| 研究報告 2024 年 8 月 26 日 速騰聚創 | 02498.HK 產品迭代導致量增價跌 評級 買入 更新報告 敖曉風, Brian, CFA 高級分析師 brianngo@westbullsec.com.hk +852 3896 2965 目標價 HK$ 19.90 2024 年上半財年，速騰聚創(02498.HK)實現 7.3 億元人民幣總收入，其中 83.8%及 10.7%分別 | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|---------------------|--------------------------------------------------------|---------------------------------------------|----------------------------------|------------- ...

| RESEARCH 26 Aug, 2024 RoboSense (02498.HK) Stock Rating (Previous Rating) BUY (BUY) Target Price (Previous TP) HK$ 19.90 (23.30) Current Price HK$ 11.42 52-Week Range HK$ 11.40 – 137.50 Market cap. (HKD, bn) HK$ 5.1 RMB, mn 23(A) 24(E) 25(E) 26(E) Revenue 1,120.1 2,300.3 3,726.0 4,863.5 Gross Profit 93.6 352.4 687.1 1,090.7 Gross Margin 8.4% 15.3% 18.4% 22.4% Profit Attr. (4,336.6) (473.1) (230.9) 30.8 Performance 1 mth 3 mth 6 mth 1 year Absolute -21.0% -83.0% -68.8% - Relative to HSI -24.5% -77.6 % -74. ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HK$ 12.42, down from a previous target of HK$ 16.78 [1][2]. Core Insights - The company faced significant headwinds in the first half of 2024, achieving total revenue of RMB 3.31 billion, which remained flat compared to the same period last year. The retail sales in China continued to stagnate, and the macroeconomic uncertainty posed challenges for the group [1][2]. - The shift in consumer purchasing behavior towards more conservative spending has negatively impacted local mid-to-high-end brands, including the company. Higher-end brands like La Koradior and NEXY showed growth, while other mid-to-high-end brands experienced declines [2]. - The number of stores decreased to 1,912, with both direct-operated and franchised stores declining compared to the end of last year. The company is replacing smaller stores with larger ones, but the diminishing demand is weakening the cross-selling capabilities of these larger stores [2]. - The gross margin performance was surprisingly strong, with an overall gross margin of 76.3%, driven by improved procurement strategies from brands like NAERSI and NEXY [2]. - Promotional spending increased to 3.7% of total revenue in the first half of 2024, higher than the previous guidance of 3%, due to a sudden shift in product demand [2]. - The company is adjusting its growth expectations due to the unexpected market shift, which has affected inventory and promotional strategies. The dual-engine growth expectation has not materialized, leading to a downward revision of profit forecasts and target price [1][2]. Financial Summary - For the first half of 2024, total revenue is projected at RMB 6,912.3 million, with a year-on-year growth of -1.3%. The gross profit is expected to be RMB 5,205.0 million, with a gross margin of 75.3% [5][6]. - The net profit for 2024 is projected at RMB 832.6 million, reflecting a significant decline of 35.5% compared to the previous year [5][6]. - The company’s financial ratios indicate a gross margin of 75.3% and a net profit margin of 12.0% for 2022, with expectations for slight improvements in subsequent years [6].

