manufacturing and operational cost reduction, long-term profits related to hardware are expected to accelerate alongside AI, software, and fleet operations profits [1] - New vehicle plans, including more affordable models, are still expected to begin production in the first half of this year, despite reports of potential delays [1] - A report from Open Source Securities highlighted the successful hosting of the world's first humanoid robot half marathon in Beijing, showcasing China's leading position in high-intensity robotic sports [1] Group 3 - According to招商证券, artificial intelligence is a key battleground for major powers, and robots, as the ultimate carriers of AI, are expected to benefit significantly [2] - The report suggests a positive outlook for the humanoid robot sector in the medium to long term, recommending investment opportunities in core components and control systems [2] Group 4 - The related industry chain stocks in Hong Kong include UBTECH (09880), Yujian (02432), Xiaomi Group (01810), SUTENG (02498), Delta Electronics (00179), Horizon Robotics-W (09660), JINLI Permanent Magnet (06680), and Shanghai Electric (02727) [3]

Core Insights - RoboSense has launched a customizable digital lidar platform that supports up to 2160 lines, catering to various industries including smart vehicles and robotics [1] - The new platform includes one-dimensional, two-dimensional, and array scanning capabilities, allowing for rapid adaptation to market needs [1] - In 2023, RoboSense has introduced multiple new products, including the E1R and Airy for service robots, as well as the EM4 and EMX for automotive applications [1]

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]