Group 1 - The core viewpoint of the report indicates that SUTENG JUCHUANG (02498) is expected to achieve a revenue growth of 47.2% year-on-year in 2024, reaching 1.65 billion RMB, with 93.0% of the revenue coming from sales of LiDAR used in ADAS, robotics, and other applications [1] - The gross margin for the group is projected to significantly improve to 17.2% in 2024, reflecting a positive trend in profitability [1] - The sales volume of LiDAR for ADAS in Q4 2024 is expected to be 153,900 units, with a gradual shift from MIP to MX as the main revenue source [1] Group 2 - The group achieved sales of 8,300 units of LiDAR for robotics in Q4 2024, maintaining an optimistic outlook for LiDAR shipments [2] - The introduction of E1R, a LiDAR based on E1 for robotics, is expected to drive growth, alongside contributions from A1ry and AC1 [2] - The increasing adoption of robotics in industrial and commercial applications presents significant market opportunities for LiDAR [2] Group 3 - The company's strong R&D capabilities enable it to adapt to market trends and provide competitive solutions, with plans to offer moderately customizable solutions to meet specific customer needs [3] - The ADAS LiDAR market remains highly concentrated and oligopolistic, allowing OEMs to maintain balance and mitigate risks associated with supply chain concentration [3] - The firm is believed to maintain its leadership position in the LiDAR field [3]
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