Investment Rating - The investment rating for EEKA Fashion (03709.HK) is "BUY" with a target price of HK$ 12.42, down from a previous target price of HK$ 16.78 [1][2]. Core Insights - The company reported a revenue of RMB 3.3 billion for the first half of 2024, which is flat compared to the previous year. The retail sales in China remained stagnant in Q2, leading to a challenging macro environment for EEKA Fashion [1][2]. - The consumption downgrade and polarization in China have intensified, affecting mid-to-high-end local brands like EEKA Fashion. This has resulted in a mixed performance where higher-end brands like La Koradior and NEXY have seen growth, while other mid-to-high-end brands have retreated [2]. - The number of stores has decreased to 1,912, with a decline in both group-operated and wholesaler stores. The company is replacing smaller stores with larger ones, but waning demand has reduced cross-selling capabilities [2]. - The gross margin has surprisingly increased to 76.3%, driven by successful procurement policies in the wholesale and e-commerce segments [2]. - Promotional expenses increased to 3.7% of total revenue in 2024 1H, exceeding the guidance of 3%, due to a sudden market turnaround. The company plans to adjust its promotional input dynamically based on the economic conditions in China [2]. Financial Summary - Revenue projections for the upcoming years are as follows: RMB 6,912.3 million for 2024, RMB 6,825.3 million for 2025, RMB 7,324.7 million for 2026, and RMB 7,958.0 million for 2027, indicating a year-on-year growth of -1.3% in 2024, followed by 7.3% in 2025 and 8.6% in 2026 [7]. - The gross profit for the years is projected to be RMB 5,205.0 million in 2024, RMB 5,186.0 million in 2025, RMB 5,563.3 million in 2026, and RMB 6,040.9 million in 2027 [7]. - The net profit is expected to decline significantly to RMB 536.8 million in 2024, with a recovery to RMB 674.1 million in 2025 and RMB 888.2 million in 2026 [7]. - The gross margin is projected to remain stable at around 75.9% for the next few years [8].

Investment Rating - The report assigns a "BUY" rating to Pentamaster (01665.HK) with a target price of HK$ 0.95 [2][3]. Core Insights - Pentamaster's performance in the first half of 2024 was sluggish, with revenue remaining flat at MYR 342.1 million compared to the previous year. The ATE segment saw a significant decline of 45.1% year-on-year, while the FAS segment experienced a growth of 1.4 times [3]. - The gross margin decreased due to R&D expenses and reduced economies of scale in the ATE segment, leading to a year-on-year decline in the bottom line of 12.8% for 2024 1H and 13.5% for Q2 [3]. - The medical segment showed stable contributions from a major customer, generating MYR 155.5 million, which provides a decent outlook despite downward adjustments in forecasts [3]. - The report expresses concerns about the recovery of other segments, particularly the semiconductor and automotive segments, which saw declines of 63.2% and 51.8% year-on-year, respectively, in Q2 [3]. - The report indicates that recovery is delayed due to macroeconomic issues, but maintains a long-term positive outlook due to potential drivers like KGD testers and single-use medical devices expected in FY 2025 [3]. Financial Overview - For 2024, revenue is projected to be MYR 738.8 million, with a year-on-year growth of 6.8%. The gross profit is expected to be MYR 212.0 million, with a gross margin of 28.7% [9]. - The net profit for 2024 is estimated at MYR 131.8 million, reflecting a year-on-year decline of 7.3% [9]. - The financial ratios indicate a gross margin of 30.3% for 2023, with a projected decrease to 28.7% in 2024 [11]. Peer Comparison - Pentamaster's market capitalization is approximately HKD 1.6 billion, with a P/E ratio of 6.7 and a forward P/E of 5.1. The average gross margin among peers is 39.0% [6].

