速腾聚创(02498) - 2024 - 中期业绩

Operational Highlights and Recent Developments The company achieved over 400% LiDAR sales growth in H1 2024, driven by ADAS demand, secured 80 vehicle model nominations, launched new products, and is expanding manufacturing capacity Operational Highlights and Recent Developments The company's LiDAR sales surged over 400% year-on-year in H1 2024, primarily driven by strong ADAS application demand, securing 80 vehicle model nominations from 22 automakers, launching M3 and MX products, and constructing a new manufacturing base for Q3 2024 operation LiDAR Product Sales | Period | Total LiDAR Sales (units) | YoY Growth | ADAS Application Sales (units) | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Q2 2024 | ~123,000 | +380.5% | ~118,300 | +442.7% | | H1 2024 | ~243,400 | +415.7% | ~234,500 | +487.7% | - As of June 30, 2024, the company secured 80 vehicle model nominations from 22 automakers and Tier-1 suppliers, with 29 models for 12 clients achieving SOP (Start of Production)[4] - In H1 2024, two new products were launched: the ultra-long-range LiDAR M3 and mid-to-long-range LiDAR MX, securing 5 customer nominations with the first project expected to SOP in H1 2025[5] - A new nomination from a top-ten global overseas automaker further expands international market reach[5] - To expand production capacity, the RoboSense Mars Manufacturing Headquarters in Shenshan Special Cooperation Zone is under construction, expected to be operational in Q3 2024[5] Financial Summary In H1 2024, total revenue grew 121.0% to RMB 727.1 million, gross profit significantly increased, and net loss narrowed, while the balance sheet improved with total equity turning positive due to preferred share conversion Key Financial Highlights In H1 2024, total revenue grew 121.0% to RMB 727.1 million, gross profit significantly increased to RMB 98.55 million, and gross margin improved to 13.6%, with operating and net losses significantly narrowing, and the balance sheet improving as total equity turned positive due to preferred share conversion Key Financial Data for H1 2024 (RMB thousand) | Metric | H1 2024 (Unaudited) | H1 2023 (Audited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 727,094 | 329,048 | +121.0% | | Gross Profit | 98,553 | 12,752 | +672.8% | | Operating Loss | (322,070) | (461,492) | Loss narrowed by 30.2% | | Loss for the Period | (267,521) | (768,288) | Loss narrowed by 65.2% | | Total Assets | 3,862,223 | - | - | | Total Liabilities | 729,505 | - | - | | Total Equity | 3,132,718 | - | - | Management Commentary and Business Outlook Management expresses confidence in the automotive LiDAR market, driven by ADAS and multi-LiDAR trends, while also targeting the robotics industry as a key growth engine through continuous R&D investment Business Outlook and Strategy Management is confident in the automotive LiDAR market, driven by L2+ ADAS demand, multi-LiDAR configurations for L3+ autonomous driving, and global intelligent driving adoption, with new MX and M3 products targeting these opportunities, while also viewing the robotics industry as a key growth engine for continuous investment in AI algorithms, chips, and hardware - Three key drivers for the automotive LiDAR market include: growing demand for L2+ autonomous driving penetrating vehicles under RMB 200,000, increased LiDAR configurations per vehicle for L3+ technology, and expanded market space from global intelligent driving adoption[7] - The new MX product aims to popularize advanced intelligent driving features in vehicles under RMB 200,000 with its cost-effectiveness and high performance, while M3 addresses high-speed safety needs with its ultra-long detection range and high resolution[7][8] - The company views the robotics industry as the next significant growth engine after the automotive market, currently serving over 2,400 customers in this sector[8] - The company will continue to invest heavily in AI algorithms, chips, and hardware, focusing on the automotive and robotics core markets[8] Financial Performance and Discussion and Analysis This section provides a detailed analysis of the company's financial performance, covering revenue, gross profit, operating expenses, net loss, and liquidity, highlighting significant improvements across key metrics Revenue Analysis Total revenue in H1 2024 increased 121.0% year-on-year to RMB 727.1 million, primarily driven by ADAS application product sales which surged 314.6% to RMB 609.0 million, with sales volume increasing from approximately 40,000 units to 235,000 units, though average selling price decreased from RMB 3,700 to RMB 2,600, while robotics and other product revenue declined due to product mix changes Revenue Composition (RMB thousand) | Revenue Source | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Products | 686,517 | 234,872 | +192.3% | | - For ADAS | 609,035 | 146,910 | +314.6% | | - For Robotics and Others | 77,482 | 87,962 | -11.9% | | Solutions | 35,663 | 60,654 | -41.2% | | Services and Others | 4,914 | 33,522 | -85.3% | | Total | 727,094 | 329,048 | +121.0% | - ADAS product revenue growth was primarily driven by sales volume, which significantly increased from approximately 39,900 units in H1 2023 to approximately 234,500 units in H1 2024[13] - The average selling price of ADAS products decreased from approximately RMB 3,700 in H1 2023 to approximately RMB 2,600 in H1 2024, mainly due to lower raw material costs and a higher proportion of mass-produced products[14] Gross Profit and Gross Margin Analysis Overall gross margin significantly improved from 3.9% to 13.6% year-on-year, primarily driven by a fundamental turnaround in ADAS application product gross margin from -35.5% to 11.2% due to lower raw material costs and economies of scale, while robotics and other product gross margin decreased due to a shift towards lower-margin product series Gross Profit and Gross Margin Breakdown (H1 2024 vs H1 2023) | Category | H1 2024 Gross Profit (RMB thousand) | H1 2024 Gross Margin | H1 2023 Gross Profit (RMB thousand) | H1 2023 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | For ADAS | 68,188 | 11.2% | (52,189) | (35.5)% | | For Robotics and Others | 20,251 | 26.1% | 41,672 | 47.4% | | Solutions | 18,340 | 51.4% | 28,684 | 47.3% | | Total | 98,553 | 13.6% | 12,752 | 3.9% | - The significant improvement in ADAS product gross margin was the primary driver for overall gross margin growth, mainly benefiting from reduced raw material procurement costs and economies of scale[16] Operating Expenses Analysis In H1 2024, R&D expenses increased 27.2% to RMB 313.0 million due to more personnel and higher compensation, sales and marketing expenses grew 41.8%, while general and administrative expenses significantly decreased 51.8% primarily due to reduced share-based compensation, indicating improved operating efficiency despite absolute increases - R&D expenses increased 27.2% year-on-year, primarily due to an increase in R&D personnel from 548 to 601 and improved compensation; R&D expense ratio (excluding share-based compensation) decreased from 53.4% to 36.3%[17] - Sales and marketing expenses increased 41.8% year-on-year, mainly due to improved employee compensation and increased business promotion activities; sales expense ratio (excluding share-based compensation) decreased from 11.4% to 7.2%[18] - General and administrative expenses decreased 51.8% year-on-year, primarily due to a RMB 83.7 million reduction in share-based compensation; administrative expense ratio (excluding share-based compensation and listing expenses) decreased from 17.9% to 10.1%[19] Net Loss Analysis Benefiting from strong revenue growth and improved gross margin, the company's net loss significantly narrowed by 65.2% from RMB 768.3 million to RMB 267.5 million year-on-year, with adjusted net loss (non-IFRS), excluding non-operating items like share-based compensation and fair value changes of financial instruments, narrowing by 17.0% from RMB 243.6 million to RMB 202.1 million Reconciliation of Net Loss to Adjusted Net Loss (RMB thousand) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Loss | (267,521) | (768,288) | | Add: Share-based compensation | 62,559 | 165,683 | | Add: Fair value changes of financial instruments issued to investors | 2,799 | 339,762 | | Add: Listing expenses | 26 | 19,195 | | Adjusted Net Loss (Non-IFRS) | (202,137) | (243,648) | Liquidity and Capital Resources As of June 30, 2024, the company held RMB 2.57 billion in cash, restricted cash, and time deposits, indicating ample liquidity, with net cash outflow from operating activities decreasing year-on-year, and the financial structure significantly optimized post-listing due to preferred share conversion, leading