Investment Rating - The investment rating for Pentamaster (01665. HK) is "Buy" with a target price of HKD 0.95 per share [1][3]. Core Insights - The company experienced a stagnant revenue of MYR 342.1 million in the first half of 2024, with a significant decline of 45.1% in the ATE segment, offset by a 1.4 times increase in the FAS segment. The overall performance saw a year-on-year decline of 12.8% [2][3]. - Despite the disappointing performance, the medical sector remains a strong contributor, with MYR 155.5 million from major clients, providing a positive outlook for the company [2]. - The report emphasizes the potential drivers for growth in FY2025, including the delivery of prototype devices and single-use medical devices to new clients [2][3]. Financial Summary - Revenue projections for Pentamaster are as follows: MYR 691.9 million in 2023, MYR 738.8 million in 2024, MYR 931.4 million in 2025, and MYR 1,026.5 million in 2026 [1][10]. - Gross profit is expected to be MYR 209.6 million in 2023, increasing to MYR 310.5 million by 2026, with gross margins around 30.3% in 2023 and stabilizing around 30.2% by 2026 [1][10]. - The return on equity (ROE) is projected to be 18.0% in 2023, declining to 16.2% by 2026 [1][10]. Market Performance - The stock has underperformed in the past year, with a decline of 19.8% over the last month and 31.8% over the past year compared to the Hang Seng Index [1][2]. - The report notes that the semiconductor and automotive sectors have seen significant declines, with contributions down 63.2% and 51.8% respectively in the second quarter [2][3]. Sector Comparison - Pentamaster's market capitalization is approximately MYR 1.56 billion, with a P/E ratio of 6.7 and a P/B ratio of 1.0, indicating a relatively low valuation compared to peers [7]. - The average P/E ratio for comparable companies in the sector is around 39.0, highlighting potential undervaluation of Pentamaster [7].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$ 0.95 [1]. Core Insights - The company's performance in the first half of the fiscal year was disappointing, with total revenue of approximately 340 million Malaysian Ringgit, showing a year-on-year decline of 12.8% and 13.5% in net profit for the first half and second quarter respectively [1]. - The revenue contribution from major medical clients remained stable, with 160 million Malaysian Ringgit generated from the medical segment, despite a downward adjustment in financial forecasts for these clients [1]. - The semiconductor and automotive segments experienced significant declines, with year-on-year drops of 63.2% and 51.8% respectively, impacting overall financial performance [1]. - The company is expected to benefit from new products like KGD testing instruments and single-use medical devices, which may contribute to revenue in the fiscal year 2025 [1]. Financial Summary - Total revenue projections for the upcoming years are as follows: 691.9 million in 2023, 738.8 million in 2024, 931.4 million in 2025, and 1,026.5 million in 2026, indicating a growth rate of 15.2% in 2023 and 6.8% in 2024 [5]. - Gross profit is projected to be 209.6 million in 2025 and 310.5 million in 2026, with gross margins expected to stabilize around 30.3% [5]. - Net profit is forecasted to reach 142.2 million in 2025 and 195.3 million in 2026, with a year-on-year growth of 32.5% in 2025 [5]. Market Comparison - The company has a market capitalization of approximately 1.56 billion Hong Kong dollars, with a price-to-earnings ratio of 6.7 and a projected price-to-earnings ratio of 5.1 [2]. - The average gross margin for comparable companies in the industry is around 46.4%, while the company’s gross margin stands at 30.3% [2].

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Performance 1 mth 3 mth 6 mth 1 year H F NGO, Brian, CFA LIDAR SOLUTIONS MARKET 15 +852 3896 2965 2701 – 2703, 27/F, Infinitus Plaza, 199 Des Voeux Rd Central, Sheung Wan, HK 0.0000 10.0000 20.0000 30.0000 40.0000 50.0000 60.0000 70.0000 80.0000 90.0000 100.0000 2024-07-22 2024-07-11 2024-06-202024-07-02 2024-06-11 2024-01-242024-02-022024-02-152024-02-262024-03-062024-03-152024-03-262024-04-092024-04-182024-04-292024-05-092024-05-212024-05-30 2024-01-15 1 Table of Contents BUSINESS OVERVIEW 3 LIDAR PLATFOR ...

13 | 研究報告 公開發售前，公司完成一系列融資活動，該等投資者於上市後的禁售期為六個月。前期投資者 包括北京汽車、阿里巴巴、中國移動、華興資本、中國國有企業結構調整基金、Fortune Athena 及 Fortune Miner、復星、浙江吉利控股、Gortune、海通、Kinzon、立訊、OFC、普禾、尚頎 管理、Smart Han、漢石、小米、雲鋒、宇通客車等。 2024 年 1 月，速騰聚創(02498.HK)在香港主板上市，引入南山戰略新興產業投資作為基石投 資者，上市價格為每股 43.0 港元。計及超額配股權獲行使，速騰聚創(02498.HK)上市的估值 約為 193.9 億港元。 圖: 上市後股權架構 資料來源: 公司資料、西牛證券 14 | 研究報告 行業概覽 激光雷達解決方案市場 激光雷達是一種利用激光束來計算物體到目標表面的可變距離的傳感器。激光雷達解決方案與 人工智能感知軟件結合，能夠收集、分析信息，實現自動化，應用於汽車及非汽車行業，如機 器人、智慧城市及 V2X 等。 根據灼識諮詢報告，2022 年全球激光雷達解決方案市場規模為 120 億元人民幣，預計到 2030 年將增加至 ...