to a substantial reduction in liabilities, with the current ratio improving from 23.1% to 535.2% and the debt-to-asset ratio decreasing from 377.2% to 18.9% - As of June 30, 2024, cash and cash equivalents, restricted cash, and time deposits totaled RMB 2.57 billion, indicating ample liquidity[29] - Net cash outflow from operating activities decreased from RMB 274.0 million in the prior year to RMB 116.0 million[29] Key Financial Ratios | Ratio | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 535.2% | 23.1% | | Debt-to-Asset Ratio | 18.9% | 377.2% | Interim Condensed Consolidated Financial Statements This section presents the interim condensed consolidated financial statements, including the statement of comprehensive income and statement of financial position, along with key notes explaining significant accounting changes and financial positions Interim Condensed Consolidated Statement of Comprehensive Income This statement details the specific amounts for revenue, costs, expenses, losses, and other comprehensive income for the three and six months ended June 30, 2024, compared to the corresponding periods in 2023 Summary of Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, RMB thousand) | Item | 2024 (Unaudited) | 2023 (Audited) | | :--- | :--- | :--- | | Revenue | 727,094 | 329,048 | | Gross Profit | 98,553 | 12,752 | | Operating Loss | (322,070) | (461,492) | | Loss before income tax | (265,983) | (767,422) | | Loss for the period | (267,521) | (768,288) | | Total comprehensive loss | (279,436) | (980,690) | Interim Condensed Consolidated Statement of Financial Position This statement presents the company's assets, liabilities, and equity as of June 30, 2024, with the most significant change being a fundamental improvement in financial position post-listing due to preferred share conversion, leading to a substantial reduction in current liabilities from RMB 12.25 billion to RMB 635.5 million and total equity shifting from -RMB 9.07 billion to RMB 3.13 billion Summary of Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | 3,862,223 | 3,271,453 | | Total Current Assets | 3,401,169 | 2,826,689 | | Total Non-current Assets | 461,054 | 444,764 | | Total Liabilities | 729,505 | 12,341,292 | | Total Current Liabilities | 635,487 | 12,246,480 | | Total Equity / (Deficiency) | 3,132,718 | (9,069,839) | Summary of Notes to Financial Statements The notes provide supplementary explanations to the financial statements, including key information such as the company's primary operations and majority of revenue and non-current assets being in China, retrospective reclassification of preferred shares at year-end 2023 due to accounting standard revisions, no dividends declared during the reporting period, and aging analysis of trade receivables and payables - Segment information indicates the Group operates and is managed as a single segment, with the vast majority of revenue (RMB 700.0 million) in H1 2024 originating from China by geographical location[51] - Due to the adoption of amendments to International Accounting Standard 1, preferred shares were retrospectively reclassified as current liabilities, impacting comparative data as of December 31, 2023[47][48] - For the six months ended June 30, 2024, the company neither paid nor declared any dividends[57] Other Company Information This section covers post-reporting period events, including a share repurchase program, restricted share unit grants to employees, and adherence to corporate governance principles Events After the Reporting Period and Other Information Subsequent to the reporting period, the company initiated a share repurchase program of up to HKD 200 million, with approximately HKD 51 million executed, granted approximately 217,000 restricted share units to eligible employees, decided not to declare an interim dividend, and has complied with corporate governance codes since listing, including the separation of Chairman and CEO roles on March 27, 2024 - The Board resolved to initiate a share repurchase program of up to HKD 200 million, with approximately 3.19 million shares repurchased totaling approximately HKD 51 million as of the reporting date[61][63] - On July 5, 2024, 216,607 restricted share units were granted to eligible employees under the share incentive scheme[61] - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2024[64]